Oppenheimer Asset Management Inc. Buys 59,676 Shares of Medtronic PLC $MDT

Key Points

• Oppenheimer Asset Management increased its Medtronic stake by 11.1%, purchasing 59,676 shares to own 597,429 shares valued at approximately $46.7 million. Institutional investors hold 82.06% of the company’s stock.
• Medtronic reported quarterly EPS of $1.55 and revenue of $9.81 billion, exceeding analyst estimates, while revenue rose 9.9% year over year. The company also raised its quarterly dividend to $0.72, equivalent to a 3.2% annual yield.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $98.83, despite several recent target reductions. Medtronic shares opened at $90.44, while an executive recently sold 4,189 shares.

Oppenheimer Asset Management Inc. increased its stake in Medtronic PLC (NYSE:MDT - Free Report) by 11.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 597,429 shares of the medical technology company's stock after purchasing an additional 59,676 shares during the period. Oppenheimer Asset Management Inc.'s holdings in Medtronic were worth $46,737,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in the company. Anfield Capital Management LLC grew its holdings in shares of Medtronic by 410.7% during the fourth 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 in the last quarter. Monetary Solutions Ltd bought a new stake in Medtronic in the 4th quarter valued at approximately $27,000. Acumen Wealth Advisors LLC bought a new stake in Medtronic in the 4th quarter valued at approximately $29,000. Imprint Wealth LLC acquired a new position in Medtronic during the 3rd quarter worth approximately $31,000. Finally, Basepoint Wealth LLC acquired a new position in Medtronic during the 4th quarter worth approximately $32,000. Institutional investors own 82.06% of the company's stock.

Insider Activity at Medtronic

In other news, EVP Harry Skip Kiil sold 4,189 shares of the business's stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $80.44, for a total transaction of $336,963.16. Following the transaction, the executive vice president directly owned 37,227 shares in the company, valued at $2,994,539.88. The trade was a 10.11% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.26% of the stock is currently owned by company insiders.

Medtronic Stock Down 0.9%

NYSE:MDT opened at $90.44 on Tuesday. Medtronic PLC has a twelve month low of $73.31 and a twelve month high of $106.33. The firm has a market capitalization of $115.77 billion, a price-to-earnings ratio of 24.25, a price-to-earnings-growth ratio of 2.45 and a beta of 0.55. The company has a quick ratio of 1.62, a current ratio of 2.13 and a debt-to-equity ratio of 0.52. The stock's 50 day moving average price is $83.40 and its two-hundred day moving average price is $86.19.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings data on Wednesday, June 3rd. The medical technology company reported $1.55 EPS 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 the consensus estimate of $9.62 billion. Medtronic had a return on equity of 14.51% and a net margin of 13.20%.The firm's revenue for the quarter was up 9.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.62 EPS. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. Equities research analysts expect that Medtronic PLC will post 5.94 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 17th. Stockholders of record on Friday, June 26th were given a $0.72 dividend. This is a boost from Medtronic's previous quarterly dividend of $0.71. The ex-dividend date of this dividend was Friday, June 26th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.2%. Medtronic's payout ratio is 77.21%.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Rothschild & Co Redburn lowered their price objective on shares of Medtronic from $111.00 to $106.00 and set a "buy" rating on the stock in a report on Friday, June 5th. Wall Street Zen upgraded shares of Medtronic from a "hold" rating to a "buy" rating in a report on Saturday, July 18th. TD Cowen decreased their target price on shares of Medtronic from $119.00 to $100.00 and set a "buy" rating for the company in a research report on Friday, July 10th. Wells Fargo & Company decreased their target price on shares of Medtronic from $114.00 to $102.00 and set an "overweight" rating for the company in a research report on Thursday, June 4th. Finally, Stifel Nicolaus set a $80.00 price target on shares of Medtronic in a research note on Wednesday, June 3rd. Eighteen investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company's stock. According to MarketBeat, Medtronic has a consensus rating of "Moderate Buy" and a consensus target price of $98.83.

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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