Medtronic PLC $MDT Shares Acquired by BTC Capital Management Inc.

Key Points

• BTC Capital Management increased its Medtronic stake by 33.2% in the first quarter, ending with 72,184 shares valued at about $6.25 million.
• Medtronic reported better-than-expected quarterly results, with EPS of $1.55 and revenue of $9.81 billion, both topping analyst estimates. Revenue also rose 9.9% year over year.
• The company raised its quarterly dividend to $0.72 per share, implying a $2.88 annualized payout and a 3.6% yield. Analysts currently have a consensus rating of “Moderate Buy” with a $99.00 price target.

BTC Capital Management Inc. boosted its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 33.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 72,184 shares of the medical technology company's stock after acquiring an additional 18,006 shares during the quarter. BTC Capital Management Inc.'s holdings in Medtronic were worth $6,252,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Davis Investment Partners LLC bought a new position in shares of Medtronic in the first quarter worth $672,000. RFG Advisory LLC increased its holdings in shares of Medtronic by 1.7% during the first quarter. RFG Advisory LLC now owns 25,586 shares of the medical technology company's stock valued at $2,217,000 after purchasing an additional 439 shares during the period. Fifth Third Wealth Advisors LLC raised its stake in shares of Medtronic by 6.9% during the first quarter. Fifth Third Wealth Advisors LLC now owns 23,181 shares of the medical technology company's stock valued at $2,009,000 after purchasing an additional 1,489 shares in the last quarter. Banque Cantonale Vaudoise raised its stake in shares of Medtronic by 33.5% during the first quarter. Banque Cantonale Vaudoise now owns 67,616 shares of the medical technology company's stock valued at $5,859,000 after purchasing an additional 16,967 shares in the last quarter. Finally, Apella Capital LLC acquired a new stake in Medtronic in the first quarter worth about $309,000. Institutional investors own 82.06% of the company's stock.

Medtronic Price Performance

NYSE:MDT opened at $80.16 on Thursday. The company has a quick ratio of 1.87, a current ratio of 2.13 and a debt-to-equity ratio of 0.52. The business's 50-day moving average price is $79.67 and its 200 day moving average price is $89.95. Medtronic PLC has a 52-week low of $73.31 and a 52-week high of $106.33. The firm has a market cap of $102.61 billion, a P/E ratio of 21.49, a PEG ratio of 2.16 and a beta of 0.58.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings data on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.01. Medtronic had a net margin of 13.20% and a return on equity of 14.51%. The company had revenue of $9.81 billion for the quarter, compared to analysts' expectations of $9.62 billion. During the same quarter in the previous year, the company posted $1.62 EPS. The business'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. As a group, 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. Shareholders of record on Friday, June 26th will be given a $0.72 dividend. This represents a $2.88 annualized dividend and a yield of 3.6%. This is a positive change from Medtronic's previous quarterly dividend of $0.71. The ex-dividend date is Friday, June 26th. Medtronic's dividend payout ratio (DPR) is presently 76.14%.

Analyst Ratings Changes

MDT has been the subject of a number of recent analyst reports. Citigroup decreased their target price on shares of Medtronic from $117.00 to $110.00 and set a "buy" rating for the company in a research report on Tuesday, April 7th. The Goldman Sachs Group dropped their price target on shares of Medtronic from $84.00 to $83.00 and set a "neutral" rating on the stock in a research report on Thursday, June 4th. Barclays upped their price target on shares of Medtronic from $118.00 to $120.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 1st. Mizuho decreased their price objective on shares of Medtronic from $120.00 to $100.00 and set an "outperform" rating for the company in a report on Wednesday, June 3rd. Finally, Stifel Nicolaus set a $80.00 price objective on shares of Medtronic in a research note on Wednesday, June 3rd. Seventeen analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company's stock. According to MarketBeat.com, Medtronic has an average rating of "Moderate Buy" and a consensus price target of $99.00.

Insider Activity

In other Medtronic news, EVP Harry Skip Kiil sold 4,189 shares of the company's stock in a transaction on Monday, June 8th. The stock was sold at an average price of $80.44, for a total value 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 represents a 10.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.26% of the company's stock.

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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