Medtronic PLC $MDT Stock Position Lifted by Canoe Financial LP

Key Points

• Canoe Financial LP massively increased its Medtronic stake in the first quarter, boosting holdings by 22,293.4% to 743,236 shares valued at about $64.4 million.
• Medtronic reported better-than-expected quarterly results, with EPS of $1.55 topping estimates and revenue of $9.81 billion exceeding forecasts; revenue also rose 9.9% year over year.
• The company raised its quarterly dividend to $0.72 per share, bringing the annualized payout to $2.88 and a yield of about 3.6%, even as analysts remain mixed with a Moderate Buy consensus target of $99.00.

Canoe Financial LP grew its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 22,293.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 743,236 shares of the medical technology company's stock after purchasing an additional 739,917 shares during the period. Canoe Financial LP owned approximately 0.06% of Medtronic worth $64,401,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Lodestone Wealth Management LLC bought a new stake in Medtronic during the fourth quarter worth approximately $27,000. Anfield Capital Management LLC boosted its stake in Medtronic by 410.7% during the 4th quarter. Anfield Capital Management LLC now owns 286 shares of the medical technology company's stock valued at $27,000 after purchasing an additional 230 shares in the last quarter. Monetary Solutions Ltd bought a new position in Medtronic during the 4th quarter valued at $27,000. GoalVest Advisory LLC acquired a new position in shares of Medtronic during the 4th quarter valued at $29,000. Finally, Board of the Pension Protection Fund acquired a new position in shares of Medtronic during the 4th quarter valued at $29,000. 82.06% of the stock is currently owned by institutional investors.

Medtronic Price Performance

Shares of NYSE:MDT opened at $80.94 on Monday. The company has a market capitalization of $103.60 billion, a PE ratio of 21.70, a price-to-earnings-growth ratio of 2.17 and a beta of 0.58. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.62 and a current ratio of 2.13. The stock has a fifty day moving average of $79.39 and a 200-day moving average of $89.66. Medtronic PLC has a one year low of $73.31 and a one year high of $106.33.

Medtronic (NYSE:MDT - Get Free Report) last issued its earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.54 by $0.01. The business 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 company's quarterly revenue was up 9.9% on a year-over-year basis. During the same period in the previous year, the firm posted $1.62 EPS. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. As a group, equities analysts anticipate that Medtronic PLC will post 5.94 EPS for the current fiscal year.

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 17th. Investors of record on Friday, June 26th will be paid a $0.72 dividend. The ex-dividend date of this dividend is Friday, June 26th. This represents a $2.88 dividend on an annualized basis and a yield of 3.6%. This is an increase from Medtronic's previous quarterly dividend of $0.71. Medtronic's dividend payout ratio (DPR) is 77.21%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on MDT shares. Leerink Partners cut their price objective on Medtronic from $117.00 to $104.00 and set an "outperform" rating for the company in a report on Thursday, June 4th. BTIG Research raised Medtronic from a "neutral" rating to a "buy" rating and set a $90.00 target price for the company in a research note on Wednesday, June 3rd. Deutsche Bank Aktiengesellschaft lowered their target price on Medtronic from $100.00 to $78.00 and set a "hold" rating on the stock in a report on Thursday, June 4th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $118.00 price target on shares of Medtronic in a research report on Thursday, June 4th. Finally, Barclays upped their price target on shares of Medtronic from $118.00 to $120.00 and gave the company an "overweight" rating in a report on Wednesday, April 1st. Seventeen investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company's stock. According to MarketBeat.com, Medtronic presently has a consensus rating of "Moderate Buy" and a consensus target price of $99.00.

Insiders Place Their Bets

In other Medtronic news, EVP Harry Skip Kiil sold 4,189 shares of the business'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 sale, the executive vice president owned 37,227 shares in the company, valued at approximately $2,994,539.88. The trade was a 10.11% decrease in their position. 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 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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