Convergence Investment Partners LLC lessened its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 45.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 25,339 shares of the medical technology company's stock after selling 21,450 shares during the period. Convergence Investment Partners LLC's holdings in Medtronic were worth $1,982,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also made changes to their positions in the business. New England Capital Financial Advisors LLC increased its position in Medtronic by 7.8% in the 4th 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 raised its stake in Medtronic by 1.7% during the 4th 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 in the last quarter. Quadrant Capital Group LLC raised its stake in Medtronic by 0.3% during the 4th quarter. Quadrant Capital Group LLC now owns 32,477 shares of the medical technology company's stock valued at $3,120,000 after acquiring an additional 101 shares in the last quarter. Rossby Financial LCC boosted its position in Medtronic by 5.1% during the 4th quarter. Rossby Financial LCC now owns 2,193 shares of the medical technology company's stock worth $211,000 after acquiring an additional 107 shares during the period. Finally, Wealthspire Retirement LLC boosted its position in Medtronic by 5.0% during the 4th quarter. Wealthspire Retirement LLC now owns 2,410 shares of the medical technology company's stock worth $232,000 after acquiring an additional 114 shares during the period. 82.06% of the stock is currently owned by institutional investors and hedge funds.
Medtronic Stock Performance
MDT opened at $91.10 on Monday. The company has a market capitalization of $116.62 billion, a price-to-earnings ratio of 24.42, a price-to-earnings-growth ratio of 2.45 and a beta of 0.55. 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 $83.20 and a two-hundred day moving average price of $86.26.
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 analysts' consensus estimates 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 analyst estimates of $9.62 billion. During the same period last year, the company posted $1.62 EPS. The firm's quarterly revenue was up 9.9% on a year-over-year basis. 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 company also recently disclosed a quarterly dividend, which was paid on Friday, July 17th. Stockholders of record on Friday, June 26th were issued a $0.72 dividend. This represents a $2.88 annualized dividend and a dividend yield of 3.2%. This is a positive change from Medtronic's previous quarterly dividend of $0.71. The ex-dividend date was Friday, June 26th. Medtronic's payout ratio is currently 77.21%.
Insiders Place Their Bets
In related news, EVP Harry Skip Kiil sold 4,189 shares of the firm's 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 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 sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.26% of the stock is owned by corporate insiders.
Wall Street Analysts Forecast Growth
Several research firms have recently issued reports on MDT. Mizuho decreased their price target on Medtronic from $120.00 to $100.00 and set an "outperform" rating for the company in a research note on Wednesday, June 3rd. Truist Financial cut their price objective on shares of Medtronic from $95.00 to $86.00 and set a "hold" rating on the stock in a research note on Thursday, June 4th. Sanford C. Bernstein reduced their price objective on shares of Medtronic from $112.00 to $97.00 and set an "outperform" rating for the company in a report on Thursday, June 4th. UBS Group upgraded shares of Medtronic from a "neutral" rating to a "buy" rating and increased their target price for the company from $85.00 to $100.00 in a research report on Tuesday, July 28th. Finally, Wall Street Zen raised shares of Medtronic from a "hold" rating to a "buy" rating in a research note on Saturday, July 18th. Eighteen investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat.com, Medtronic has an average rating of "Moderate Buy" and a consensus target price of $98.83.
View Our Latest Stock Report on Medtronic
Medtronic Company Profile
(
Free Report)
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).
See Also
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.
Continue following MarketBeat
Add MarketBeat as your preferred source on Google to see our latest stories in your feed.
Before you consider Medtronic, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Medtronic wasn't on the list.
While Medtronic currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
With the proliferation of data centers and electric vehicles, the electric grid will only get more strained. Download this report to learn how energy stocks can play a role in your portfolio as the global demand for energy continues to grow.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
