ProVise Management Group LLC Grows Stock Position in Medtronic PLC $MDT

ProVise Management Group LLC increased its stake in shares of Medtronic PLC (NYSE:MDT) by 2.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 203,831 shares of the medical technology company’s stock after purchasing an additional 5,594 shares during the quarter. Medtronic accounts for 1.1% of ProVise Management Group LLC’s holdings, making the stock its 24th largest holding. ProVise Management Group LLC’s holdings in Medtronic were worth $15,946,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of the stock. Norges Bank acquired a new position in shares of Medtronic during the fourth quarter worth about $1,653,485,000. WCM Investment Management LLC acquired a new stake in Medtronic in the first quarter valued at approximately $965,922,000. Capital Research Global Investors raised its holdings in Medtronic by 12.6% in 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 in the last quarter. Wellington Management Group LLP lifted its stake in Medtronic by 35.3% in the third quarter. Wellington Management Group LLP now owns 10,189,586 shares of the medical technology company’s stock worth $970,456,000 after acquiring an additional 2,658,981 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in Medtronic by 1.5% in 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 acquiring an additional 1,888,381 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Insider Buying and Selling at Medtronic

In other news, EVP Harry Skip Kiil sold 4,189 shares of the stock in a transaction that occurred 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 completion of the sale, the executive vice president directly owned 37,227 shares of the company’s stock, valued at approximately $2,994,539.88. This represents a 10.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.26% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. BTIG Research reiterated a “buy” rating and set a $91.00 price target on shares of Medtronic in a report on Monday, July 13th. UBS Group raised shares of Medtronic from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $85.00 to $100.00 in a research report on Tuesday, July 28th. Wall Street Zen upgraded shares of Medtronic from a “hold” rating to a “buy” rating in a research note on Saturday, July 18th. Piper Sandler reissued a “neutral” rating on shares of Medtronic in a report on Monday, August 10th. Finally, TD Cowen cut 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. Eighteen investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $98.83.

Medtronic Stock Down 0.9%

MDT opened at $90.44 on Tuesday. The business’s 50-day simple moving average is $83.40 and its 200-day simple moving average is $86.19. 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 stock has a market capitalization of $115.77 billion, a P/E ratio of 24.25, a price-to-earnings-growth ratio of 2.45 and a beta of 0.55.

Medtronic (NYSE:MDT) last posted its earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share for the quarter, beating the consensus estimate of $1.54 by $0.01. The business had revenue of $9.81 billion during the quarter, compared to the consensus estimate of $9.62 billion. Medtronic had a return on equity of 14.51% and a net margin of 13.20%.The business’s quarterly revenue was up 9.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.62 EPS. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. Analysts anticipate that Medtronic PLC will post 5.94 EPS for the current year.

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 17th. Shareholders of record on Friday, June 26th were paid a $0.72 dividend. 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 yield of 3.2%. The ex-dividend date was Friday, June 26th. Medtronic’s dividend payout ratio (DPR) is presently 77.21%.

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).