Medtronic PLC $MDT Shares Acquired by Sit Investment Associates Inc.

Sit Investment Associates Inc. increased its position in shares of Medtronic PLC (NYSE:MDT) by 12.7% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 90,100 shares of the medical technology company’s stock after buying an additional 10,183 shares during the period. Sit Investment Associates Inc.’s holdings in Medtronic were worth $8,655,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Lodestone Wealth Management LLC acquired a new stake in shares of Medtronic in the 4th quarter valued at $27,000. Anfield Capital Management LLC increased its holdings in Medtronic by 410.7% in the fourth quarter. Anfield Capital Management LLC now owns 286 shares of the medical technology company’s stock valued at $27,000 after buying an additional 230 shares during the last quarter. Monetary Solutions Ltd purchased a new position in Medtronic in the fourth quarter valued at $27,000. Board of the Pension Protection Fund purchased a new position in Medtronic in the fourth quarter valued at $29,000. Finally, GoalVest Advisory LLC acquired a new stake in Medtronic during the fourth quarter worth approximately $29,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

MDT has been the subject of a number of research reports. TD Cowen reiterated a “buy” rating and issued a $119.00 price objective on shares of Medtronic in a research note on Thursday, June 4th. Royal Bank Of Canada reissued an “outperform” rating and set a $118.00 price target on shares of Medtronic in a report on Thursday, June 4th. Wall Street Zen cut Medtronic from a “buy” rating to a “hold” rating in a research report on Saturday, April 11th. BTIG Research raised Medtronic from a “neutral” rating to a “buy” rating and set a $90.00 price objective for the company in a research note on Wednesday, June 3rd. Finally, Robert W. Baird decreased their price objective on Medtronic from $93.00 to $85.00 and set a “neutral” rating for the company in a research report on Thursday, June 4th. Seventeen analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company’s stock. According to MarketBeat, Medtronic currently has a consensus rating of “Moderate Buy” and an average price target of $99.00.

Medtronic Trading Up 1.6%

NYSE:MDT opened at $79.37 on Friday. Medtronic PLC has a 1 year low of $73.31 and a 1 year high of $106.33. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.87 and a current ratio of 2.54. The stock has a fifty day moving average price of $80.32 and a two-hundred day moving average price of $90.58. The stock has a market capitalization of $101.90 billion, a price-to-earnings ratio of 21.28, a PEG ratio of 2.10 and a beta of 0.58.

Medtronic (NYSE:MDT) last issued its earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 EPS for the quarter, topping the consensus estimate of $1.54 by $0.01. Medtronic had a net margin of 13.20% and a return on equity of 14.61%. The company had revenue of $9.81 billion for the quarter, compared to analyst estimates of $9.62 billion. During the same period in the previous year, the firm earned $1.62 EPS. The business’s revenue was up 9.9% on a year-over-year basis. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. As a group, sell-side analysts anticipate that Medtronic PLC will post 5.94 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The business also recently disclosed 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 yield of 3.6%. The ex-dividend date of this dividend is Friday, June 26th. Medtronic’s payout ratio is presently 76.14%.

Insider Buying and Selling

In other Medtronic news, EVP Harry Skip Kiil sold 4,189 shares of the company’s 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 approximately $2,994,539.88. This represents a 10.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.26% of the company’s stock.

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).