Medtronic PLC $MDT Shares Sold by Center for Wealth Management Advisory

Key Points

• Center for Wealth Management Advisory sharply reduced its Medtronic position in Q1, cutting its stake by 85.6% and selling 14,919 shares.
• Medtronic reported solid quarterly results, with EPS of $1.55 topping estimates and revenue of $9.81 billion beating expectations, while revenue rose 9.9% year over year.
• The company also raised its quarterly dividend to $0.72 per share, and analysts currently rate the stock a “Moderate Buy” with a consensus price target of $99.00.

Center for Wealth Management Advisory cut its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 85.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,504 shares of the medical technology company's stock after selling 14,919 shares during the quarter. Center for Wealth Management Advisory's holdings in Medtronic were worth $217,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Curbstone Financial Management Corp grew its stake in Medtronic by 1.8% during the 4th quarter. Curbstone Financial Management Corp now owns 5,594 shares of the medical technology company's stock worth $537,000 after buying an additional 100 shares during the last quarter. New England Capital Financial Advisors LLC boosted its holdings in shares of Medtronic by 7.8% during the fourth quarter. New England Capital Financial Advisors LLC now owns 1,403 shares of the medical technology company's stock valued at $135,000 after acquiring an additional 101 shares during the period. Ipsen Advisor Group LLC boosted its holdings in shares of Medtronic by 1.7% during the fourth quarter. Ipsen Advisor Group LLC now owns 5,952 shares of the medical technology company's stock valued at $572,000 after acquiring an additional 101 shares during the period. Quadrant Capital Group LLC grew its position in shares of Medtronic by 0.3% during the fourth quarter. Quadrant Capital Group LLC now owns 32,477 shares of the medical technology company's stock worth $3,120,000 after acquiring an additional 101 shares during the last quarter. Finally, Baker Tilly Wealth Management LLC increased its holdings in shares of Medtronic by 3.3% in the 4th quarter. Baker Tilly Wealth Management LLC now owns 3,221 shares of the medical technology company's stock worth $309,000 after acquiring an additional 102 shares during the period. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related 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 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 trade represents a 10.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.26% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on MDT. Mizuho reduced their target price on shares of Medtronic from $120.00 to $100.00 and set an "outperform" rating for the company in a research note on Wednesday, June 3rd. Wall Street Zen lowered shares of Medtronic from a "buy" rating to a "hold" rating in a research note on Saturday, April 11th. Citigroup cut their price target on Medtronic from $117.00 to $110.00 and set a "buy" rating on the stock in a report on Tuesday, April 7th. 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. Finally, Leerink Partners lowered their target price on Medtronic from $117.00 to $104.00 and set an "outperform" rating on the stock in a research report on Thursday, June 4th. Seventeen analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $99.00.

Medtronic Stock Performance

MDT opened at $79.32 on Thursday. The company has a market capitalization of $101.53 billion, a price-to-earnings ratio of 21.26, a price-to-earnings-growth ratio of 2.10 and a beta of 0.56. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.13 and a quick ratio of 1.62. Medtronic PLC has a 1-year low of $73.31 and a 1-year high of $106.33. The business has a 50 day moving average price of $79.02 and a two-hundred day moving average price of $89.23.

Medtronic (NYSE:MDT - Get Free Report) last issued 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 14.51% and a net margin of 13.20%.The firm's revenue for the quarter was up 9.9% on a year-over-year basis. During the same period last year, the firm earned $1.62 EPS. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. Research analysts predict that Medtronic PLC will post 5.94 EPS for the current fiscal year.

Medtronic Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 17th. Stockholders of record on Friday, June 26th will be paid a dividend of $0.72 per share. The ex-dividend date of this dividend is Friday, June 26th. This represents a $2.88 annualized dividend and a dividend yield of 3.6%. This is a boost from Medtronic's previous quarterly dividend of $0.71. Medtronic's dividend payout ratio is 77.21%.

About Medtronic

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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