Florida Trust Wealth Management Co Sells 19,058 Shares of Medtronic PLC $MDT

Key Points

• Florida Trust Wealth Management cut its Medtronic stake by 34.7%, selling 19,058 shares in the second quarter and retaining 35,841 shares worth approximately $2.8 million.
• Medtronic reported quarterly EPS of $1.55 and revenue of $9.81 billion, exceeding analyst estimates, while revenue increased 9.9% year over year. The company also raised its quarterly dividend to $0.72, yielding approximately 3.2% annually.
• Analysts maintain a generally positive outlook, with an average “Moderate Buy” rating and a consensus price target of $98.83, compared with shares opening at $90.69.

Florida Trust Wealth Management Co lowered its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 34.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 35,841 shares of the medical technology company's stock after selling 19,058 shares during the period. Florida Trust Wealth Management Co's holdings in Medtronic were worth $2,804,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently made changes to their positions in the company. Anfield Capital Management LLC raised its stake in Medtronic by 410.7% during the 4th quarter. Anfield Capital Management LLC now owns 286 shares of the medical technology company's stock worth $27,000 after buying an additional 230 shares during the period. Monetary Solutions Ltd bought a new position in Medtronic in the fourth quarter worth approximately $27,000. Acumen Wealth Advisors LLC acquired a new stake in Medtronic in the fourth quarter valued at approximately $29,000. Imprint Wealth LLC bought a new stake in shares of Medtronic during the third quarter valued at approximately $31,000. Finally, Basepoint Wealth LLC bought a new stake in shares of Medtronic during the fourth quarter valued at approximately $32,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Medtronic

In related news, EVP Harry Skip Kiil sold 4,189 shares of the stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $80.44, for a total transaction of $336,963.16. Following the completion of the sale, the executive vice president directly 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.26% of the company's stock.

Wall Street Analysts Forecast Growth

MDT has been the topic of a number of recent research reports. The Goldman Sachs Group cut their target price on Medtronic from $84.00 to $83.00 and set a "neutral" rating on the stock in a report on Thursday, June 4th. Sanford C. Bernstein decreased their price target on shares of Medtronic from $112.00 to $97.00 and set an "outperform" rating for the company in a research note on Thursday, June 4th. Wall Street Zen upgraded shares of Medtronic from a "hold" rating to a "buy" rating in a report on Saturday, July 18th. Leerink Partners dropped their price objective on shares of Medtronic from $117.00 to $104.00 and set an "outperform" rating on the stock in a research note on Thursday, June 4th. Finally, Royal Bank Of Canada reiterated an "outperform" rating and set a $118.00 price objective on shares of Medtronic in a report on Thursday, June 4th. Eighteen analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $98.83.

Medtronic Stock Performance

Shares of MDT stock opened at $90.69 on Friday. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.13 and a quick ratio of 1.62. The firm has a 50-day moving average of $83.01 and a 200-day moving average of $86.33. 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 $116.09 billion, a P/E ratio of 24.31, a P/E/G ratio of 2.43 and a beta of 0.55.

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

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 17th. Stockholders of record on Friday, June 26th were issued a $0.72 dividend. This is a boost from Medtronic's previous quarterly dividend of $0.71. This represents a $2.88 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend was Friday, June 26th. Medtronic's dividend payout ratio 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).

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