Western Wealth Management LLC Grows Stock Position in Medtronic PLC $MDT

Key Points

• Western Wealth Management increased its Medtronic stake by 271.2% in the first quarter, bringing its holdings to 20,382 shares valued at approximately $1.77 million. Institutional investors collectively own 82.06% of the company.
• Analysts maintain a “Moderate Buy” consensus on Medtronic, with an average price target of $98.83, although several firms recently lowered targets while UBS upgraded the stock to “Buy.”
• Medtronic exceeded quarterly earnings and revenue estimates, reporting $1.55 in adjusted EPS and $9.81 billion in revenue, while raising its quarterly dividend from $0.71 to $0.72 per share for a 3.4% annualized yield.

Western Wealth Management LLC increased its stake in Medtronic PLC (NYSE:MDT - Free Report) by 271.2% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 20,382 shares of the medical technology company's stock after acquiring an additional 14,891 shares during the period. Western Wealth Management LLC's holdings in Medtronic were worth $1,766,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Madison Asset Management LLC raised its stake 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 valued at $18,752,000 after acquiring an additional 25,527 shares during the period. Ticino Wealth purchased a new stake in Medtronic during the 4th quarter worth $2,049,000. First Eagle Investment Management LLC boosted its position in 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 worth $939,009,000 after purchasing an additional 40,196 shares during the period. KBC Group NV increased its holdings in Medtronic by 5.2% in the 4th quarter. KBC Group NV now owns 430,508 shares of the medical technology company's stock valued at $41,354,000 after purchasing an additional 21,384 shares in the last quarter. Finally, Cerity Partners LLC raised its position in Medtronic by 12.7% in the fourth quarter. Cerity Partners LLC now owns 791,015 shares of the medical technology company's stock valued at $75,988,000 after purchasing an additional 89,111 shares during the period. 82.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. The Goldman Sachs Group decreased their target price on Medtronic from $84.00 to $83.00 and set a "neutral" rating for the company in a research report on Thursday, June 4th. Mizuho reduced their price target on Medtronic from $120.00 to $100.00 and set an "outperform" rating on the stock in a research report on Wednesday, June 3rd. Wells Fargo & Company decreased their price target on Medtronic from $114.00 to $102.00 and set an "overweight" rating for the company in a report on Thursday, June 4th. UBS Group raised shares of Medtronic from a "neutral" rating to a "buy" rating and increased their price objective for the company from $85.00 to $100.00 in a research report on Tuesday. Finally, Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Medtronic from $100.00 to $78.00 and set a "hold" rating on the stock in a research note on Thursday, June 4th. Eighteen research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat.com, Medtronic currently has an average rating of "Moderate Buy" and an average target price of $98.83.

Medtronic Trading Down 0.1%

NYSE:MDT opened at $85.64 on Friday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.62 and a current ratio of 2.13. Medtronic PLC has a one year low of $73.31 and a one year high of $106.33. The business's 50-day simple moving average is $80.94 and its 200 day simple moving average is $87.07. The stock has a market cap of $109.62 billion, a price-to-earnings ratio of 22.96, a price-to-earnings-growth ratio of 2.29 and a beta of 0.56.

Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings data on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share for the quarter, beating analysts' consensus estimates of $1.54 by $0.01. Medtronic had a return on equity of 14.51% and a net margin of 13.20%.The firm had revenue of $9.81 billion during the quarter, compared to analyst estimates of $9.62 billion. During the same quarter last year, the firm earned $1.62 EPS. Medtronic's quarterly revenue was up 9.9% on a year-over-year basis. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. As a group, sell-side analysts predict that Medtronic PLC will post 5.94 earnings per share for the current fiscal year.

Medtronic Increases Dividend

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

Insider Buying and Selling at Medtronic

In related 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 completion of the sale, the executive vice president owned 37,227 shares in the company, valued at approximately $2,994,539.88. The trade was a 10.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.26% of the company's stock.

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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