Spinnaker Trust Buys 39,065 Shares of Medtronic PLC $MDT

Key Points

• Spinnaker Trust increased its Medtronic stake by 182% in the first quarter, buying 39,065 additional shares and bringing its total holdings to 60,535 shares valued at about $5.25 million.
• Analyst sentiment remains generally positive, with Medtronic carrying a “Moderate Buy” consensus and a $99 average price target, though several firms recently cut their targets.
• Medtronic reported quarterly EPS of $1.55 and revenue of $9.81 billion, both slightly ahead of estimates, and also raised its quarterly dividend to $0.72 per share for a 3.6% yield.

Spinnaker Trust raised its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 182.0% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 60,535 shares of the medical technology company's stock after buying an additional 39,065 shares during the quarter. Spinnaker Trust's holdings in Medtronic were worth $5,245,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Moss Adams Wealth Advisors LLC boosted its position in shares of Medtronic by 14.5% in the first quarter. Moss Adams Wealth Advisors LLC now owns 4,714 shares of the medical technology company's stock valued at $412,000 after acquiring an additional 597 shares during the period. Klein Pavlis & Peasley Financial Inc. increased its holdings in Medtronic by 5.8% during the 1st quarter. Klein Pavlis & Peasley Financial Inc. now owns 46,923 shares of the medical technology company's stock worth $4,066,000 after acquiring an additional 2,555 shares during the period. Intrua Financial LLC increased its holdings in Medtronic by 3.9% during the 1st quarter. Intrua Financial LLC now owns 14,089 shares of the medical technology company's stock worth $1,221,000 after acquiring an additional 533 shares during the period. Simmons Bank increased its holdings in Medtronic by 4.6% during the 1st quarter. Simmons Bank now owns 8,584 shares of the medical technology company's stock worth $744,000 after acquiring an additional 377 shares during the period. Finally, Fairway Wealth LLC lifted its stake in Medtronic by 1,694.6% in the 1st quarter. Fairway Wealth LLC now owns 664 shares of the medical technology company's stock worth $58,000 after purchasing an additional 627 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

MDT has been the subject of several analyst reports. Mizuho cut their price target on shares of Medtronic from $120.00 to $100.00 and set an "outperform" rating for the company in a report on Wednesday, June 3rd. Barclays upped their price target on shares of Medtronic from $118.00 to $120.00 and gave the stock an "overweight" rating in a report on Wednesday, April 1st. Argus lowered their price objective on Medtronic from $125.00 to $115.00 and set a "buy" rating on the stock in a research report on Monday, April 6th. Wall Street Zen lowered Medtronic from a "buy" rating to a "hold" rating in a research note on Saturday, April 11th. Finally, Leerink Partners reduced their target price on Medtronic from $117.00 to $104.00 and set an "outperform" rating for the company in a research report on Thursday, June 4th. Seventeen investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $99.00.

Medtronic News Summary

Here are the key news stories impacting Medtronic this week:

• Positive Sentiment: Several articles highlighted a bullish thesis on Medtronic, citing its attractive forward valuation and positioning as a long-term holding for income- and value-focused investors. Is Medtronic plc (MDT) A Good Stock To Buy Now?
• Positive Sentiment: Medtronic recently received FDA 510(k) clearance for its Nellcor pulse oximetry system with the new Nell-EQ intelligent processor, which could support sentiment around innovation and future product competitiveness. Here is Why Medtronic (MDT) is One of the Best Long Term Stocks to Buy According to Hedge Funds
• Positive Sentiment: Hedge-fund-focused commentary described MDT as one of the better long-term healthcare stocks, reinforcing investor confidence in the company’s defensive profile and steady earnings power. Here is Why Medtronic (MDT) is One of the Best Long Term Stocks to Buy According to Hedge Funds
• Neutral Sentiment: One article compared Medtronic with Globus Medical and concluded Globus may have more upside because of stronger growth and innovation, which could cap enthusiasm for MDT relative to peers. GMED vs. MDT: Which Medical Stock Has More Upside Potential?
• Neutral Sentiment: A broader commentary said Medtronic is “coming back” but is still not yet a high-conviction growth story, suggesting improvement without a major near-term re-rating. Medtronic: Coming Back, But Not Yet Ready For Greatness

Medtronic Price Performance

Shares of NYSE:MDT opened at $80.99 on Tuesday. The company's fifty day moving average price is $79.30 and its 200-day moving average price is $89.53. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.13 and a quick ratio of 1.62. The firm has a market capitalization of $103.68 billion, a price-to-earnings ratio of 21.71, a PEG ratio of 2.17 and a beta of 0.58. Medtronic PLC has a one year low of $73.31 and a one year high of $106.33.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings data on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share (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 14.51%. The company had revenue of $9.81 billion during the quarter, compared to the consensus estimate of $9.62 billion. During the same period in the previous year, the firm posted $1.62 EPS. The firm's revenue was up 9.9% compared to the same quarter last year. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. On average, equities research analysts anticipate that Medtronic PLC will post 5.94 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 17th. Shareholders of record on Friday, June 26th will be given a dividend of $0.72 per share. The ex-dividend date is Friday, June 26th. This is a positive change from Medtronic's previous quarterly dividend of $0.71. This represents a $2.88 dividend on an annualized basis and a yield of 3.6%. Medtronic's dividend payout ratio (DPR) is 77.21%.

Insider Transactions at Medtronic

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

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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