NewEdge Wealth LLC Decreases Position in Medtronic PLC $MDT

Key Points

• NewEdge Wealth LLC cut its Medtronic position by 35.5% in the first quarter, selling 12,606 shares and leaving it with 22,953 shares valued at about $1.99 million.
• Several analysts have recently lowered price targets on Medtronic, though the stock still carries a consensus rating of “Moderate Buy” with an average target price of $98.21.
• Medtronic reported quarterly EPS of $1.55, slightly ahead of estimates, and increased its quarterly dividend to $0.72 per share, implying a 3.5% annual yield.

NewEdge Wealth LLC reduced its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 35.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,953 shares of the medical technology company's stock after selling 12,606 shares during the period. NewEdge Wealth LLC's holdings in Medtronic were worth $1,989,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Curbstone Financial Management Corp grew its holdings in shares of Medtronic by 1.8% during the fourth quarter. Curbstone Financial Management Corp now owns 5,594 shares of the medical technology company's stock worth $537,000 after buying an additional 100 shares in the last quarter. New England Capital Financial Advisors LLC raised its position in shares of Medtronic by 7.8% in the fourth quarter. New England Capital Financial Advisors LLC now owns 1,403 shares of the medical technology company's stock valued at $135,000 after buying an additional 101 shares during the last quarter. Ipsen Advisor Group LLC lifted its stake in shares of Medtronic by 1.7% in the fourth quarter. Ipsen Advisor Group LLC now owns 5,952 shares of the medical technology company's stock worth $572,000 after buying an additional 101 shares in the last quarter. Quadrant Capital Group LLC boosted its position in Medtronic by 0.3% during the fourth quarter. Quadrant Capital Group LLC now owns 32,477 shares of the medical technology company's stock worth $3,120,000 after acquiring an additional 101 shares during the last quarter. Finally, Rossby Financial LCC boosted its position in Medtronic by 5.1% during the fourth quarter. Rossby Financial LCC now owns 2,193 shares of the medical technology company's stock worth $211,000 after acquiring an additional 107 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company's stock.

Analysts Set New Price Targets

MDT has been the subject of a number of recent research reports. UBS Group cut their price objective on shares of Medtronic from $90.00 to $85.00 and set a "neutral" rating for the company in a report on Thursday, June 4th. TD Cowen dropped their price target on Medtronic from $119.00 to $100.00 and set a "buy" rating for the company in a research report on Friday, July 10th. JPMorgan Chase & Co. cut their price target on Medtronic from $100.00 to $86.00 and set a "neutral" rating for the company in a report on Thursday, June 4th. Wells Fargo & Company reduced their price objective on Medtronic from $114.00 to $102.00 and set an "overweight" rating on the stock in a research report on Thursday, June 4th. Finally, Sanford C. Bernstein dropped their target price on Medtronic from $112.00 to $97.00 and set an "outperform" rating for the company in a report on Thursday, June 4th. Seventeen research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $98.21.

Medtronic Trading Up 1.4%

Shares of Medtronic stock opened at $83.12 on Friday. The stock has a 50 day moving average of $80.15 and a 200 day moving average of $87.52. 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 firm has a market capitalization of $106.40 billion, a price-to-earnings ratio of 22.28, a PEG ratio of 2.23 and a beta of 0.56. Medtronic PLC has a fifty-two week low of $73.31 and a fifty-two week high of $106.33.

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 (EPS) for the quarter, beating analysts' consensus estimates of $1.54 by $0.01. Medtronic had a net margin of 13.20% and a return on equity of 14.51%. The business had revenue of $9.81 billion for the quarter, compared to the consensus estimate of $9.62 billion. During the same period in the previous year, the firm earned $1.62 EPS. The business's revenue was up 9.9% on a year-over-year basis. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. As a group, research analysts predict that Medtronic PLC will post 5.94 earnings per share for the current year.

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 17th. Investors of record on Friday, June 26th were paid a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend was 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%.

Insider Activity

In other news, EVP Harry Skip Kiil sold 4,189 shares of the firm's stock in a transaction that occurred 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 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.26% of the company's stock.

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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