Independent Financial Group LLC Purchases Shares of 9,879 Medtronic PLC $MDT

Independent Financial Group LLC acquired a new position in shares of Medtronic PLC (NYSE:MDT) during the 1st quarter, Holdings Channel.com reports. The fund acquired 9,879 shares of the medical technology company’s stock, valued at approximately $856,000.

Several other hedge funds also recently modified their holdings of MDT. 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 worth $12,388,027,000 after acquiring an additional 1,888,381 shares in the last quarter. State Street Corp grew its position in Medtronic by 2.0% during the 4th quarter. State Street Corp now owns 61,660,158 shares of the medical technology company’s stock worth $5,966,780,000 after acquiring an additional 1,199,621 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in Medtronic by 2.7% during the 4th quarter. JPMorgan Chase & Co. now owns 53,616,694 shares of the medical technology company’s stock valued at $5,150,420,000 after purchasing an additional 1,419,730 shares in the last quarter. Capital Research Global Investors increased its holdings in 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 valued at $3,321,101,000 after purchasing an additional 3,880,174 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in Medtronic by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 27,879,481 shares of the medical technology company’s stock valued at $2,665,832,000 after purchasing an additional 231,919 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Insider Transactions at Medtronic

In other news, EVP Harry Skip Kiil sold 4,189 shares of the firm’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $80.44, for a total value of $336,963.16. Following the transaction, the executive vice president owned 37,227 shares of the company’s stock, valued at approximately $2,994,539.88. This trade represents a 10.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.26% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on MDT shares. Evercore set a $105.00 price objective on Medtronic in a research note on Monday, July 6th. Stifel Nicolaus set a $80.00 price target on Medtronic in a report on Wednesday, June 3rd. Truist Financial decreased their price objective on shares of Medtronic from $95.00 to $86.00 and set a “hold” rating on the stock in a report on Thursday, June 4th. Wall Street Zen upgraded shares of Medtronic from a “hold” rating to a “buy” rating in a research report on Saturday. Finally, UBS Group dropped their target price on shares of Medtronic from $90.00 to $85.00 and set a “neutral” rating for the company in a research note on Thursday, June 4th. Seventeen research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat, Medtronic presently has a consensus rating of “Moderate Buy” and a consensus target price of $98.21.

Medtronic Stock Down 1.2%

NYSE MDT opened at $82.31 on Wednesday. The stock has a fifty day moving average of $79.79 and a 200-day moving average of $87.75. The stock has a market capitalization of $105.36 billion, a P/E ratio of 22.07, a price-to-earnings-growth 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. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.62 and a current ratio of 2.13.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to analyst estimates of $9.62 billion. During the same quarter in the prior year, the firm posted $1.62 earnings per share. The firm’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. On average, equities research analysts forecast that Medtronic PLC will post 5.94 EPS for the current year.

Medtronic Increases Dividend

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

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).