MidFirst Bank Makes New $2.17 Million Investment in Medtronic PLC $MDT

Key Points

• MidFirst Bank opened a new position in Medtronic during the fourth quarter, buying 22,579 shares worth about $2.17 million.
• Institutional ownership remains heavy, with hedge funds and other investors holding 82.06% of Medtronic’s stock, even as several firms made modest stake increases.
• Analysts are mixed but generally positive: Medtronic has a Moderate Buy consensus, a $99 average price target, and the company also raised its quarterly dividend to $0.72 per share.

MidFirst Bank purchased a new position in Medtronic PLC (NYSE:MDT - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 22,579 shares of the medical technology company's stock, valued at approximately $2,169,000.

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

Analysts Set New Price Targets

A number of equities analysts recently weighed in on MDT shares. UBS Group decreased their price objective on Medtronic from $90.00 to $85.00 and set a "neutral" rating on the stock in a report on Thursday, June 4th. Leerink Partners cut their target price on Medtronic from $117.00 to $104.00 and set an "outperform" rating for the company in a research note on Thursday, June 4th. Piper Sandler reiterated a "neutral" rating and set a $85.00 price target on shares of Medtronic in a research report on Tuesday. Weiss Ratings downgraded shares of Medtronic from a "hold (c+)" rating to a "hold (c)" rating in a research note on Thursday, May 21st. Finally, Daiwa Securities Group lowered their price objective on shares of Medtronic from $117.00 to $115.00 and set a "buy" rating for the company in a report on Friday, February 27th. Seventeen analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat, Medtronic presently has an average rating of "Moderate Buy" and a consensus price target of $99.00.

Insider Activity

In related news, EVP Harry Skip Kiil sold 4,189 shares of Medtronic 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 transaction, the executive vice president directly owned 37,227 shares of the company's stock, valued at $2,994,539.88. The trade was a 10.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.26% of the company's stock.

Medtronic Stock Up 1.6%

MDT opened at $79.37 on Friday. Medtronic PLC has a 12 month low of $73.31 and a 12 month high of $106.33. The company has a current ratio of 2.54, a quick ratio of 1.87 and a debt-to-equity ratio of 0.57. The business's 50-day moving average price is $80.32 and its 200-day moving average price is $90.58. The company has a market cap of $101.90 billion, a P/E ratio of 21.28, a P/E/G ratio of 2.10 and a beta of 0.58.

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 for the quarter, beating the consensus estimate of $1.54 by $0.01. The company had revenue of $9.81 billion during the quarter, compared to analysts' expectations of $9.62 billion. Medtronic had a return on equity of 14.61% 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 period in the prior year, the business posted $1.62 EPS. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. On average, equities analysts expect that Medtronic PLC will post 5.94 EPS for the current 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 issued a $0.72 dividend. This is a positive change from Medtronic's previous quarterly dividend of $0.71. This represents a $2.88 annualized dividend and a dividend yield of 3.6%. The ex-dividend date is Friday, June 26th. Medtronic's dividend payout ratio (DPR) is 76.14%.

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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