Ritholtz Wealth Management Sells 8,020 Shares of Medtronic PLC $MDT

Ritholtz Wealth Management cut its stake in shares of Medtronic PLC (NYSE:MDT) by 10.8% in the first quarter, Holdings Channel reports. The firm owned 66,350 shares of the medical technology company’s stock after selling 8,020 shares during the quarter. Ritholtz Wealth Management’s holdings in Medtronic were worth $5,749,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Lodestone Wealth Management LLC bought a new stake in shares of Medtronic in the 4th quarter valued at about $27,000. Anfield Capital Management LLC grew its holdings 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 during the period. Monetary Solutions Ltd bought a new stake in Medtronic in the fourth quarter valued at approximately $27,000. Board of the Pension Protection Fund acquired a new stake in Medtronic in the fourth quarter worth $29,000. Finally, GoalVest Advisory LLC bought a new position in shares of Medtronic during the fourth quarter worth $29,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Stock Performance

Shares of Medtronic stock opened at $80.16 on Thursday. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.13 and a quick ratio of 1.87. The firm has a market cap of $102.61 billion, a price-to-earnings ratio of 21.49, a price-to-earnings-growth ratio of 2.16 and a beta of 0.58. The stock’s 50-day moving average is $79.67 and its 200-day moving average is $89.95. Medtronic PLC has a one year low of $73.31 and a one year high of $106.33.

Medtronic (NYSE:MDT) last announced its earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $9.62 billion. During the same quarter last year, the firm earned $1.62 EPS. Medtronic’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. Equities analysts predict that Medtronic PLC will post 5.94 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 17th. Stockholders of record on Friday, June 26th will be issued a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a dividend 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 is 76.14%.

Insider Activity at Medtronic

In other news, EVP Harry Skip Kiil sold 4,189 shares of the business’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $80.44, for a total value of $336,963.16. Following the sale, the executive vice president owned 37,227 shares of the company’s stock, valued at $2,994,539.88. The trade was a 10.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.26% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have issued reports on MDT shares. Mizuho lowered their price target on Medtronic from $120.00 to $100.00 and set an “outperform” rating for the company in a report on Wednesday, June 3rd. BTIG Research upgraded Medtronic from a “neutral” rating to a “buy” rating and set a $90.00 price objective on the stock in a report on Wednesday, June 3rd. Sanford C. Bernstein lowered their target price on Medtronic from $112.00 to $97.00 and set an “outperform” rating for the company in a research note on Thursday, June 4th. Barclays raised their target price on shares of Medtronic from $118.00 to $120.00 and gave the stock an “overweight” rating in a report on Wednesday, April 1st. Finally, Robert W. Baird cut their price target on shares of Medtronic from $93.00 to $85.00 and set a “neutral” rating on the stock in a research note on Thursday, June 4th. Seventeen analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $99.00.

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).