Shelton Wealth Management LLC Buys New Position in Medtronic PLC $MDT

Key Points

• Shelton Wealth Management opened a new position in Medtronic during the first quarter, buying 12,152 shares worth about $1.05 million.
• Medtronic reported better-than-expected quarterly results, with EPS of $1.55 and revenue of $9.81 billion, and it also raised its quarterly dividend to $0.72 per share.
• Analyst sentiment remains mixed but generally positive: the stock has a Moderate Buy consensus rating, with an average price target of $98.96.

Shelton Wealth Management LLC purchased a new position in Medtronic PLC (NYSE:MDT - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 12,152 shares of the medical technology company's stock, valued at approximately $1,053,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Norges Bank purchased a new stake in Medtronic during the fourth quarter valued at about $1,653,485,000. Capital Research Global Investors lifted its stake in shares of Medtronic by 12.6% in the 4th quarter. Capital Research Global Investors now owns 34,573,163 shares of the medical technology company's stock valued at $3,321,101,000 after acquiring an additional 3,880,174 shares during the last quarter. Schroder Investment Management Group boosted its holdings in Medtronic by 78.3% during the 3rd quarter. Schroder Investment Management Group now owns 7,529,849 shares of the medical technology company's stock valued at $717,143,000 after acquiring an additional 3,307,211 shares during the period. Wellington Management Group LLP grew its position in Medtronic by 35.3% during the 3rd quarter. Wellington Management Group LLP now owns 10,189,586 shares of the medical technology company's stock worth $970,456,000 after acquiring an additional 2,658,981 shares during the last quarter. Finally, SG Americas Securities LLC increased its stake in Medtronic by 2,297.7% in the 4th quarter. SG Americas Securities LLC now owns 2,510,712 shares of the medical technology company's stock worth $241,179,000 after purchasing an additional 2,406,000 shares during the period. Hedge funds and other institutional investors own 82.06% of the company's stock.

Insider Buying and Selling at Medtronic

In related news, EVP Harry Skip Kiil sold 4,189 shares of the company's stock in a transaction that occurred 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. This represents a 10.11% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.26% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research analysts recently commented on MDT shares. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $118.00 target price on shares of Medtronic in a research note on Thursday, June 4th. JPMorgan Chase & Co. lowered their price objective 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. Argus dropped their target price on shares of Medtronic from $125.00 to $115.00 and set a "buy" rating for the company in a report on Monday, April 6th. Needham & Company LLC reissued a "buy" rating and issued a $101.00 target price on shares of Medtronic in a research note on Wednesday, June 17th. Finally, The Goldman Sachs Group lowered their price target on Medtronic from $84.00 to $83.00 and set a "neutral" rating for the company in a research report on Thursday, June 4th. Seventeen analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $98.96.

Medtronic Stock Up 1.8%

Shares of NYSE MDT traded up $1.50 during mid-day trading on Tuesday, hitting $84.56. 2,674,811 shares of the stock traded hands, compared to its average volume of 9,337,921. The stock has a fifty day moving average price of $79.04 and a 200-day moving average price of $89.00. 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 company has a market cap of $108.24 billion, a price-to-earnings ratio of 22.67, a PEG ratio of 2.23 and a beta of 0.56. Medtronic PLC has a 52 week low of $73.31 and a 52 week 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, beating the consensus estimate of $1.54 by $0.01. The business had revenue of $9.81 billion during the quarter, compared to analyst estimates of $9.62 billion. Medtronic had a return on equity of 14.51% and a net margin of 13.20%.The company's revenue for the quarter was up 9.9% on a year-over-year basis. During the same quarter last year, the firm posted $1.62 earnings per share. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. Research analysts anticipate that Medtronic PLC will post 5.94 EPS for the current year.

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 17th. Stockholders of record on Friday, June 26th will be given a $0.72 dividend. The ex-dividend date of this dividend is Friday, June 26th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.4%. This is an increase from Medtronic's previous quarterly dividend of $0.71. Medtronic's payout ratio is presently 77.21%.

Medtronic 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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