Medtronic PLC $MDT Shares Acquired by Procyon Advisors LLC

Procyon Advisors LLC increased its holdings in shares of Medtronic PLC (NYSE:MDT) by 40.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 21,509 shares of the medical technology company’s stock after purchasing an additional 6,173 shares during the quarter. Procyon Advisors LLC’s holdings in Medtronic were worth $1,864,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Norges Bank purchased a new position in Medtronic in the fourth quarter valued at approximately $1,653,485,000. Capital Research Global Investors lifted its position in shares of Medtronic by 12.6% during the 4th quarter. Capital Research Global Investors now owns 34,573,163 shares of the medical technology company’s stock worth $3,321,101,000 after buying an additional 3,880,174 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of Medtronic by 35.3% during the 3rd quarter. Wellington Management Group LLP now owns 10,189,586 shares of the medical technology company’s stock worth $970,456,000 after buying an additional 2,658,981 shares during the last quarter. SG Americas Securities LLC boosted its holdings in shares of Medtronic by 2,297.7% in the 4th quarter. SG Americas Securities LLC now owns 2,510,712 shares of the medical technology company’s stock valued at $241,179,000 after buying an additional 2,406,000 shares in the last quarter. Finally, Vanguard Group Inc. boosted its holdings in shares of Medtronic by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 128,961,343 shares of the medical technology company’s stock valued at $12,388,027,000 after buying an additional 1,888,381 shares in the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related 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 transaction of $336,963.16. Following 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.26% of the stock is currently owned by corporate insiders.

Medtronic Stock Down 0.3%

MDT stock opened at $83.58 on Tuesday. The company has a market cap of $106.98 billion, a price-to-earnings ratio of 22.41, a price-to-earnings-growth ratio of 2.25 and a beta of 0.56. The company has a fifty day moving average price of $79.16 and a 200 day moving average price of $88.36. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.13 and a quick ratio of 1.62. Medtronic PLC has a 12 month low of $73.31 and a 12 month high of $106.33.

Medtronic (NYSE:MDT) last issued its quarterly earnings data 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 the consensus estimate of $9.62 billion. Medtronic had a net margin of 13.20% and a return on equity of 14.51%. Medtronic’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same period last year, the firm posted $1.62 EPS. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. Sell-side analysts expect that Medtronic PLC will post 5.94 earnings per share for the current year.

Medtronic Increases Dividend

The business also recently declared 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. This is an increase from Medtronic’s previous quarterly dividend of $0.71. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend is Friday, June 26th. Medtronic’s dividend payout ratio is 77.21%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on MDT shares. Barclays lifted their price target on shares of Medtronic from $118.00 to $120.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 1st. Royal Bank Of Canada restated an “outperform” rating and issued a $118.00 price objective on shares of Medtronic in a research note on Thursday, June 4th. Stifel Nicolaus set a $80.00 price objective on Medtronic in a report on Wednesday, June 3rd. 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 report on Thursday, June 4th. Finally, Weiss Ratings downgraded Medtronic from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, May 21st. Seventeen analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $98.21.

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).