Medtronic PLC $MDT Shares Bought by Assetmark Inc.

Key Points

• Assetmark Inc. increased its Medtronic stake by 10.0% in the first quarter, buying 58,596 additional shares and bringing its total to 645,147 shares valued at about $55.9 million.
• Medtronic posted solid quarterly results, with revenue of $9.81 billion and EPS of $1.55, both slightly ahead of analyst expectations. Revenue rose 9.9% year over year.
• The company raised its quarterly dividend to $0.72 per share from $0.71, implying an annualized payout of $2.88 and a 3.5% yield. However, analysts remain mixed, with a consensus rating of “Moderate Buy” and a target price of $98.21.

Assetmark Inc. raised its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 10.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 645,147 shares of the medical technology company's stock after purchasing an additional 58,596 shares during the period. Assetmark Inc. owned about 0.05% of Medtronic worth $55,902,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in MDT. Monetary Solutions Ltd acquired a new stake in Medtronic in the 4th quarter valued at $27,000. Lodestone Wealth Management LLC purchased a new position in Medtronic in the 4th quarter valued at about $27,000. Anfield Capital Management LLC boosted its holdings in Medtronic by 410.7% in the 4th quarter. Anfield Capital Management LLC now owns 286 shares of the medical technology company's stock worth $27,000 after buying an additional 230 shares during the last quarter. Board of the Pension Protection Fund acquired a new stake in Medtronic in the 4th quarter worth about $29,000. Finally, GoalVest Advisory LLC purchased a new stake in Medtronic during the 4th quarter worth approximately $29,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Medtronic news, EVP Harry Skip Kiil sold 4,189 shares of Medtronic stock in a transaction dated Monday, June 8th. The stock was 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 $2,994,539.88. The trade was a 10.11% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.26% of the stock is currently owned by corporate insiders.

Medtronic Price Performance

Medtronic stock opened at $83.20 on Friday. The company's 50 day moving average is $79.50 and its two-hundred day moving average is $87.99. The firm has a market cap of $106.50 billion, a PE ratio of 22.30, a price-to-earnings-growth ratio of 2.24 and a beta of 0.56. The company has a quick ratio of 1.62, a current ratio of 2.13 and a debt-to-equity ratio of 0.52. Medtronic PLC has a 52-week low of $73.31 and a 52-week high of $106.33.

Medtronic (NYSE:MDT - Get Free Report) last released its 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. Medtronic had a return on equity of 14.51% and a net margin of 13.20%.The firm had revenue of $9.81 billion during the quarter, compared to analysts' expectations of $9.62 billion. During the same period in the previous year, the firm posted $1.62 EPS. Medtronic's revenue for the quarter was up 9.9% on a year-over-year basis. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. On average, research analysts expect that Medtronic PLC will post 5.94 EPS for the current fiscal year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 17th. Investors of record on Friday, June 26th were issued a $0.72 dividend. This represents a $2.88 annualized dividend and a yield of 3.5%. This is a boost from Medtronic's previous quarterly dividend of $0.71. The ex-dividend date of this dividend was Friday, June 26th. Medtronic's dividend payout ratio is currently 77.21%.

Analysts Set New Price Targets

MDT has been the subject of several research reports. Leerink Partners dropped their price target on Medtronic from $117.00 to $104.00 and set an "outperform" rating for the company in a research report on Thursday, June 4th. Sanford C. Bernstein decreased their price target on shares of Medtronic from $112.00 to $97.00 and set an "outperform" rating on the stock in a research note on Thursday, June 4th. Weiss Ratings downgraded shares of Medtronic from a "hold (c+)" rating to a "hold (c)" rating in a report on Thursday, May 21st. Argus dropped their price target on Medtronic from $125.00 to $115.00 and set a "buy" rating for the company in a research report on Monday, April 6th. Finally, Stifel Nicolaus set a $80.00 target price on Medtronic in a report on Wednesday, June 3rd. Seventeen research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $98.21.

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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