First Nebraska Trust Co Buys New Position in Medtronic PLC $MDT

Key Points

• First Nebraska Trust Co. acquired 69,352 Medtronic shares during the first quarter, valued at approximately $6.0 million. Institutional investors collectively own 82.06% of the company.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $98.83, despite several recent target-price cuts.
• Medtronic exceeded quarterly earnings and revenue expectations, while raising its quarterly dividend to $0.72 per share, equivalent to a 3.4% annualized yield.

First Nebraska Trust Co bought a new stake in shares of Medtronic PLC (NYSE:MDT - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 69,352 shares of the medical technology company's stock, valued at approximately $6,009,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC grew its holdings in Medtronic by 1,368.0% during the 4th quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock worth $3,194,000 after acquiring an additional 37,265 shares during the period. Sivia Capital Partners LLC raised its position in shares of Medtronic by 9.6% in the 2nd quarter. Sivia Capital Partners LLC now owns 4,356 shares of the medical technology company's stock worth $380,000 after acquiring an additional 381 shares in the last quarter. Jump Financial LLC acquired a new position in shares of Medtronic in the 2nd quarter valued at about $299,000. Main Street Financial Solutions LLC lifted its stake in shares of Medtronic by 28.9% in the 2nd quarter. Main Street Financial Solutions LLC now owns 14,356 shares of the medical technology company's stock valued at $1,251,000 after purchasing an additional 3,218 shares during the period. Finally, HUB Investment Partners LLC boosted its position in shares of Medtronic by 21.3% during the 2nd quarter. HUB Investment Partners LLC now owns 19,226 shares of the medical technology company's stock valued at $1,676,000 after purchasing an additional 3,376 shares in the last quarter. Institutional investors own 82.06% of the company's stock.

Insider Activity

In related news, EVP Harry Skip Kiil sold 4,189 shares of the stock in a transaction on Monday, June 8th. The stock was sold at an average price of $80.44, for a total value of $336,963.16. Following the transaction, the executive vice president directly owned 37,227 shares in the company, valued at $2,994,539.88. This trade represents a 10.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.26% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on MDT shares. Argus decreased their target price on Medtronic from $125.00 to $115.00 and set a "buy" rating for the company in a research note on Monday, April 6th. Robert W. Baird dropped their price target on Medtronic from $93.00 to $85.00 and set a "neutral" rating on the stock in a research note on Thursday, June 4th. Deutsche Bank Aktiengesellschaft cut their price target on Medtronic from $100.00 to $78.00 and set a "hold" rating on the stock in a report on Thursday, June 4th. BTIG Research reaffirmed a "buy" rating and set a $91.00 price objective on shares of Medtronic in a research report on Monday, July 13th. Finally, Mizuho lowered their price objective on shares of Medtronic from $120.00 to $100.00 and set an "outperform" rating for the company in a research note on Wednesday, June 3rd. Eighteen research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $98.83.

Medtronic Stock Performance

Shares of MDT opened at $85.64 on Friday. Medtronic PLC has a one year low of $73.31 and a one year high of $106.33. The company has a market cap of $109.62 billion, a PE ratio of 22.96, a P/E/G ratio of 2.29 and a beta of 0.56. The stock has a 50-day moving average of $80.94 and a 200-day moving average of $87.07. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.13 and a quick ratio of 1.62.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share for the quarter, topping analysts' consensus estimates of $1.54 by $0.01. The business had revenue of $9.81 billion for the quarter, compared to the consensus estimate of $9.62 billion. Medtronic had a return on equity of 14.51% and a net margin of 13.20%.The firm's revenue for the quarter was up 9.9% on a year-over-year basis. During the same period in the prior year, the business earned $1.62 EPS. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. On average, equities research analysts predict that Medtronic PLC will post 5.94 EPS for the current fiscal year.

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 17th. Stockholders of record on Friday, June 26th were given a dividend of $0.72 per share. The ex-dividend date of this dividend was Friday, June 26th. This is a positive change from Medtronic's previous quarterly dividend of $0.71. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.4%. Medtronic's payout ratio is currently 77.21%.

About Medtronic

Medtronic plc is a global medical technology company that develops and manufactures a broad range of therapeutic devices and health care solutions. Headquartered legally in Ireland with principal operational offices in the United States, the company markets products to hospitals, physicians and health systems worldwide and has grown from its founding in 1949 into one of the largest medical-device manufacturers serving global health-care markets.

Medtronic's offerings span several clinical areas, including cardiac rhythm and heart failure (pacemakers, implantable cardioverter‑defibrillators and related cardiac therapies), minimally invasive and surgical technologies (laparoscopic and advanced energy devices, visualization systems and surgical innovations), restorative therapies (spine and orthopedics, neuromodulation and neurovascular treatments) and diabetes management (insulin-delivery systems and glucose monitoring solutions).

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