Drake & Associates LLC Reduces Position in Medtronic PLC $MDT

Drake & Associates LLC decreased its holdings in shares of Medtronic PLC (NYSE:MDT) by 35.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,138 shares of the medical technology company’s stock after selling 9,780 shares during the period. Drake & Associates LLC’s holdings in Medtronic were worth $1,742,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of MDT. Monetary Solutions Ltd purchased a new stake in Medtronic in the fourth quarter worth about $27,000. Lodestone Wealth Management LLC bought a new position in shares of Medtronic during the 4th quarter valued at approximately $27,000. Anfield Capital Management LLC increased its holdings in Medtronic by 410.7% in the 4th quarter. Anfield Capital Management LLC now owns 286 shares of the medical technology company’s stock worth $27,000 after acquiring an additional 230 shares in the last quarter. Board of the Pension Protection Fund bought a new stake in shares of Medtronic during the 4th quarter valued at $29,000. Finally, GoalVest Advisory LLC purchased a new position in shares of Medtronic during the 4th quarter valued at $29,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Medtronic

In other news, EVP Harry Skip Kiil sold 4,189 shares of the company’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $80.44, for a total transaction of $336,963.16. Following the sale, the executive vice president directly owned 37,227 shares of the company’s stock, valued at $2,994,539.88. This represents a 10.11% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.26% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have issued reports on MDT shares. JPMorgan Chase & Co. cut their price target on Medtronic from $100.00 to $86.00 and set a “neutral” rating for the company in a research note on Thursday, June 4th. BTIG Research raised Medtronic from a “neutral” rating to a “buy” rating and set a $90.00 price objective for the company in a research note on Wednesday, June 3rd. Truist Financial cut their target price on Medtronic from $95.00 to $86.00 and set a “hold” rating for the company in a research report on Thursday, June 4th. Sanford C. Bernstein decreased their target price on Medtronic from $112.00 to $97.00 and set an “outperform” rating on the stock in a research note on Thursday, June 4th. Finally, Weiss Ratings cut Medtronic from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, May 21st. Seventeen investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $99.00.

Medtronic Stock Up 1.6%

MDT opened at $79.37 on Friday. The firm has a 50-day simple moving average of $80.32 and a two-hundred day simple moving average of $90.58. Medtronic PLC has a 52 week low of $73.31 and a 52 week high of $106.33. The company has a market capitalization of $101.90 billion, a PE ratio of 21.28, a price-to-earnings-growth ratio of 2.10 and a beta of 0.58. The company has a quick ratio of 1.87, a current ratio of 2.54 and a debt-to-equity ratio of 0.57.

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

Medtronic Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 17th. Shareholders of record on Friday, June 26th will be issued a dividend of $0.72 per share. The ex-dividend date is Friday, June 26th. This represents a $2.88 annualized dividend and a yield of 3.6%. This is a boost from Medtronic’s previous quarterly dividend of $0.71. Medtronic’s dividend payout ratio (DPR) is 76.14%.

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).