Money Concepts Capital Corp Acquires 22,269 Shares of Medtronic PLC $MDT

Money Concepts Capital Corp boosted its holdings in Medtronic PLC (NYSE:MDT) by 54.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 63,114 shares of the medical technology company’s stock after buying an additional 22,269 shares during the period. Money Concepts Capital Corp’s holdings in Medtronic were worth $5,469,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. CSM Advisors LLC grew its stake in Medtronic by 13.2% during the third quarter. CSM Advisors LLC now owns 285,260 shares of the medical technology company’s stock valued at $27,169,000 after acquiring an additional 33,167 shares in the last quarter. SageView Advisory Group LLC lifted its stake in Medtronic by 164.8% in the 3rd quarter. SageView Advisory Group LLC now owns 24,204 shares of the medical technology company’s stock worth $2,305,000 after purchasing an additional 15,062 shares in the last quarter. Madison Asset Management LLC lifted its stake in Medtronic by 15.0% in the 4th quarter. Madison Asset Management LLC now owns 195,216 shares of the medical technology company’s stock worth $18,752,000 after purchasing an additional 25,527 shares in the last quarter. Ticino Wealth purchased a new stake in Medtronic in the 4th quarter worth approximately $2,049,000. Finally, First Eagle Investment Management LLC boosted its holdings in Medtronic by 0.4% in the 4th quarter. First Eagle Investment Management LLC now owns 9,775,234 shares of the medical technology company’s stock valued at $939,009,000 after purchasing an additional 40,196 shares during the period. 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 that occurred on 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 trade represents a 10.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.26% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Truist Financial decreased their target price on Medtronic from $95.00 to $86.00 and set a “hold” rating on the stock in a research note on Thursday, June 4th. Jefferies Financial Group reiterated a “hold” rating and set a $88.00 price target on shares of Medtronic in a research report on Thursday, June 4th. Wells Fargo & Company cut their price objective on Medtronic from $114.00 to $102.00 and set an “overweight” rating for the company in a report on Thursday, June 4th. TD Cowen reaffirmed a “buy” rating and issued a $119.00 target price on shares of Medtronic in a research note on Thursday, June 4th. Finally, Evercore set a $105.00 target price on shares of Medtronic in a research note on Monday. Seventeen equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $98.96.

Medtronic Trading Up 0.4%

NYSE MDT opened at $82.37 on Friday. The stock’s 50-day simple moving average is $79.02 and its two-hundred day simple moving average is $88.56. Medtronic PLC has a twelve month low of $73.31 and a twelve month high of $106.33. 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 company has a market capitalization of $105.44 billion, a price-to-earnings ratio of 22.08, a PEG ratio of 2.20 and a beta of 0.56.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share (EPS) for the quarter, topping 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 firm 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 company’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. Research analysts forecast that Medtronic PLC will post 5.94 EPS for the current fiscal year.

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 17th. Investors of record on Friday, June 26th will be given a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date is Friday, June 26th. This is a positive change from Medtronic’s previous quarterly dividend of $0.71. Medtronic’s dividend payout ratio is presently 77.21%.

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).