Medtronic PLC $MDT Stake Increased by Canoe Financial LP

Canoe Financial LP lifted its holdings in Medtronic PLC (NYSE:MDT) by 22,293.4% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 743,236 shares of the medical technology company’s stock after acquiring an additional 739,917 shares during the quarter. Canoe Financial LP’s holdings in Medtronic were worth $64,401,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of MDT. Red Door Wealth Management LLC raised its position in Medtronic by 24.0% during the first quarter. Red Door Wealth Management LLC now owns 5,401 shares of the medical technology company’s stock valued at $468,000 after buying an additional 1,044 shares during the period. Matrix Asset Advisors Inc. NY boosted its position in Medtronic by 1.7% during the 1st quarter. Matrix Asset Advisors Inc. NY now owns 375,696 shares of the medical technology company’s stock worth $32,554,000 after acquiring an additional 6,155 shares during the period. Patriot Financial Group Insurance Agency LLC boosted its position in Medtronic by 118.9% during the 1st quarter. Patriot Financial Group Insurance Agency LLC now owns 70,144 shares of the medical technology company’s stock worth $6,078,000 after acquiring an additional 38,094 shares during the period. Janney Montgomery Scott LLC grew its stake in Medtronic by 12.9% during the 1st quarter. Janney Montgomery Scott LLC now owns 1,427,162 shares of the medical technology company’s stock valued at $123,664,000 after acquiring an additional 162,968 shares in the last quarter. Finally, Horizon Bancorp Inc. IN grew its stake in Medtronic by 62.1% during the 1st quarter. Horizon Bancorp Inc. IN now owns 3,431 shares of the medical technology company’s stock valued at $297,000 after acquiring an additional 1,314 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Insider Buying and Selling

In other Medtronic news, EVP Harry Skip Kiil sold 4,189 shares of the business’s stock in a transaction that occurred 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 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.26% of the stock is owned by corporate insiders.

Medtronic Stock Down 0.1%

MDT opened at $80.94 on Monday. The company has a market capitalization of $103.60 billion, a PE ratio of 21.70, a price-to-earnings-growth ratio of 2.17 and a beta of 0.58. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.13 and a quick ratio of 1.62. Medtronic PLC has a fifty-two week low of $73.31 and a fifty-two week high of $106.33. The business has a 50-day moving average of $79.39 and a 200-day moving average of $89.66.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 EPS for the quarter, beating the consensus estimate of $1.54 by $0.01. Medtronic had a return on equity of 14.51% and a net margin of 13.20%.The business had revenue of $9.81 billion during the quarter, compared to analysts’ expectations of $9.62 billion. During the same quarter in the previous year, the business posted $1.62 EPS. The firm’s quarterly 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. Equities research analysts forecast that Medtronic PLC will post 5.94 EPS for the current fiscal year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 17th. Shareholders of record on Friday, June 26th will be given a $0.72 dividend. This is a positive change from Medtronic’s previous quarterly dividend of $0.71. This represents a $2.88 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend is Friday, June 26th. Medtronic’s payout ratio is presently 77.21%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on MDT shares. Barclays increased their price target on shares of Medtronic from $118.00 to $120.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 1st. Evercore set a $106.00 price objective on shares of Medtronic and gave the company an “outperform” rating in a research report on Thursday, April 9th. BTIG Research upgraded shares of Medtronic from a “neutral” rating to a “buy” rating and set a $90.00 price objective on the stock in a research note on Wednesday, June 3rd. The Goldman Sachs Group cut their target price on shares of Medtronic from $84.00 to $83.00 and set a “neutral” rating for the company in a research report on Thursday, June 4th. Finally, Argus decreased their target price on shares of Medtronic from $125.00 to $115.00 and set a “buy” rating for the company in a research note on Monday, April 6th. Seventeen research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $99.00.

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).