Randolph Co Inc Grows Stake in Medtronic PLC $MDT

Key Points

• Randolph Co Inc increased its Medtronic stake by 4.8% in the first quarter, adding 14,183 shares to bring its total to 309,011 shares valued at about $26.8 million.
• Analysts remain cautiously positive on Medtronic, with 17 Buy ratings and 10 Hold ratings, giving the stock a consensus “Moderate Buy” and a $99 average target price.
• Medtronic raised its quarterly dividend to $0.72 per share, and the company also reported quarterly earnings that slightly beat expectations while revenue topped estimates.

Randolph Co Inc boosted its stake in Medtronic PLC (NYSE:MDT - Free Report) by 4.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 309,011 shares of the medical technology company's stock after buying an additional 14,183 shares during the quarter. Medtronic makes up approximately 2.6% of Randolph Co Inc's portfolio, making the stock its 23rd largest holding. Randolph Co Inc's holdings in Medtronic were worth $26,776,000 at the end of the most recent reporting period.

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

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. JPMorgan Chase & Co. decreased their price objective on Medtronic from $100.00 to $86.00 and set a "neutral" rating on the stock in a report on Thursday, June 4th. Citigroup reduced their target price on shares of Medtronic from $117.00 to $110.00 and set a "buy" rating for the company in a research report on Tuesday, April 7th. Evercore set a $106.00 price target on shares of Medtronic and gave the stock an "outperform" rating in a research note on Thursday, April 9th. Jefferies Financial Group reaffirmed a "hold" rating and set a $88.00 price objective on shares of Medtronic in a research note on Thursday, June 4th. Finally, Truist Financial cut their price objective on shares of Medtronic from $95.00 to $86.00 and set a "hold" rating for the company in a report on Thursday, June 4th. Seventeen equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $99.00.

Insider Transactions at Medtronic

In other Medtronic news, EVP Harry Skip Kiil sold 4,189 shares of Medtronic stock in a transaction on Monday, June 8th. The stock was sold at an average price of $80.44, for a total value of $336,963.16. Following the sale, the executive vice president owned 37,227 shares in the company, valued at $2,994,539.88. The trade was a 10.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.26% of the stock is currently owned by company insiders.

Medtronic Stock Up 1.4%

NYSE MDT opened at $79.32 on Thursday. Medtronic PLC has a 52 week low of $73.31 and a 52 week high of $106.33. 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 business's fifty day simple moving average is $79.02 and its 200-day simple moving average is $89.23. The firm has a market cap of $101.53 billion, a PE ratio of 21.26, a P/E/G ratio of 2.10 and a beta of 0.56.

Medtronic (NYSE:MDT - Get Free Report) last posted its earnings results 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 net margin of 13.20% and a return on equity of 14.51%. The company had revenue of $9.81 billion for the quarter, compared to analyst estimates of $9.62 billion. During the same period in the previous year, the business posted $1.62 EPS. Medtronic'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, equities analysts anticipate that Medtronic PLC will post 5.94 earnings per share for the current year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 17th. Shareholders 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 yield of 3.6%. This is a positive change from Medtronic's previous quarterly dividend of $0.71. The ex-dividend date of this dividend is Friday, June 26th. Medtronic's payout ratio is 77.21%.

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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