Forum Financial Management LP Decreases Stake in Medtronic PLC $MDT

Key Points

• Forum Financial Management LP reduced its Medtronic stake by 88.4% in the first quarter, leaving it with 2,547 shares worth about $221,000.
• Medtronic reported quarterly results that beat analyst expectations, with EPS of $1.55 versus $1.54 expected and revenue of $9.81 billion versus $9.62 billion expected. Revenue rose 9.9% year over year.
• The company also raised its quarterly dividend to $0.72 per share from $0.71, implying an annualized payout of $2.88 and a yield of about 3.6%.

Forum Financial Management LP cut its stake in Medtronic PLC (NYSE:MDT - Free Report) by 88.4% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,547 shares of the medical technology company's stock after selling 19,433 shares during the period. Forum Financial Management LP's holdings in Medtronic were worth $221,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of the stock. Brighton Jones LLC grew its holdings 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 period. Sivia Capital Partners LLC boosted its position in 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 purchasing an additional 381 shares in the last quarter. Jump Financial LLC purchased a new stake in Medtronic in the 2nd quarter worth approximately $299,000. Main Street Financial Solutions LLC grew its stake in shares of Medtronic by 28.9% during the 2nd quarter. Main Street Financial Solutions LLC now owns 14,356 shares of the medical technology company's stock worth $1,251,000 after purchasing an additional 3,218 shares during the period. Finally, HUB Investment Partners LLC grew its stake 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 worth $1,676,000 after purchasing an additional 3,376 shares during the period. Hedge funds and other institutional investors own 82.06% of the company's stock.

Insider Buying and Selling at Medtronic

In related 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 value of $336,963.16. Following the transaction, 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 position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.26% of the stock is currently owned by company insiders.

Medtronic Trading Up 1.4%

Shares of NYSE:MDT opened at $79.32 on Thursday. The business's 50 day moving average price is $79.02 and its 200-day moving average price is $89.23. Medtronic PLC has a 1 year low of $73.31 and a 1 year high of $106.33. The firm has a market capitalization of $101.53 billion, a price-to-earnings ratio of 21.26, a price-to-earnings-growth ratio of 2.10 and a beta of 0.56. 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 issued its quarterly earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 EPS for the quarter, topping the consensus estimate of $1.54 by $0.01. The company had revenue of $9.81 billion during the quarter, compared to analyst estimates of $9.62 billion. Medtronic had a net margin of 13.20% and a return on equity of 14.51%. The firm's revenue was up 9.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.62 EPS. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. On average, equities research analysts forecast that Medtronic PLC will post 5.94 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 17th. Investors of record on Friday, June 26th will be given a dividend of $0.72 per share. This is a boost from Medtronic's previous quarterly dividend of $0.71. The ex-dividend date is Friday, June 26th. This represents a $2.88 annualized dividend and a dividend yield of 3.6%. Medtronic's payout ratio is currently 77.21%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on MDT shares. Robert W. Baird decreased their target price on shares of Medtronic from $93.00 to $85.00 and set a "neutral" rating for the company in a research note on Thursday, June 4th. Rothschild & Co Redburn cut their price objective on shares of Medtronic from $111.00 to $106.00 and set a "buy" rating for the company in a report on Friday, June 5th. Leerink Partners decreased their price objective on shares of Medtronic from $117.00 to $104.00 and set an "outperform" rating for the company in a research report on Thursday, June 4th. UBS Group lowered their target price on shares of Medtronic from $90.00 to $85.00 and set a "neutral" rating on the stock in a research note on Thursday, June 4th. Finally, Truist Financial dropped their target price on Medtronic from $95.00 to $86.00 and set a "hold" rating on the stock in a research report on Thursday, June 4th. Seventeen research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $99.00.

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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