Summitry LLC Grows Stock Holdings in Medtronic PLC $MDT

Key Points

• Summitry LLC increased its Medtronic stake by 8,913.6% in the first quarter, adding 241,290 shares to hold 243,997 shares worth approximately $21.1 million. Institutional investors collectively own 82.06% of MDT.
• Analysts maintain a generally positive outlook, with 18 Buy ratings and nine Holds, producing a “Moderate Buy” consensus and an average price target of $98.83, despite several recent target reductions.
• Medtronic exceeded quarterly estimates with $1.55 adjusted EPS and $9.81 billion in revenue, up 9.9% year over year, and raised its quarterly dividend to $0.72 per share, equating to a 3.4% yield.

Summitry LLC lifted its position in Medtronic PLC (NYSE:MDT - Free Report) by 8,913.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 243,997 shares of the medical technology company's stock after buying an additional 241,290 shares during the period. Summitry LLC's holdings in Medtronic were worth $21,142,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Madison Asset Management LLC lifted its holdings in shares of Medtronic by 15.0% in the 4th quarter. Madison Asset Management LLC now owns 195,216 shares of the medical technology company's stock worth $18,752,000 after buying an additional 25,527 shares during the period. Ticino Wealth purchased a new stake in Medtronic during the fourth quarter valued at approximately $2,049,000. First Eagle Investment Management LLC lifted its holdings in shares of Medtronic by 0.4% during the 4th quarter. First Eagle Investment Management LLC now owns 9,775,234 shares of the medical technology company's stock valued at $939,009,000 after purchasing an additional 40,196 shares during the last quarter. KBC Group NV raised its stake in Medtronic by 5.2% in the fourth quarter. KBC Group NV now owns 430,508 shares of the medical technology company's stock valued at $41,354,000 after buying an additional 21,384 shares during the last quarter. Finally, Cerity Partners LLC boosted its stake in Medtronic by 12.7% in the 4th quarter. Cerity Partners LLC now owns 791,015 shares of the medical technology company's stock worth $75,988,000 after purchasing an additional 89,111 shares in the last quarter. Institutional investors own 82.06% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on MDT. TD Cowen dropped their price target on Medtronic from $119.00 to $100.00 and set a "buy" rating on the stock in a research note on Friday, July 10th. Truist Financial cut their price target on shares of Medtronic from $95.00 to $86.00 and set a "hold" rating on the stock in a report on Thursday, June 4th. Sanford C. Bernstein reduced their price target on shares of Medtronic from $112.00 to $97.00 and set an "outperform" rating for the company in a research report on Thursday, June 4th. Leerink Partners decreased their price objective on shares of Medtronic from $117.00 to $104.00 and set an "outperform" rating for the company in a research note on Thursday, June 4th. Finally, Piper Sandler reaffirmed a "neutral" rating and issued a $85.00 price objective on shares of Medtronic in a report on Tuesday, June 16th. Eighteen investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat.com, Medtronic has an average rating of "Moderate Buy" and an average target price of $98.83.

Medtronic Stock Performance

Shares of MDT stock opened at $85.64 on Friday. 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 stock has a market cap of $109.62 billion, a PE ratio of 22.96, a price-to-earnings-growth ratio of 2.30 and a beta of 0.56. The business has a 50-day simple moving average of $80.94 and a 200-day simple moving average of $87.07.

Medtronic (NYSE:MDT - Get Free Report) last posted its earnings results 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 firm had revenue of $9.81 billion for 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%.Medtronic's revenue for the quarter was up 9.9% compared to the same quarter last year. During the same period last year, the company earned $1.62 earnings per share. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. On average, equities analysts expect that Medtronic PLC will post 5.94 EPS for the current year.

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 17th. Stockholders of record on Friday, June 26th were issued a dividend of $0.72 per share. This is a positive change from Medtronic's previous quarterly dividend of $0.71. The ex-dividend date of this dividend was Friday, June 26th. This represents a $2.88 annualized dividend and a dividend yield of 3.4%. Medtronic's payout ratio is presently 77.21%.

Insider Activity

In related news, EVP Harry Skip Kiil sold 4,189 shares of the business's stock in a transaction 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 completion of the transaction, the executive vice president directly owned 37,227 shares in the company, valued at $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 is available at the SEC website. 0.26% of the stock is currently owned by corporate insiders.

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).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.