Confluence Investment Management LLC Has $15.27 Million Stock Position in Medtronic PLC $MDT

Confluence Investment Management LLC reduced its holdings in Medtronic PLC (NYSE:MDT) by 4.9% in the 2nd quarter, Holdings Channel reports. The fund owned 195,240 shares of the medical technology company’s stock after selling 10,161 shares during the period. Confluence Investment Management LLC’s holdings in Medtronic were worth $15,274,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. Monetary Solutions Ltd purchased a new position in Medtronic during the 4th quarter valued at about $27,000. Anfield Capital Management LLC lifted its position in shares of Medtronic by 410.7% in the fourth quarter. Anfield Capital Management LLC now owns 286 shares of the medical technology company’s stock worth $27,000 after purchasing an additional 230 shares in the last quarter. Acumen Wealth Advisors LLC purchased a new stake in shares of Medtronic in the fourth quarter worth approximately $29,000. Imprint Wealth LLC acquired a new stake in shares of Medtronic during the third quarter worth approximately $31,000. Finally, Basepoint Wealth LLC acquired a new stake in shares of Medtronic during the fourth quarter worth approximately $32,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Price Performance

NYSE MDT opened at $86.67 on Tuesday. 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 has a market capitalization of $110.94 billion, a PE ratio of 23.23, a price-to-earnings-growth ratio of 2.29 and a beta of 0.56. The company has a 50 day moving average price of $81.10 and a two-hundred day moving average price of $86.93. Medtronic PLC has a 12-month low of $73.31 and a 12-month high of $106.33.

Medtronic (NYSE:MDT) last posted 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 14.51%. The company had revenue of $9.81 billion during the quarter, compared to the consensus estimate of $9.62 billion. During the same period in the previous year, the firm posted $1.62 earnings per share. 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. As a group, 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 was paid on Friday, July 17th. Investors of record on Friday, June 26th were issued a $0.72 dividend. This is a boost from Medtronic’s previous quarterly dividend of $0.71. This represents a $2.88 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date was Friday, June 26th. Medtronic’s dividend payout ratio is currently 77.21%.

Insider Buying and Selling

In other Medtronic news, EVP Harry Skip Kiil sold 4,189 shares of the firm’s stock in a transaction dated Monday, June 8th. The stock was 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.26% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

MDT has been the topic of a number of research analyst reports. Leerink Partners lowered their price objective on shares of Medtronic from $117.00 to $104.00 and set an “outperform” rating on the stock in a research report on Thursday, June 4th. Needham & Company LLC reiterated a “buy” rating and issued a $101.00 target price on shares of Medtronic in a research report on Wednesday, June 17th. Weiss Ratings lowered shares of Medtronic from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, May 21st. Sanford C. Bernstein lowered their price target on shares of Medtronic from $112.00 to $97.00 and set an “outperform” rating on the stock in a report on Thursday, June 4th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $118.00 price target on shares of Medtronic in a research note on Thursday, June 4th. Eighteen research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $98.83.

About Medtronic

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).