SteelPeak Wealth LLC Reduces Position in Medtronic PLC $MDT

SteelPeak Wealth LLC reduced its position in Medtronic PLC (NYSE:MDT) by 92.7% during the first quarter, HoldingsChannel.com reports. The firm owned 2,812 shares of the medical technology company’s stock after selling 35,465 shares during the period. SteelPeak Wealth LLC’s holdings in Medtronic were worth $246,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in MDT. Independent Financial Group LLC purchased a new position in shares of Medtronic during the first quarter valued at approximately $856,000. Frazier Financial Advisors LLC grew its stake in shares of Medtronic by 47.9% during the first quarter. Frazier Financial Advisors LLC now owns 574 shares of the medical technology company’s stock valued at $50,000 after buying an additional 186 shares during the last quarter. W.G. Shaheen & Associates DBA Whitney & Co raised its holdings in shares of Medtronic by 5.8% in the first quarter. W.G. Shaheen & Associates DBA Whitney & Co now owns 46,261 shares of the medical technology company’s stock worth $4,009,000 after buying an additional 2,523 shares during the period. Noesis Capital Mangement Corp lifted its stake in shares of Medtronic by 1.7% during the 1st quarter. Noesis Capital Mangement Corp now owns 125,611 shares of the medical technology company’s stock worth $10,884,000 after acquiring an additional 2,066 shares during the last quarter. Finally, Delta Financial Advisors LLC lifted its stake in shares of Medtronic by 211.1% during the 1st quarter. Delta Financial Advisors LLC now owns 9,225 shares of the medical technology company’s stock worth $799,000 after acquiring an additional 6,260 shares during the last quarter. Institutional investors own 82.06% of the company’s stock.

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 transaction of $336,963.16. Following the transaction, the executive vice president directly owned 37,227 shares in the company, valued at $2,994,539.88. This represents a 10.11% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.26% of the stock is currently owned by insiders.

Medtronic Trading Down 0.0%

MDT opened at $83.20 on Monday. The company has a quick ratio of 1.62, a current ratio of 2.13 and a debt-to-equity ratio of 0.52. The stock’s fifty day moving average is $79.50 and its two-hundred day moving average is $87.94. The company has a market capitalization of $106.50 billion, a P/E ratio of 22.30, a PEG ratio of 2.23 and a beta of 0.56. Medtronic PLC has a 52 week low of $73.31 and a 52 week high of $106.33.

Medtronic (NYSE:MDT) last issued its earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share for the quarter, topping the consensus estimate of $1.54 by $0.01. Medtronic had a return on equity of 14.51% and a net margin of 13.20%.The business had revenue of $9.81 billion during the quarter, compared to analysts’ expectations of $9.62 billion. During the same period in the prior year, the business earned $1.62 EPS. The business’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. Analysts forecast that Medtronic PLC will post 5.94 earnings per share for the current year.

Medtronic Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 17th. Investors of record on Friday, June 26th were paid a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a yield of 3.5%. This is a boost from Medtronic’s previous quarterly dividend of $0.71. The ex-dividend date of this dividend was Friday, June 26th. Medtronic’s payout ratio is currently 77.21%.

Analyst Ratings Changes

Several equities analysts have commented on MDT shares. Rothschild & Co Redburn cut their price objective on Medtronic from $111.00 to $106.00 and set a “buy” rating on the stock in a research report on Friday, June 5th. Leerink Partners decreased their target price on Medtronic from $117.00 to $104.00 and set an “outperform” rating for the company in a research report on Thursday, June 4th. Truist Financial lowered their target price on shares of Medtronic from $95.00 to $86.00 and set a “hold” rating for the company in a research note on Thursday, June 4th. Citigroup cut their price target on shares of Medtronic from $117.00 to $110.00 and set a “buy” rating on the stock in a report on Tuesday, April 7th. Finally, Weiss Ratings lowered shares of Medtronic from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, May 21st. Seventeen research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat, Medtronic presently has an average rating of “Moderate Buy” and an average target price 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).