Medtronic PLC $MDT Shares Bought by Eventide Asset Management LLC

Key Points

• Eventide Asset Management more than doubled its Medtronic stake in the fourth quarter, buying 58,023 additional shares to bring its total to 112,264 shares worth about $10.8 million.
• Analyst sentiment on Medtronic remains positive overall, with a Moderate Buy consensus and an average price target of $99, even as several firms adjusted their targets and ratings.
• Medtronic reported quarterly earnings that beat estimates on both EPS and revenue, and the company also raised its dividend to $0.72 per share quarterly, implying a 3.6% yield.

Eventide Asset Management LLC raised its stake in Medtronic PLC (NYSE:MDT - Free Report) by 107.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 112,264 shares of the medical technology company's stock after acquiring an additional 58,023 shares during the period. Eventide Asset Management LLC's holdings in Medtronic were worth $10,828,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in MDT. Lodestone Wealth Management LLC acquired a new position in shares of Medtronic during the fourth quarter worth approximately $27,000. Anfield Capital Management LLC boosted its position in shares of Medtronic by 410.7% during the fourth 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 period. Board of the Pension Protection Fund acquired a new position in shares of Medtronic during the fourth quarter worth approximately $29,000. GoalVest Advisory LLC acquired a new position in shares of Medtronic during the fourth quarter worth approximately $29,000. Finally, Acumen Wealth Advisors LLC acquired a new position in shares of Medtronic during the fourth quarter worth approximately $29,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MDT has been the subject of several analyst reports. Barclays boosted their price objective on Medtronic from $118.00 to $120.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 1st. Daiwa Securities Group reduced their price objective on Medtronic from $117.00 to $115.00 and set a "buy" rating for the company in a research report on Friday, February 27th. BTIG Research upgraded Medtronic from a "neutral" rating to a "buy" rating and set a $90.00 price objective for the company in a research report on Wednesday, June 3rd. Argus reduced their price objective 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, Robert W. Baird reduced their price objective on Medtronic from $93.00 to $85.00 and set a "neutral" rating for the company in a research report on Thursday, June 4th. Seventeen equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average 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 Price Performance

Shares of NYSE:MDT opened at $80.11 on Monday. Medtronic PLC has a 12 month low of $73.31 and a 12 month high of $106.33. The stock has a market cap of $102.85 billion, a price-to-earnings ratio of 21.48, a PEG ratio of 2.30 and a beta of 0.58. The stock's 50 day moving average price is $80.85 and its 200 day moving average price is $91.29. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.54 and a quick ratio of 1.87.

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. The company had revenue of $9.81 billion for the quarter, compared to analysts' expectations of $9.62 billion. Medtronic had a return on equity of 14.61% and a net margin of 13.20%.The firm's revenue was up 9.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.62 earnings per share. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. Equities research analysts anticipate that Medtronic PLC will post 5.94 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 17th. Shareholders of record on Friday, June 26th will be issued a $0.72 dividend. This is an increase from Medtronic's previous quarterly dividend of $0.71. This represents a $2.88 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend is Friday, June 26th. Medtronic's dividend payout ratio is currently 76.14%.

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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