Smithbridge Asset Management Inc. DE Has $5.37 Million Stock Holdings in Medtronic PLC $MDT

Key Points

• Smithbridge Asset Management cut its Medtronic stake by 50% in the first quarter, leaving it with 61,975 shares valued at about $5.37 million.
• Medtronic reported better-than-expected quarterly results, posting EPS of $1.55 on revenue of $9.81 billion, with revenue up 9.9% year over year.
• The company raised its quarterly dividend to $0.72 per share, and analysts currently maintain a Moderate Buy consensus with an average price target of $99.00.

Smithbridge Asset Management Inc. DE trimmed its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 50.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 61,975 shares of the medical technology company's stock after selling 61,891 shares during the period. Smithbridge Asset Management Inc. DE's holdings in Medtronic were worth $5,370,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the business. Lodestone Wealth Management LLC acquired a new stake in shares of Medtronic in the 4th quarter worth about $27,000. Anfield Capital Management LLC boosted its stake in Medtronic by 410.7% during 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 position in Medtronic during the 4th quarter valued at about $27,000. Board of the Pension Protection Fund bought a new stake in Medtronic during the 4th quarter worth approximately $29,000. Finally, GoalVest Advisory LLC bought a new stake in Medtronic during the 4th quarter worth approximately $29,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Price Performance

MDT opened at $79.32 on Thursday. Medtronic PLC has a fifty-two week low of $73.31 and a fifty-two week high of $106.33. The firm has a 50-day moving average of $79.02 and a 200 day moving average of $89.23. 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 cap of $101.53 billion, a P/E ratio of 21.26, a PEG ratio of 2.10 and a beta of 0.56.

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 the consensus estimate of $1.54 by $0.01. The business had revenue of $9.81 billion for the quarter, compared to analyst estimates of $9.62 billion. Medtronic had a net margin of 13.20% and a return on equity of 14.51%. The company's revenue for the quarter was up 9.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.62 earnings per share. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. On average, research analysts expect 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 paid a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a dividend yield of 3.6%. The ex-dividend date is Friday, June 26th. This is an increase from Medtronic's previous quarterly dividend of $0.71. Medtronic's dividend payout ratio (DPR) is 77.21%.

Insider Activity at Medtronic

In related news, EVP Harry Skip Kiil sold 4,189 shares of Medtronic 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 sale, the executive vice president owned 37,227 shares of the company's stock, valued at approximately $2,994,539.88. The trade was a 10.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.26% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Citigroup dropped their target price on Medtronic from $117.00 to $110.00 and set a "buy" rating on the stock in a report on Tuesday, April 7th. TD Cowen reiterated a "buy" rating and set a $119.00 price target on shares of Medtronic in a report on Thursday, June 4th. Argus decreased their price target on Medtronic from $125.00 to $115.00 and set a "buy" rating for the company in a report on Monday, April 6th. Barclays increased their price target on Medtronic from $118.00 to $120.00 and gave the company an "overweight" rating in a research report on Wednesday, April 1st. Finally, Leerink Partners dropped their price objective on Medtronic from $117.00 to $104.00 and set an "outperform" rating on the stock in a research note on Thursday, June 4th. Seventeen investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat, Medtronic has an average rating of "Moderate Buy" and an average price target of $99.00.

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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