CrossGen Wealth LLC Acquires New Shares in Medtronic PLC $MDT

CrossGen Wealth LLC acquired a new position in shares of Medtronic PLC (NYSE:MDT) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 13,017 shares of the medical technology company’s stock, valued at approximately $1,250,000. Medtronic makes up about 1.1% of CrossGen Wealth LLC’s investment portfolio, making the stock its 28th largest position.

Other large investors have also added to or reduced their stakes in the company. Strive Financial Group LLC bought a new stake in Medtronic during the 4th quarter worth approximately $143,000. Ameriflex Group Inc. boosted its holdings in Medtronic by 105.0% in the 4th quarter. Ameriflex Group Inc. now owns 2,464 shares of the medical technology company’s stock valued at $237,000 after purchasing an additional 1,262 shares during the period. First Commonwealth Financial Corp PA grew its position in shares of Medtronic by 8.5% during the 4th quarter. First Commonwealth Financial Corp PA now owns 9,292 shares of the medical technology company’s stock valued at $893,000 after purchasing an additional 730 shares in the last quarter. Mercer Global Advisors Inc. ADV grew its position in shares of Medtronic by 7.2% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 580,843 shares of the medical technology company’s stock valued at $55,796,000 after purchasing an additional 38,926 shares in the last quarter. Finally, Summit Global Investments bought a new position in shares of Medtronic in the fourth quarter worth $592,000. Institutional investors own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on MDT shares. Barclays increased their price objective on Medtronic from $118.00 to $120.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 1st. JPMorgan Chase & Co. decreased their target price on Medtronic from $100.00 to $86.00 and set a “neutral” rating on the stock in a research note on Thursday, June 4th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $88.00 price target on shares of Medtronic in a report on Thursday, June 4th. The Goldman Sachs Group dropped their price target on Medtronic from $84.00 to $83.00 and set a “neutral” rating for the company in a research report on Thursday, June 4th. Finally, Leerink Partners cut their price objective on Medtronic from $117.00 to $104.00 and set an “outperform” rating for the company in a report on Thursday, June 4th. 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 company currently has a consensus rating of “Moderate Buy” and an average price target of $99.00.

Insider Buying and Selling at Medtronic

In related news, EVP Harry Skip Kiil sold 4,189 shares of the business’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 value of $336,963.16. Following the completion of the sale, the executive vice president owned 37,227 shares in the company, valued at $2,994,539.88. The trade was a 10.11% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.26% of the company’s stock.

Medtronic Stock Up 1.6%

Shares of NYSE:MDT opened at $79.37 on Friday. The firm 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 debt-to-equity ratio of 0.57, a quick ratio of 1.87 and a current ratio of 2.54. Medtronic PLC has a 52-week low of $73.31 and a 52-week high of $106.33. The firm has a fifty day moving average of $80.32 and a 200 day moving average of $90.58.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share for the quarter, beating analysts’ consensus estimates of $1.54 by $0.01. Medtronic had a return on equity of 14.61% and a net margin of 13.20%.The business had revenue of $9.81 billion for the quarter, compared to the consensus estimate of $9.62 billion. During the same quarter last year, the business posted $1.62 earnings per share. The company’s revenue for the quarter was up 9.9% on a year-over-year basis. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. As a group, research analysts anticipate 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 issued a dividend of $0.72 per share. The ex-dividend date of this dividend is Friday, June 26th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.6%. This is a positive change from Medtronic’s previous quarterly dividend of $0.71. Medtronic’s payout ratio 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).