Medtronic PLC $MDT Shares Sold by Global Trust Asset Management LLC

Key Points

• Global Trust Asset Management slashed its Medtronic stake by 94.6% in the first quarter, selling 14,290 shares and leaving it with 821 shares worth about $71,000.
• Medtronic reported quarterly earnings of $1.55 per share on revenue of $9.81 billion, both slightly ahead of analyst expectations, and revenue rose 9.9% year over year.
• The company increased its quarterly dividend to $0.72 per share from $0.71, implying an annualized payout of $2.88 and a yield of 3.6%.

Global Trust Asset Management LLC cut its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 94.6% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 821 shares of the medical technology company's stock after selling 14,290 shares during the period. Global Trust Asset Management LLC's holdings in Medtronic were worth $71,000 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 company. Lodestone Wealth Management LLC acquired a new position in Medtronic in the fourth quarter valued at $27,000. Anfield Capital Management LLC increased its stake in 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 acquiring an additional 230 shares during the last quarter. Monetary Solutions Ltd purchased a new position in shares of Medtronic in the 4th quarter worth about $27,000. Board of the Pension Protection Fund purchased a new position in shares of Medtronic in the 4th quarter worth about $29,000. Finally, GoalVest Advisory LLC acquired a new position in shares of Medtronic in the 4th quarter valued at about $29,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Stock Performance

Shares of NYSE:MDT opened at $79.32 on Thursday. The company has a market cap of $101.53 billion, a P/E ratio of 21.26, a PEG ratio of 2.10 and a beta of 0.56. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.62 and a current ratio of 2.13. Medtronic PLC has a one year low of $73.31 and a one year high of $106.33. The business's 50-day simple moving average is $79.02 and its 200 day simple moving average is $89.23.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share for the quarter, topping analysts' consensus estimates of $1.54 by $0.01. The firm had revenue of $9.81 billion during 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%.Medtronic's quarterly revenue was up 9.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.62 EPS. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. On average, sell-side analysts forecast that Medtronic PLC will post 5.94 earnings per share for the current fiscal year.

Medtronic Increases Dividend

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

Analysts Set New Price Targets

MDT has been the subject of a number of research reports. TD Cowen reiterated a "buy" rating and set a $119.00 target price on shares of Medtronic in a report on Thursday, June 4th. Leerink Partners reduced their price target on shares of Medtronic from $117.00 to $104.00 and set an "outperform" rating on the stock in a research report on Thursday, June 4th. Robert W. Baird decreased their price objective on shares of Medtronic from $93.00 to $85.00 and set a "neutral" rating for the company in a research note on Thursday, June 4th. Argus decreased their price objective on shares of Medtronic from $125.00 to $115.00 and set a "buy" rating for the company in a research note on Monday, April 6th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Medtronic from $100.00 to $86.00 and set a "neutral" rating for the company in a research report on Thursday, June 4th. Seventeen research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. According to MarketBeat, Medtronic has a consensus rating of "Moderate Buy" and an average target price of $99.00.

Insider Buying and Selling at Medtronic

In other news, EVP Harry Skip Kiil sold 4,189 shares of the company's stock in a transaction on Monday, June 8th. The shares were sold at an average price of $80.44, for a total value of $336,963.16. Following the completion of the transaction, the executive vice president directly owned 37,227 shares in the company, valued at approximately $2,994,539.88. This represents a 10.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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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