Canandaigua National Bank & Trust Co. Purchases Shares of 11,842 Medtronic PLC $MDT

Canandaigua National Bank & Trust Co. bought a new position in Medtronic PLC (NYSE:MDT) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 11,842 shares of the medical technology company’s stock, valued at approximately $926,000.

Other institutional investors have also recently made changes to their positions in the company. Anfield Capital Management LLC raised its position in Medtronic by 410.7% during the fourth quarter. Anfield Capital Management LLC now owns 286 shares of the medical technology company’s stock valued at $27,000 after purchasing an additional 230 shares in the last quarter. Monetary Solutions Ltd bought a new stake in shares of Medtronic in the 4th quarter worth approximately $27,000. Acumen Wealth Advisors LLC bought a new position in shares of Medtronic during the 4th quarter valued at $29,000. Imprint Wealth LLC purchased a new position in Medtronic in the 3rd quarter worth $31,000. Finally, Basepoint Wealth LLC bought a new stake in Medtronic in the fourth quarter worth $32,000. Institutional investors own 82.06% of the company’s stock.

Medtronic Price Performance

MDT opened at $85.98 on Thursday. The company has a current ratio of 2.13, a quick ratio of 1.62 and a debt-to-equity ratio of 0.52. The company has a market cap of $110.06 billion, a price-to-earnings ratio of 23.05, a price-to-earnings-growth ratio of 2.31 and a beta of 0.55. The stock has a fifty day simple moving average of $81.47 and a two-hundred day simple moving average of $86.76. Medtronic PLC has a 12-month low of $73.31 and a 12-month 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 for the quarter, topping analysts’ consensus estimates of $1.54 by $0.01. The firm had revenue of $9.81 billion for the quarter, compared to the consensus estimate of $9.62 billion. Medtronic had a net margin of 13.20% and a return on equity of 14.51%. The company’s revenue was up 9.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.62 EPS. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. Research analysts predict that Medtronic PLC will post 5.94 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 17th. Stockholders of record on Friday, June 26th were issued a dividend of $0.72 per share. The ex-dividend date was Friday, June 26th. This is a positive change from Medtronic’s previous quarterly dividend of $0.71. This represents a $2.88 annualized dividend and a dividend yield of 3.3%. Medtronic’s dividend payout ratio (DPR) is 77.21%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on MDT. Mizuho decreased their price target on Medtronic from $120.00 to $100.00 and set an “outperform” rating on the stock in a research note on Wednesday, June 3rd. UBS Group raised shares of Medtronic from a “neutral” rating to a “buy” rating and raised their price target for the stock from $85.00 to $100.00 in a report on Tuesday, July 28th. BTIG Research reaffirmed a “buy” rating and set a $91.00 price objective on shares of Medtronic in a research note on Monday, July 13th. JPMorgan Chase & Co. cut 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. Finally, Stifel Nicolaus set a $80.00 price target on Medtronic in a report on Wednesday, June 3rd. Eighteen equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Medtronic presently has a consensus rating of “Moderate Buy” and a consensus target price of $98.83.

Insider Activity at Medtronic

In related news, EVP Harry Skip Kiil sold 4,189 shares of the firm’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 completion of the transaction, the executive vice president owned 37,227 shares of the company’s stock, valued at $2,994,539.88. This trade represents a 10.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.26% of the stock is currently owned by corporate insiders.

Medtronic 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).