Medtronic PLC $MDT Shares Purchased by Summitry LLC

Summitry LLC increased its holdings in Medtronic PLC (NYSE:MDT) by 8,913.6% in the first quarter, HoldingsChannel.com reports. The firm owned 243,997 shares of the medical technology company’s stock after buying an additional 241,290 shares during the quarter. Summitry LLC’s holdings in Medtronic were worth $21,142,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Curbstone Financial Management Corp increased its position in shares of Medtronic by 1.8% in the fourth quarter. Curbstone Financial Management Corp now owns 5,594 shares of the medical technology company’s stock valued at $537,000 after buying an additional 100 shares in the last quarter. New England Capital Financial Advisors LLC lifted its position in shares of Medtronic by 7.8% during the 4th quarter. New England Capital Financial Advisors LLC now owns 1,403 shares of the medical technology company’s stock valued at $135,000 after buying an additional 101 shares in the last quarter. Ipsen Advisor Group LLC lifted its position in shares of Medtronic by 1.7% during the 4th quarter. Ipsen Advisor Group LLC now owns 5,952 shares of the medical technology company’s stock valued at $572,000 after buying an additional 101 shares in the last quarter. Quadrant Capital Group LLC grew its stake in Medtronic by 0.3% in the 4th quarter. Quadrant Capital Group LLC now owns 32,477 shares of the medical technology company’s stock valued at $3,120,000 after acquiring an additional 101 shares during the period. Finally, Rossby Financial LCC grew its stake in Medtronic by 5.1% in the 4th quarter. Rossby Financial LCC now owns 2,193 shares of the medical technology company’s stock valued at $211,000 after acquiring an additional 107 shares during the period. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Trading Down 0.1%

Shares of MDT stock opened at $85.64 on Friday. The stock’s fifty day moving average is $80.94 and its two-hundred day moving average is $87.07. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.62 and a current ratio of 2.13. The firm has a market capitalization of $109.62 billion, a P/E ratio of 22.96, a PEG ratio of 2.30 and a beta of 0.56. Medtronic PLC has a fifty-two week low of $73.31 and a fifty-two week high of $106.33.

Medtronic (NYSE:MDT) last released its earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.54 by $0.01. Medtronic had a net margin of 13.20% and a return on equity of 14.51%. The business had revenue of $9.81 billion during the quarter, compared to analyst estimates of $9.62 billion. During the same quarter in the prior year, the firm earned $1.62 earnings per share. The company’s revenue for the quarter was up 9.9% compared to the same quarter last year. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. Research analysts expect that Medtronic PLC will post 5.94 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 17th. Investors of record on Friday, June 26th were given a dividend of $0.72 per share. The ex-dividend date was Friday, June 26th. This is a boost from Medtronic’s previous quarterly dividend of $0.71. This represents a $2.88 dividend on an annualized basis and a yield of 3.4%. Medtronic’s dividend payout ratio (DPR) is presently 77.21%.

Wall Street Analysts Forecast Growth

MDT has been the subject of a number of research analyst reports. Argus reduced their price objective on shares of Medtronic from $125.00 to $115.00 and set a “buy” rating for the company in a research report on Monday, April 6th. Needham & Company LLC reiterated a “buy” rating and issued a $101.00 target price on shares of Medtronic in a research report on Wednesday, June 17th. Leerink Partners cut their target price on shares of Medtronic from $117.00 to $104.00 and set an “outperform” rating for the company in a research note on Thursday, June 4th. Deutsche Bank Aktiengesellschaft cut their target price on shares of Medtronic from $100.00 to $78.00 and set a “hold” rating for the company in a research note on Thursday, June 4th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Medtronic from $100.00 to $86.00 and set a “neutral” rating on the stock in a research note on Thursday, June 4th. Eighteen analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat, Medtronic currently has a consensus rating of “Moderate Buy” and a consensus price target of $98.83.

Insider Transactions at Medtronic

In other Medtronic news, EVP Harry Skip Kiil sold 4,189 shares of the stock in a transaction dated 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 sale, the executive vice president owned 37,227 shares in the company, valued at approximately $2,994,539.88. This represents a 10.11% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.26% of the company’s stock.

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).