Howe & Rusling Inc. Has $9.04 Million Stock Holdings in Medtronic PLC $MDT

Key Points

• Howe & Rusling Inc. boosted its Medtronic stake by 43.7% in the fourth quarter, buying 28,624 additional shares and bringing its total holding to 94,051 shares worth about $9.04 million.
• Medtronic reported better-than-expected quarterly results, with EPS of $1.55 versus the $1.54 estimate and revenue of $9.81 billion, up 9.9% year over year.
• The company also raised its quarterly dividend to $0.72 per share, and analysts currently rate the stock a Moderate Buy with a consensus price target of $99.00.

Howe & Rusling Inc. increased its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 43.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 94,051 shares of the medical technology company's stock after buying an additional 28,624 shares during the period. Howe & Rusling Inc.'s holdings in Medtronic were worth $9,035,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Artisan Partners Limited Partnership raised its holdings in Medtronic by 2.6% during the 3rd quarter. Artisan Partners Limited Partnership now owns 1,234,550 shares of the medical technology company's stock worth $117,579,000 after purchasing an additional 31,314 shares during the last quarter. CSM Advisors LLC increased its stake in shares of Medtronic by 13.2% in the 3rd quarter. CSM Advisors LLC now owns 285,260 shares of the medical technology company's stock valued at $27,169,000 after acquiring an additional 33,167 shares in the last quarter. SageView Advisory Group LLC increased its stake in shares of Medtronic by 164.8% in the 3rd quarter. SageView Advisory Group LLC now owns 24,204 shares of the medical technology company's stock valued at $2,305,000 after acquiring an additional 15,062 shares in the last quarter. Madison Asset Management LLC increased its stake in shares of Medtronic by 15.0% in the 4th quarter. Madison Asset Management LLC now owns 195,216 shares of the medical technology company's stock valued at $18,752,000 after acquiring an additional 25,527 shares in the last quarter. Finally, Bleakley Financial Group LLC increased its stake in shares of Medtronic by 17.8% in the 3rd quarter. Bleakley Financial Group LLC now owns 87,313 shares of the medical technology company's stock valued at $8,316,000 after acquiring an additional 13,177 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Medtronic

In related news, EVP Harry Skip Kiil sold 4,189 shares of Medtronic stock in a transaction on Monday, June 8th. The shares were sold at an average price of $80.44, for a total value of $336,963.16. Following the completion of the sale, 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 can be accessed through the SEC website. Insiders own 0.26% of the company's stock.

Medtronic Stock Performance

NYSE MDT opened at $81.36 on Wednesday. The company has a fifty day simple moving average of $80.62 and a 200 day simple moving average of $90.95. Medtronic PLC has a 12-month low of $73.31 and a 12-month high of $106.33. The company has a current ratio of 2.54, a quick ratio of 1.87 and a debt-to-equity ratio of 0.57. The company has a market cap of $104.45 billion, a P/E ratio of 21.81, a PEG ratio of 2.16 and a beta of 0.58.

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 (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.01. Medtronic had a net margin of 13.20% and a return on equity of 14.61%. The business had revenue of $9.81 billion during the quarter, compared to the consensus estimate of $9.62 billion. During the same quarter last year, the firm posted $1.62 EPS. Medtronic's 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. Sell-side analysts predict that Medtronic PLC will post 5.94 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The firm 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 $0.72 dividend. This represents a $2.88 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend is Friday, June 26th. This is an increase from Medtronic's previous quarterly dividend of $0.71. Medtronic's payout ratio is 76.14%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on MDT. The Goldman Sachs Group lowered their price objective on shares of Medtronic from $84.00 to $83.00 and set a "neutral" rating for the company in a research note on Thursday, June 4th. Rothschild & Co Redburn lowered their price objective on shares of Medtronic from $111.00 to $106.00 and set a "buy" rating for the company in a research note on Friday, June 5th. Daiwa Securities Group lowered their price objective on shares of Medtronic from $117.00 to $115.00 and set a "buy" rating for the company in a research note on Friday, February 27th. Citigroup lowered their price objective on shares of Medtronic from $117.00 to $110.00 and set a "buy" rating for the company in a research note on Tuesday, April 7th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Medtronic from $100.00 to $86.00 and set a "neutral" rating for the company in a research note on Thursday, June 4th. Seventeen investment analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company's stock. According to MarketBeat, Medtronic currently has a consensus rating of "Moderate Buy" and a consensus price target of $99.00.

Medtronic Company 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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