Park National Corp OH Grows Position in Medtronic PLC $MDT

Key Points

• Park National Corp OH increased its Medtronic stake by 21.7% in the first quarter, buying 20,569 additional shares to bring its total to 115,359 shares worth about $10.0 million.
• Medtronic recently reported better-than-expected quarterly earnings, with EPS of $1.55 versus estimates of $1.54 and revenue of $9.81 billion, up 9.9% year over year.
• The company also raised its quarterly dividend to $0.72 per share from $0.71, while analysts currently rate the stock a Moderate Buy with an average target price of $99.

Park National Corp OH raised its position in Medtronic PLC (NYSE:MDT - Free Report) by 21.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 115,359 shares of the medical technology company's stock after buying an additional 20,569 shares during the quarter. Park National Corp OH's holdings in Medtronic were worth $9,996,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Lodestone Wealth Management LLC acquired a new position in shares of Medtronic in the 4th quarter valued at $27,000. Anfield Capital Management LLC raised its position in Medtronic by 410.7% in the 4th quarter. Anfield Capital Management LLC now owns 286 shares of the medical technology company's stock valued at $27,000 after purchasing an additional 230 shares during the last quarter. Monetary Solutions Ltd acquired a new stake in Medtronic during the 4th quarter worth $27,000. Board of the Pension Protection Fund acquired a new stake in Medtronic during the 4th quarter worth $29,000. Finally, GoalVest Advisory LLC acquired a new stake in Medtronic during the 4th quarter worth $29,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have commented on MDT shares. Stifel Nicolaus set a $80.00 price objective on shares of Medtronic in a research note on Wednesday, June 3rd. Wells Fargo & Company reduced their target price on shares of Medtronic from $114.00 to $102.00 and set an "overweight" rating for the company in a report on Thursday, June 4th. JPMorgan Chase & Co. decreased their target price on shares of Medtronic from $100.00 to $86.00 and set a "neutral" rating for the company in a research note on Thursday, June 4th. Needham & Company LLC reissued a "buy" rating and set a $101.00 price target on shares of Medtronic in a report on Wednesday. Finally, UBS Group dropped their price target on Medtronic from $90.00 to $85.00 and set a "neutral" rating on the stock in a research report on Thursday, June 4th. Seventeen investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company's stock. According to MarketBeat.com, Medtronic presently has an average rating of "Moderate Buy" and an average target price of $99.00.

Insider Transactions at Medtronic

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

Medtronic Stock Performance

NYSE:MDT opened at $79.37 on Friday. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.54 and a quick ratio of 1.87. The firm has a market cap of $101.90 billion, a price-to-earnings ratio of 21.28, a price-to-earnings-growth ratio of 2.13 and a beta of 0.58. The firm's fifty day moving average price is $80.13 and its 200 day moving average price is $90.50. Medtronic PLC has a 1-year low of $73.31 and a 1-year high of $106.33.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings data on Wednesday, June 3rd. The medical technology company reported $1.55 EPS for the quarter, topping analysts' consensus estimates of $1.54 by $0.01. Medtronic had a net margin of 13.20% and a return on equity of 14.61%. The company had revenue of $9.81 billion during the quarter, compared to the consensus estimate of $9.62 billion. During the same quarter in the prior year, the firm earned $1.62 EPS. Medtronic's quarterly revenue was up 9.9% on a year-over-year basis. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. On average, sell-side analysts expect 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. Investors of record on Friday, June 26th will be issued a dividend of $0.72 per share. This is an increase from Medtronic's previous quarterly dividend of $0.71. This represents a $2.88 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend is Friday, June 26th. Medtronic's dividend payout ratio is currently 76.14%.

Medtronic Company 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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