Virtu Financial LLC Buys New Position in Medtronic PLC $MDT

Key Points

• Virtu Financial LLC opened a new position in Medtronic during the fourth quarter, buying 13,844 shares worth about $1.33 million.
• Medtronic reported quarterly earnings of $1.55 EPS on $9.81 billion in revenue, both slightly ahead of Wall Street expectations, and raised its quarterly dividend to $0.72 per share.
• Analyst sentiment remains constructive overall, with 17 Buy ratings and 11 Hold ratings, and a consensus price target of $99 despite some recent target cuts.

Virtu Financial LLC bought a new stake in shares of Medtronic PLC (NYSE:MDT - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 13,844 shares of the medical technology company's stock, valued at approximately $1,330,000.

Several other institutional investors also recently bought and sold shares of the company. Artisan Partners Limited Partnership raised its holdings in Medtronic by 2.6% in the third quarter. Artisan Partners Limited Partnership now owns 1,234,550 shares of the medical technology company's stock valued at $117,579,000 after acquiring an additional 31,314 shares in the last quarter. CSM Advisors LLC grew its holdings in Medtronic by 13.2% during the 3rd quarter. CSM Advisors LLC now owns 285,260 shares of the medical technology company's stock worth $27,169,000 after acquiring an additional 33,167 shares in the last quarter. SageView Advisory Group LLC grew its holdings in Medtronic by 164.8% during the 3rd quarter. SageView Advisory Group LLC now owns 24,204 shares of the medical technology company's stock worth $2,305,000 after acquiring an additional 15,062 shares in the last quarter. Madison Asset Management LLC grew its holdings in Medtronic by 15.0% during the 4th quarter. Madison Asset Management LLC now owns 195,216 shares of the medical technology company's stock worth $18,752,000 after acquiring an additional 25,527 shares in the last quarter. Finally, Bleakley Financial Group LLC increased its position in shares of Medtronic by 17.8% in the 3rd quarter. Bleakley Financial Group LLC now owns 87,313 shares of the medical technology company's stock valued at $8,316,000 after purchasing an additional 13,177 shares during the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Trading Up 0.0%

NYSE:MDT opened at $79.37 on Friday. The stock's 50 day moving average price is $80.13 and its 200 day moving average price is $90.50. The company has a market capitalization of $101.90 billion, a PE ratio of 21.28, a P/E/G ratio of 2.13 and a beta of 0.58. The company has a quick ratio of 1.87, a current ratio of 2.54 and a debt-to-equity ratio of 0.57. 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 released its quarterly 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. Medtronic had a return on equity of 14.61% and a net margin of 13.20%.The company had revenue of $9.81 billion for the quarter, compared to analyst estimates of $9.62 billion. During the same quarter in the previous year, the company posted $1.62 earnings per share. 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, research analysts anticipate that Medtronic PLC will post 5.94 EPS for the current year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 17th. Stockholders of record on Friday, June 26th will be issued a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend is Friday, June 26th. This is a positive change from Medtronic's previous quarterly dividend of $0.71. Medtronic's dividend payout ratio is presently 76.14%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on MDT. TD Cowen restated a "buy" rating and issued a $119.00 price objective on shares of Medtronic in a report on Thursday, June 4th. Robert W. Baird lowered their target price on shares of Medtronic from $93.00 to $85.00 and set a "neutral" rating for the company in a research note on Thursday, June 4th. Royal Bank Of Canada reissued an "outperform" rating and issued a $118.00 target price on shares of Medtronic in a report on Thursday, June 4th. Citigroup cut their price target on Medtronic from $117.00 to $110.00 and set a "buy" rating on the stock in a research note on Tuesday, April 7th. Finally, Deutsche Bank Aktiengesellschaft decreased their price target on Medtronic from $100.00 to $78.00 and set a "hold" rating for the company in a report on Thursday, June 4th. Seventeen analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $99.00.

Insider Activity at Medtronic

In other news, EVP Harry Skip Kiil sold 4,189 shares of Medtronic 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 transaction, the executive vice president directly owned 37,227 shares of the company's stock, valued at $2,994,539.88. The trade was a 10.11% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.26% of the stock is owned by 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).

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