Global Retirement Partners LLC Invests $4.62 Million in Medtronic PLC $MDT

Key Points

• Global Retirement Partners purchased 59,031 Medtronic shares worth approximately $4.62 million during the second quarter. Institutional investors collectively own 82.06% of the company.
• Medtronic beat quarterly earnings and revenue expectations, reporting $1.55 EPS and $9.81 billion in revenue, with revenue up 9.9% year over year. Analysts maintain a “Moderate Buy” consensus rating and an average price target of $98.83.
• Medtronic declared a quarterly dividend of $0.72 per share, equivalent to $2.88 annually and a 3.1% yield. An executive vice president separately sold 4,189 shares, reducing his direct ownership by 10.11%.

Global Retirement Partners LLC purchased a new stake in shares of Medtronic PLC (NYSE:MDT - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 59,031 shares of the medical technology company's stock, valued at approximately $4,618,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Fielder Capital Group LLC purchased a new position in Medtronic in the 2nd quarter worth approximately $204,000. IAG Wealth Partners LLC purchased a new stake in Medtronic during the 2nd quarter valued at $30,000. CORDA Investment Management LLC. boosted its stake in Medtronic by 9.0% during the 2nd quarter. CORDA Investment Management LLC. now owns 296,967 shares of the medical technology company's stock valued at $23,232,000 after purchasing an additional 24,604 shares during the last quarter. Sandro Wealth Management LLC increased its holdings in shares of Medtronic by 18.3% in the 2nd quarter. Sandro Wealth Management LLC now owns 5,691 shares of the medical technology company's stock worth $445,000 after purchasing an additional 879 shares in the last quarter. Finally, Focus Partners Advisor Solutions LLC increased its holdings in shares of Medtronic by 31.5% in the 2nd quarter. Focus Partners Advisor Solutions LLC now owns 15,629 shares of the medical technology company's stock worth $1,223,000 after purchasing an additional 3,747 shares in the last quarter. Institutional investors own 82.06% of the company's stock.

Insider Buying and Selling

In other Medtronic news, EVP Harry Skip Kiil sold 4,189 shares of the company's stock in a transaction that occurred on Monday, June 8th. The shares were 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 represents a 10.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.26% of the company's stock.

Medtronic Stock Down 1.8%

MDT stock opened at $92.45 on Friday. The company has a market cap of $118.33 billion, a price-to-earnings ratio of 24.79, a P/E/G ratio of 2.52 and a beta of 0.55. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.62 and a current ratio of 2.13. The business's 50-day moving average is $84.12 and its two-hundred day moving average is $86.01. Medtronic PLC has a fifty-two week low of $73.31 and a fifty-two week high of $106.33.

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

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 16th. Investors of record on Friday, September 25th will be given a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a yield of 3.1%. The ex-dividend date is Friday, September 25th. Medtronic's payout ratio is 77.21%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on MDT. Wall Street Zen raised Medtronic from a "hold" rating to a "buy" rating in a report on Saturday, July 18th. Deutsche Bank Aktiengesellschaft reduced their price objective on Medtronic from $100.00 to $78.00 and set a "hold" rating for the company in a report on Thursday, June 4th. Evercore set a $105.00 target price on shares of Medtronic in a research note on Monday, July 6th. Sanford C. Bernstein dropped their price target on shares of Medtronic from $112.00 to $97.00 and set an "outperform" rating on the stock in a report on Thursday, June 4th. Finally, Mizuho reduced their price target 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 analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat.com, Medtronic has an average rating of "Moderate Buy" and an average price target of $98.83.

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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