NewEdge Advisors LLC Reduces Stock Position in Medtronic PLC $MDT

Key Points

• NewEdge Advisors LLC cut its Medtronic position by 18.9% in the second quarter, selling 34,627 shares and retaining 148,741 shares valued at approximately $11.6 million.
• Medtronic reported quarterly adjusted earnings of $1.45 per share and revenue of $9.76 billion, exceeding analyst expectations; revenue increased 13.7% year over year.
• Analysts maintain a generally positive view, with a “Moderate Buy” consensus and an average price target of $103.92 versus the reported share price of $90.97. The company also declared a quarterly dividend of $0.72 per share, yielding about 3.2% annually.

NewEdge Advisors LLC lessened its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 18.9% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 148,741 shares of the medical technology company's stock after selling 34,627 shares during the quarter. NewEdge Advisors LLC's holdings in Medtronic were worth $11,636,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Beacon Investment Advisory Services Inc. grew its stake in Medtronic by 8,759.2% in the 2nd quarter. Beacon Investment Advisory Services Inc. now owns 76,632 shares of the medical technology company's stock worth $5,995,000 after acquiring an additional 75,767 shares in the last quarter. BayBridge Capital Group LLC increased its position in shares of Medtronic by 17.6% during the second quarter. BayBridge Capital Group LLC now owns 20,430 shares of the medical technology company's stock worth $1,598,000 after acquiring an additional 3,052 shares during the period. Arizona State Retirement System raised its stake in shares of Medtronic by 1.4% during the second quarter. Arizona State Retirement System now owns 356,254 shares of the medical technology company's stock valued at $27,870,000 after acquiring an additional 4,896 shares in the last quarter. West Family Investments Inc. grew its stake in Medtronic by 36.1% in the second quarter. West Family Investments Inc. now owns 4,330 shares of the medical technology company's stock worth $339,000 after purchasing an additional 1,148 shares in the last quarter. Finally, Waverly Advisors LLC grew its stake in Medtronic by 9.9% in the second quarter. Waverly Advisors LLC now owns 116,780 shares of the medical technology company's stock worth $9,136,000 after purchasing an additional 10,541 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company's stock.

Medtronic Stock Down 0.7%

Shares of NYSE MDT opened at $90.97 on Friday. Medtronic PLC has a 12-month low of $73.31 and a 12-month high of $106.33. The stock's fifty day simple moving average is $87.91 and its two-hundred day simple moving average is $85.18. The stock has a market capitalization of $116.36 billion, a PE ratio of 22.41, a price-to-earnings-growth ratio of 2.15 and a beta of 0.56. The company has a current ratio of 2.07, a quick ratio of 1.54 and a debt-to-equity ratio of 0.50.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings results on Tuesday, September 1st. The medical technology company reported $1.45 EPS for the quarter, topping the consensus estimate of $1.39 by $0.06. The firm had revenue of $9.76 billion during the quarter, compared to analyst estimates of $9.55 billion. Medtronic had a return on equity of 14.78% and a net margin of 13.93%.The business's revenue for the quarter was up 13.7% compared to the same quarter last year. During the same period in the previous year, the company posted $1.26 EPS. Medtronic has set its Q2 2027 guidance at 1.320-1.340 EPS and its FY 2027 guidance at 5.940-6.000 EPS. As a group, analysts expect that Medtronic PLC will post 5.96 EPS for the current fiscal year.

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 16th. Shareholders of record on Friday, September 25th will be issued a $0.72 dividend. The ex-dividend date is Friday, September 25th. This represents a $2.88 dividend on an annualized basis and a yield of 3.2%. Medtronic's payout ratio is currently 70.94%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $118.00 target price on shares of Medtronic in a research report on Wednesday, September 2nd. Wells Fargo & Company raised their price target on Medtronic from $102.00 to $104.00 and gave the company an "overweight" rating in a research note on Wednesday, September 2nd. Needham & Company LLC lifted their price objective on Medtronic from $101.00 to $114.00 and gave the company a "buy" rating in a report on Thursday, August 27th. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a $92.00 price objective on shares of Medtronic in a research note on Thursday, September 3rd. Finally, Robert W. Baird increased their target price on shares of Medtronic from $91.00 to $100.00 and gave the stock a "neutral" rating in a report on Wednesday, September 2nd. Nineteen investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $103.92.

Medtronic Company Profile

Medtronic plc is a global medical technology company that develops, manufactures and sells devices and therapies used to diagnose and treat a broad range of medical conditions. Its products are designed for hospitals, physicians and patients across areas including cardiac care, diabetes, neurological disorders, spinal conditions and surgical procedures.

The company's portfolio includes pacemakers, implantable cardioverter-defibrillators, cardiac ablation systems, heart valves, neurostimulation systems, implantable pumps, spinal implants and surgical technologies.

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