Drake & Associates LLC Lowers Stake in Medtronic PLC $MDT

Drake & Associates LLC lessened its holdings in Medtronic PLC (NYSE:MDT) by 35.0% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 18,138 shares of the medical technology company’s stock after selling 9,780 shares during the quarter. Drake & Associates LLC’s holdings in Medtronic were worth $1,742,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in MDT. Brighton Jones LLC boosted its holdings in Medtronic by 1,368.0% in the fourth quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company’s stock worth $3,194,000 after acquiring an additional 37,265 shares in the last quarter. Sivia Capital Partners LLC grew its stake in shares of Medtronic by 9.6% in the second quarter. Sivia Capital Partners LLC now owns 4,356 shares of the medical technology company’s stock worth $380,000 after acquiring an additional 381 shares during the last quarter. Jump Financial LLC bought a new position in shares of Medtronic during the second quarter valued at $299,000. Main Street Financial Solutions LLC increased its holdings in shares of Medtronic by 28.9% during the second quarter. Main Street Financial Solutions LLC now owns 14,356 shares of the medical technology company’s stock valued at $1,251,000 after acquiring an additional 3,218 shares in the last quarter. Finally, HUB Investment Partners LLC raised its position in shares of Medtronic by 21.3% in the 2nd quarter. HUB Investment Partners LLC now owns 19,226 shares of the medical technology company’s stock worth $1,676,000 after purchasing an additional 3,376 shares during the last quarter. Institutional investors own 82.06% of the company’s stock.

Insiders Place Their Bets

In other Medtronic news, EVP Harry Skip Kiil sold 4,189 shares of the firm’s stock in a transaction dated Monday, June 8th. The stock was 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 approximately $2,994,539.88. This trade represents a 10.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.26% of the company’s stock.

Medtronic Stock Performance

Shares of NYSE MDT opened at $79.37 on Friday. The company has a quick ratio of 1.87, a current ratio of 2.54 and a debt-to-equity ratio of 0.57. The firm’s 50-day moving average price is $80.32 and its 200-day moving average price is $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 cap of $101.90 billion, a PE ratio of 21.28, a PEG ratio of 2.10 and a beta of 0.58.

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 company 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% on a year-over-year basis. During the same quarter last year, the company posted $1.62 earnings per share. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. As a group, 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 will be paid on Friday, July 17th. Investors of record on Friday, June 26th will be given a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a yield of 3.6%. This is a boost from Medtronic’s previous quarterly dividend of $0.71. The ex-dividend date is Friday, June 26th. Medtronic’s dividend payout ratio (DPR) is currently 76.14%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on MDT shares. UBS Group dropped their price target on shares of Medtronic from $90.00 to $85.00 and set a “neutral” rating on the stock in a research note on Thursday, June 4th. Mizuho dropped their target price on shares of Medtronic from $120.00 to $100.00 and set an “outperform” rating on the stock in a research note on Wednesday, June 3rd. Leerink Partners cut their price target on shares of Medtronic from $117.00 to $104.00 and set an “outperform” rating on the stock in a report on Thursday, June 4th. Wall Street Zen cut Medtronic from a “buy” rating to a “hold” rating in a research report on Saturday, April 11th. Finally, Sanford C. Bernstein cut 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. Seventeen research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to MarketBeat, Medtronic presently has an average rating of “Moderate Buy” and an average price target of $99.00.

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).