Medtronic PLC $MDT Shares Purchased by Gradient Investments LLC

Key Points

• Gradient Investments increased its Medtronic stake by 3.9% in the second quarter, owning 496,513 shares worth approximately $38.8 million. Institutional investors and hedge funds collectively hold 82.06% of MDT’s outstanding shares.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $98.83, despite several firms recently lowering their targets. MDT shares opened at $87.14, compared with a 12-month range of $73.31 to $106.33.
• Medtronic beat quarterly revenue and earnings expectations, reporting $9.81 billion in revenue and $1.55 in adjusted EPS, while revenue rose 9.9% year over year. The company also raised its quarterly dividend to $0.72 per share, implying a 3.3% annual yield.

Gradient Investments LLC grew its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 3.9% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 496,513 shares of the medical technology company's stock after buying an additional 18,509 shares during the period. Gradient Investments LLC's holdings in Medtronic were worth $38,842,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Rockland Trust Co. boosted its stake in shares of Medtronic by 2.3% during the second quarter. Rockland Trust Co. now owns 9,177 shares of the medical technology company's stock valued at $718,000 after acquiring an additional 202 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. increased its position in Medtronic by 10.9% during the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 9,166 shares of the medical technology company's stock worth $717,000 after purchasing an additional 899 shares in the last quarter. Beacon Investment Advisory Services Inc. raised its stake in Medtronic by 8,759.2% in the 2nd quarter. Beacon Investment Advisory Services Inc. now owns 76,632 shares of the medical technology company's stock valued at $5,995,000 after purchasing an additional 75,767 shares during the last quarter. Community Trust & Investment Co. raised its stake in Medtronic by 6.2% in the 2nd quarter. Community Trust & Investment Co. now owns 38,403 shares of the medical technology company's stock valued at $3,004,000 after purchasing an additional 2,247 shares during the last quarter. Finally, Wynn Capital LLC lifted its holdings in Medtronic by 4.9% in the 2nd quarter. Wynn Capital LLC now owns 4,858 shares of the medical technology company's stock valued at $380,000 after purchasing an additional 225 shares in the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have issued reports on MDT. Piper Sandler reaffirmed a "neutral" rating and set a $85.00 price target on shares of Medtronic in a research note on Tuesday, June 16th. TD Cowen cut their price objective on shares of Medtronic from $119.00 to $100.00 and set a "buy" rating for the company in a research report on Friday, July 10th. Rothschild & Co Redburn reduced their price objective on shares of Medtronic from $111.00 to $106.00 and set a "buy" rating on the stock in a research note on Friday, June 5th. Stifel Nicolaus set a $80.00 price objective on shares of Medtronic in a research note on Wednesday, June 3rd. Finally, Truist Financial decreased their target price on shares of Medtronic from $95.00 to $86.00 and set a "hold" rating on the stock in a research report on Thursday, June 4th. Eighteen equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $98.83.

Medtronic Stock Up 1.4%

Shares of NYSE:MDT opened at $87.14 on Friday. The company has a current ratio of 2.13, a quick ratio of 1.62 and a debt-to-equity ratio of 0.52. The firm has a market cap of $111.54 billion, a price-to-earnings ratio of 23.36, a PEG ratio of 2.30 and a beta of 0.55. The stock's 50-day moving average price is $81.94 and its two-hundred day moving average price is $86.68. Medtronic PLC has a 12-month low of $73.31 and a 12-month high of $106.33.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings data on Wednesday, June 3rd. The medical technology company reported $1.55 EPS for the quarter, beating analysts' consensus estimates of $1.54 by $0.01. The company had revenue of $9.81 billion during the quarter, compared to the consensus estimate 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 quarter in the prior year, the company posted $1.62 EPS. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. On average, research analysts forecast that Medtronic PLC will post 5.94 EPS for the current year.

Medtronic Increases Dividend

The business 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. This represents a $2.88 annualized dividend and a yield of 3.3%. This is a positive change 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 (DPR) is currently 77.21%.

Insider Buying and Selling

In other Medtronic news, EVP Harry Skip Kiil sold 4,189 shares of the stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $80.44, for a total transaction of $336,963.16. Following the transaction, the executive vice president owned 37,227 shares of the company's stock, valued at $2,994,539.88. This trade represents a 10.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.26% of the company's stock.

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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