NewEdge Advisors LLC Decreases Stake in Medtronic PLC $MDT

NewEdge Advisors LLC decreased its position in Medtronic PLC (NYSE:MDT) by 12.4% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 183,368 shares of the medical technology company’s stock after selling 25,953 shares during the period. NewEdge Advisors LLC’s holdings in Medtronic were worth $15,889,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Norges Bank purchased a new stake in Medtronic during the 4th quarter valued at $1,653,485,000. WCM Investment Management LLC purchased a new position in shares of Medtronic in the first quarter valued at about $965,922,000. Capital Research Global Investors raised its stake in shares of Medtronic by 12.6% during the fourth quarter. Capital Research Global Investors now owns 34,573,163 shares of the medical technology company’s stock valued at $3,321,101,000 after acquiring an additional 3,880,174 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of Medtronic by 35.3% during the third quarter. Wellington Management Group LLP now owns 10,189,586 shares of the medical technology company’s stock valued at $970,456,000 after acquiring an additional 2,658,981 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in shares of Medtronic by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 128,961,343 shares of the medical technology company’s stock worth $12,388,027,000 after purchasing an additional 1,888,381 shares during the period. 82.06% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts recently issued reports on MDT shares. Truist Financial reduced their price target on 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 cut their price objective on Medtronic from $112.00 to $97.00 and set an “outperform” rating on the stock in a research report on Thursday, June 4th. Wells Fargo & Company cut their target price on shares of Medtronic from $114.00 to $102.00 and set an “overweight” rating on the stock in a research note on Thursday, June 4th. The Goldman Sachs Group reduced their price target on shares of Medtronic from $84.00 to $83.00 and set a “neutral” rating on the stock in a research report on Thursday, June 4th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $101.00 price target on shares of Medtronic in a research note on Wednesday, June 17th. Eighteen research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $98.83.

Insider Transactions at Medtronic

In other Medtronic news, EVP Harry Skip Kiil sold 4,189 shares of the business’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $80.44, for a total value of $336,963.16. Following the sale, the executive vice president directly 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.26% of the company’s stock.

Medtronic Trading Up 1.4%

NYSE:MDT opened at $87.14 on Friday. Medtronic PLC has a one year low of $73.31 and a one year high of $106.33. 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 company’s 50-day simple moving average is $81.94 and its 200 day simple moving average is $86.68. The firm has a market capitalization of $111.54 billion, a P/E ratio of 23.36, a PEG ratio of 2.34 and a beta of 0.55.

Medtronic (NYSE:MDT) last announced its earnings results 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 net margin of 13.20% and a return on equity of 14.51%. The business had revenue of $9.81 billion during the quarter, compared to the consensus estimate of $9.62 billion. During the same quarter last year, the firm earned $1.62 earnings per share. The business’s revenue for the quarter 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, analysts forecast that Medtronic PLC will post 5.94 EPS for the current fiscal year.

Medtronic Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 17th. Shareholders of record on Friday, June 26th were paid a dividend of $0.72 per share. The ex-dividend date was 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 3.3%. Medtronic’s dividend payout ratio (DPR) is presently 77.21%.

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).