6,371 Shares in Medtronic PLC $MDT Bought by Destination Wealth Management

Destination Wealth Management acquired a new position in shares of Medtronic PLC (NYSE:MDT) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 6,371 shares of the medical technology company’s stock, valued at approximately $612,000.

Several other hedge funds also recently modified their holdings of the stock. Eventide Asset Management LLC grew its holdings in shares of Medtronic by 107.0% in the 4th quarter. Eventide Asset Management LLC now owns 112,264 shares of the medical technology company’s stock valued at $10,828,000 after acquiring an additional 58,023 shares in the last quarter. Brasada Capital Management LP increased its position in shares of Medtronic by 742.1% in the fourth quarter. Brasada Capital Management LP now owns 50,525 shares of the medical technology company’s stock valued at $4,853,000 after acquiring an additional 44,525 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of Medtronic by 74.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 4,236,247 shares of the medical technology company’s stock valued at $406,934,000 after acquiring an additional 1,805,524 shares during the last quarter. CreativeOne Wealth LLC increased its position in shares of Medtronic by 2.0% in the fourth quarter. CreativeOne Wealth LLC now owns 14,108 shares of the medical technology company’s stock valued at $1,355,000 after acquiring an additional 283 shares during the last quarter. Finally, Kestra Advisory Services LLC increased its position in shares of Medtronic by 11.6% in the fourth quarter. Kestra Advisory Services LLC now owns 238,422 shares of the medical technology company’s stock valued at $22,903,000 after acquiring an additional 24,691 shares during the last quarter. Institutional investors own 82.06% of the company’s stock.

Insider Transactions at Medtronic

In related news, EVP Harry Skip Kiil sold 4,189 shares of Medtronic 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 transaction, the executive vice president directly owned 37,227 shares of the company’s stock, valued at $2,994,539.88. This trade represents a 10.11% decrease in their ownership of the stock. 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 company insiders.

Medtronic Stock Performance

Shares of NYSE:MDT opened at $80.11 on Monday. The company’s 50 day simple moving average is $80.85 and its 200 day simple moving average is $91.29. The stock has a market capitalization of $102.85 billion, a price-to-earnings ratio of 21.48, a price-to-earnings-growth ratio of 2.30 and a beta of 0.58. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.54 and a quick ratio of 1.87. Medtronic PLC has a 1 year low of $73.31 and a 1 year high of $106.33.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.54 by $0.01. The business had revenue of $9.81 billion for the quarter, compared to analysts’ expectations of $9.62 billion. Medtronic had a net margin of 13.20% and a return on equity of 14.61%. The firm’s quarterly revenue was up 9.9% compared to the same quarter last year. During the same period last year, the firm posted $1.62 earnings per share. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. As a group, research analysts predict that Medtronic PLC will post 5.94 EPS for the current fiscal year.

Medtronic Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on MDT. Barclays lifted their target price on Medtronic from $118.00 to $120.00 and gave the company an “overweight” rating in a research report on Wednesday, April 1st. Mizuho lowered their target price on Medtronic from $120.00 to $100.00 and set an “outperform” rating on the stock in a research report on Wednesday, June 3rd. Argus lowered their target price on Medtronic from $125.00 to $115.00 and set a “buy” rating on the stock in a research report on Monday, April 6th. Daiwa Securities Group lowered their target price on Medtronic from $117.00 to $115.00 and set a “buy” rating on the stock in a research report on Friday, February 27th. Finally, The Goldman Sachs Group lowered their target price on Medtronic from $84.00 to $83.00 and set a “neutral” rating on the stock in a research report on Thursday, June 4th. Seventeen investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. Based on data from MarketBeat.com, Medtronic presently has a consensus rating of “Moderate Buy” and an average price target of $99.00.

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).