Money Concepts Capital Corp Buys 22,269 Shares of Medtronic PLC $MDT

Key Points

• Money Concepts Capital Corp increased its Medtronic stake by 54.5% in the first quarter, buying 22,269 additional shares and bringing its total holding to 63,114 shares worth about $5.47 million.
• Medtronic reported quarterly earnings of $1.55 per share, slightly topping estimates, while revenue came in at $9.81 billion, up 9.9% from a year earlier.
• The company raised its quarterly dividend to $0.72 per share and now offers an annualized yield of about 3.5%; analysts currently rate the stock a Moderate Buy with an average price target of $98.96.

Money Concepts Capital Corp lifted its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 54.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 63,114 shares of the medical technology company's stock after buying an additional 22,269 shares during the period. Money Concepts Capital Corp's holdings in Medtronic were worth $5,469,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of MDT. Lodestone Wealth Management LLC bought a new stake in Medtronic in the 4th quarter worth about $27,000. Anfield Capital Management LLC boosted its stake in shares of Medtronic by 410.7% in the 4th quarter. Anfield Capital Management LLC now owns 286 shares of the medical technology company's stock worth $27,000 after buying an additional 230 shares during the last quarter. Monetary Solutions Ltd bought a new position in shares of Medtronic in the fourth quarter valued at approximately $27,000. GoalVest Advisory LLC purchased a new stake in shares of Medtronic during the fourth quarter valued at approximately $29,000. Finally, Board of the Pension Protection Fund purchased a new stake in shares of Medtronic during the fourth quarter valued at approximately $29,000. Institutional investors own 82.06% of the company's stock.

Medtronic Price Performance

Medtronic stock opened at $82.37 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 2.13, a quick ratio of 1.62 and a debt-to-equity ratio of 0.52. The business's 50 day simple moving average is $79.02 and its 200 day simple moving average is $88.56. The company has a market cap of $105.44 billion, a price-to-earnings ratio of 22.08, a PEG ratio of 2.20 and a beta of 0.56.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings data 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. Medtronic had a return on equity of 14.51% and a net margin of 13.20%.The business had revenue of $9.81 billion during the quarter, compared to analyst estimates of $9.62 billion. During the same period in the prior year, the company earned $1.62 earnings per share. Medtronic's revenue was up 9.9% compared to the same quarter last year. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. Sell-side analysts forecast that Medtronic PLC will post 5.94 EPS for the current year.

Medtronic Increases Dividend

The company also recently declared 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. This represents a $2.88 annualized dividend and a dividend yield of 3.5%. The ex-dividend date is Friday, June 26th. This is a positive change from Medtronic's previous quarterly dividend of $0.71. Medtronic's dividend payout ratio is currently 77.21%.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. BTIG Research raised Medtronic from a "neutral" rating to a "buy" rating and set a $90.00 price objective on the stock in a research report on Wednesday, June 3rd. Weiss Ratings lowered Medtronic from a "hold (c+)" rating to a "hold (c)" rating in a research report on Thursday, May 21st. UBS Group lowered their target price on Medtronic from $90.00 to $85.00 and set a "neutral" rating on the stock in a research note on Thursday, June 4th. Leerink Partners cut their price target on shares of Medtronic from $117.00 to $104.00 and set an "outperform" rating on the stock in a report on Thursday, June 4th. Finally, Stifel Nicolaus set a $80.00 price target on shares of Medtronic in a report on Wednesday, June 3rd. Seventeen analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company's stock. According to data from MarketBeat, Medtronic has a consensus rating of "Moderate Buy" and an average target price of $98.96.

Insider Buying and Selling at Medtronic

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 completion of the sale, 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 legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.26% of the company's stock.

Medtronic 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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