First Trust Advisors LP Raises Stock Holdings in Medtronic PLC $MDT

First Trust Advisors LP grew its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 9.4% in the first quarter, according to its most recent filing with the SEC. The fund owned 883,289 shares of the medical technology company's stock after acquiring an additional 75,814 shares during the quarter. First Trust Advisors LP owned about 0.07% of Medtronic worth $76,537,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Brighton Jones LLC increased its stake in Medtronic by 1,368.0% during the fourth 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 last quarter. Sivia Capital Partners LLC increased its position in shares of Medtronic by 9.6% during the 2nd quarter. Sivia Capital Partners LLC now owns 4,356 shares of the medical technology company's stock valued at $380,000 after purchasing an additional 381 shares during the last quarter. Jump Financial LLC purchased a new stake in Medtronic during the 2nd quarter valued at $299,000. Main Street Financial Solutions LLC lifted its position in Medtronic by 28.9% in the second quarter. Main Street Financial Solutions LLC now owns 14,356 shares of the medical technology company's stock worth $1,251,000 after buying an additional 3,218 shares during the last quarter. Finally, HUB Investment Partners LLC lifted its position in Medtronic by 21.3% in the second quarter. HUB Investment Partners LLC now owns 19,226 shares of the medical technology company's stock worth $1,676,000 after buying an additional 3,376 shares during the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Medtronic

In other Medtronic news, EVP Harry Skip Kiil sold 4,189 shares of the firm's stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $80.44, for a total transaction of $336,963.16. Following the transaction, the executive vice president owned 37,227 shares of the company's stock, valued at approximately $2,994,539.88. This trade represents a 10.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.26% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms have weighed in on MDT. BTIG Research reiterated a "buy" rating and set a $91.00 price objective on shares of Medtronic in a research report on Monday, July 13th. Argus lowered their target price on shares of Medtronic from $125.00 to $115.00 and set a "buy" rating for the company in a report on Monday, April 6th. Needham & Company LLC reaffirmed a "buy" rating and set a $101.00 price target on shares of Medtronic in a research note on Wednesday, June 17th. Citigroup cut their price target on shares of Medtronic from $117.00 to $110.00 and set a "buy" rating on the stock in a report on Tuesday, April 7th. Finally, Weiss Ratings downgraded shares of Medtronic from a "hold (c+)" rating to a "hold (c)" rating in a research note on Thursday, May 21st. Seventeen investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $98.21.

Medtronic Trading Up 1.4%

Shares of NYSE MDT opened at $83.12 on Friday. The company has a quick ratio of 1.62, a current ratio of 2.13 and a debt-to-equity ratio of 0.52. The business has a fifty day simple moving average of $80.15 and a two-hundred day simple moving average of $87.52. The firm has a market cap of $106.40 billion, a PE ratio of 22.28, a price-to-earnings-growth ratio of 2.23 and a beta of 0.56. Medtronic PLC has a twelve month low of $73.31 and a twelve month high of $106.33.

Medtronic (NYSE:MDT - Get Free Report) last issued its earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share for the quarter, topping the consensus estimate of $1.54 by $0.01. The business had revenue of $9.81 billion during the quarter, compared to analysts' expectations of $9.62 billion. Medtronic had a return on equity of 14.51% and a net margin of 13.20%.The business's revenue for the quarter was up 9.9% compared to the same quarter last year. 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. Analysts expect that Medtronic PLC will post 5.94 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 17th. Shareholders of record on Friday, June 26th were issued a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a yield of 3.5%. The ex-dividend date was Friday, June 26th. This is a positive change from Medtronic's previous quarterly dividend of $0.71. Medtronic's dividend payout ratio (DPR) is currently 77.21%.

Medtronic Profile

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).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.