Destination Wealth Management Makes New $612,000 Investment in Medtronic PLC $MDT

Destination Wealth Management bought a new position in shares of Medtronic PLC (NYSE:MDT) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 6,371 shares of the medical technology company’s stock, valued at approximately $612,000.

Several other hedge funds have also recently bought and sold shares of the business. Eventide Asset Management LLC increased its position in Medtronic by 107.0% during the fourth quarter. Eventide Asset Management LLC now owns 112,264 shares of the medical technology company’s stock worth $10,828,000 after buying an additional 58,023 shares during the last quarter. Brasada Capital Management LP grew 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 purchasing an additional 44,525 shares during the last quarter. Arrowstreet Capital Limited Partnership grew 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 purchasing an additional 1,805,524 shares during the last quarter. CreativeOne Wealth LLC grew 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 purchasing an additional 283 shares during the last quarter. Finally, Kestra Advisory Services LLC grew 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 purchasing an additional 24,691 shares during the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

MDT has been the topic of several research analyst reports. Deutsche Bank Aktiengesellschaft lowered their price target on Medtronic from $100.00 to $78.00 and set a “hold” rating on the stock in a research report on Thursday, June 4th. Sanford C. Bernstein lowered their price target on Medtronic from $112.00 to $97.00 and set an “outperform” rating on the stock in a research report on Thursday, June 4th. Truist Financial lowered their price target on Medtronic from $95.00 to $86.00 and set a “hold” rating on the stock in a research report on Thursday, June 4th. UBS Group lowered their price target on Medtronic from $90.00 to $85.00 and set a “neutral” rating on the stock in a research report on Thursday, June 4th. Finally, Rothschild & Co Redburn lowered their price target on Medtronic from $111.00 to $106.00 and set a “buy” rating on the stock in a research report on Friday, June 5th. Seventeen equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. According to data from MarketBeat, Medtronic has an average rating of “Moderate Buy” and an average target price of $99.00.

Medtronic Stock Down 0.1%

NYSE MDT opened at $80.11 on Monday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.87 and a current ratio of 2.54. The firm has a 50-day simple moving average of $80.85 and a 200 day simple moving average of $91.29. Medtronic PLC has a twelve month low of $73.31 and a twelve month high of $106.33. The stock has a market cap of $102.85 billion, a PE ratio of 21.48, a PEG ratio of 2.30 and a beta of 0.58.

Medtronic (NYSE:MDT) last released 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. Medtronic had a net margin of 13.20% and a return on equity of 14.61%. The business had revenue of $9.81 billion during the quarter, compared to analysts’ expectations of $9.62 billion. During the same quarter last year, the company earned $1.62 earnings per share. The firm’s revenue was up 9.9% on a year-over-year basis. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. On average, research analysts forecast that Medtronic PLC will post 5.94 EPS for the current year.

Medtronic Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 17th. Shareholders of record on Friday, June 26th will be paid a dividend of $0.72 per share. 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 3.6%. The ex-dividend date is Friday, June 26th. Medtronic’s dividend payout ratio is 76.14%.

Insider Buying and Selling

In other 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 completion of the transaction, the executive vice president owned 37,227 shares in the company, 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 is accessible through this link. 0.26% of the stock is currently owned by corporate insiders.

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).