Medtronic PLC $MDT Shares Acquired by Edgestream Partners L.P.

Key Points

• Edgestream Partners increased its Medtronic stake by 86.1% in the first quarter, bringing its holdings to 38,234 shares valued at approximately $3.3 million. Institutional investors and hedge funds own 82.06% of MDT shares.
• Analysts maintain a generally positive view, with 18 Buy ratings and nine Holds, resulting in a consensus “Moderate Buy” rating and an average price target of $98.83.
• Medtronic reported quarterly revenue of $9.81 billion and EPS of $1.55, both slightly ahead of expectations, while raising its quarterly dividend from $0.71 to $0.72 per share, equivalent to a 3.4% yield.

Edgestream Partners L.P. boosted its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 86.1% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 38,234 shares of the medical technology company's stock after buying an additional 17,686 shares during the quarter. Edgestream Partners L.P.'s holdings in Medtronic were worth $3,313,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. Centaurus Financial Inc. raised its position in Medtronic by 2.2% in the first quarter. Centaurus Financial Inc. now owns 6,928 shares of the medical technology company's stock worth $600,000 after acquiring an additional 151 shares in the last quarter. Bull Harbor Capital LLC bought a new position in shares of Medtronic during the 1st quarter valued at about $293,000. Strategic Investment Advisors MI boosted its position in shares of Medtronic by 148.5% during the 1st quarter. Strategic Investment Advisors MI now owns 8,875 shares of the medical technology company's stock valued at $769,000 after purchasing an additional 5,303 shares in the last quarter. Ashton Thomas Securities LLC acquired a new position in shares of Medtronic in the 1st quarter worth approximately $474,000. Finally, Arete Wealth Advisors LLC raised its holdings in shares of Medtronic by 8.3% in the 1st quarter. Arete Wealth Advisors LLC now owns 25,047 shares of the medical technology company's stock worth $2,169,000 after purchasing an additional 1,914 shares in the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have issued reports on MDT shares. BTIG Research restated a "buy" rating and issued a $91.00 price target on shares of Medtronic in a research report on Monday, July 13th. Robert W. Baird decreased their target price on Medtronic from $93.00 to $85.00 and set a "neutral" rating on the stock in a report on Thursday, June 4th. Stifel Nicolaus set a $80.00 target price on Medtronic in a research report on Wednesday, June 3rd. Jefferies Financial Group reaffirmed a "hold" rating and set a $88.00 target price on shares of Medtronic in a report on Thursday, June 4th. Finally, Mizuho decreased their price target on Medtronic from $120.00 to $100.00 and set an "outperform" rating for the company in a research report on Wednesday, June 3rd. Eighteen investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat, Medtronic currently has a consensus rating of "Moderate Buy" and a consensus target price of $98.83.

Insider Transactions at Medtronic

In related news, EVP Harry Skip Kiil sold 4,189 shares of the stock in a transaction dated Monday, June 8th. The stock was 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 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.26% of the company's stock.

Medtronic Stock Down 0.1%

Shares of NYSE:MDT opened at $85.64 on Friday. The firm has a 50 day simple moving average of $80.94 and a 200 day simple moving average of $87.07. Medtronic PLC has a 52 week low of $73.31 and a 52 week high of $106.33. 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 company has a market cap of $109.62 billion, a PE ratio of 22.96, a price-to-earnings-growth ratio of 2.29 and a beta of 0.56.

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

Medtronic Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 17th. Investors of record on Friday, June 26th were given a dividend of $0.72 per share. The ex-dividend date of this dividend was Friday, June 26th. This is a positive change from Medtronic's previous quarterly dividend of $0.71. This represents a $2.88 annualized dividend and a yield of 3.4%. Medtronic's payout ratio is presently 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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