Oppenheimer Asset Management Inc. Acquires 59,676 Shares of Medtronic PLC $MDT

Oppenheimer Asset Management Inc. raised its holdings in shares of Medtronic PLC (NYSE:MDT) by 11.1% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 597,429 shares of the medical technology company’s stock after purchasing an additional 59,676 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Medtronic were worth $46,737,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Bryn Mawr Trust Advisors LLC boosted its holdings in shares of Medtronic by 1.6% during the 2nd quarter. Bryn Mawr Trust Advisors LLC now owns 140,236 shares of the medical technology company’s stock worth $10,971,000 after buying an additional 2,217 shares during the period. Hardy Reed LLC grew its stake in Medtronic by 11.0% in the 2nd quarter. Hardy Reed LLC now owns 3,090 shares of the medical technology company’s stock valued at $242,000 after buying an additional 305 shares during the last quarter. VELA Investment Management LLC raised its holdings in Medtronic by 15.7% in the 2nd quarter. VELA Investment Management LLC now owns 7,734 shares of the medical technology company’s stock valued at $605,000 after acquiring an additional 1,048 shares during the period. Soltis Investment Advisors LLC raised its holdings in Medtronic by 6.5% in the 2nd quarter. Soltis Investment Advisors LLC now owns 132,646 shares of the medical technology company’s stock valued at $10,377,000 after acquiring an additional 8,114 shares during the period. Finally, Miller Howard Investments Inc. NY lifted its position in Medtronic by 19.1% during the second quarter. Miller Howard Investments Inc. NY now owns 851,494 shares of the medical technology company’s stock worth $66,612,000 after acquiring an additional 136,691 shares during the last quarter. 82.06% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

MDT has been the subject of a number of research analyst reports. Weiss Ratings cut Medtronic from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, May 21st. Sanford C. Bernstein lowered their target price on Medtronic from $112.00 to $97.00 and set an “outperform” rating on the stock in a research note on Thursday, June 4th. JPMorgan Chase & Co. dropped their price target on Medtronic from $100.00 to $86.00 and set a “neutral” rating for the company in a report on Thursday, June 4th. Truist Financial reduced their price target on Medtronic from $95.00 to $86.00 and set a “hold” rating for the company in a research note on Thursday, June 4th. Finally, Mizuho decreased their price objective on Medtronic from $120.00 to $100.00 and set an “outperform” rating on the stock in a report on Wednesday, June 3rd. Eighteen research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat.com, Medtronic has a consensus rating of “Moderate Buy” and an average target price of $98.83.

Medtronic Stock Performance

Shares of NYSE:MDT opened at $90.44 on Tuesday. The company’s 50 day moving average price is $83.40 and its two-hundred day moving average price is $86.19. Medtronic PLC has a 12-month low of $73.31 and a 12-month high of $106.33. The firm has a market cap of $115.77 billion, a PE ratio of 24.25, a PEG ratio of 2.45 and a beta of 0.55. The company has a quick ratio of 1.62, a current ratio of 2.13 and a debt-to-equity ratio of 0.52.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share for the quarter, beating analysts’ consensus estimates of $1.54 by $0.01. The company had revenue of $9.81 billion during the quarter, compared to the consensus estimate of $9.62 billion. Medtronic had a net margin of 13.20% and a return on equity of 14.51%. The firm’s quarterly revenue was up 9.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.62 earnings per share. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. Equities research analysts predict that Medtronic PLC will post 5.94 earnings per share for the current year.

Medtronic Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 17th. Stockholders 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 dividend yield of 3.2%. The ex-dividend date was Friday, June 26th. This is a positive change from Medtronic’s previous quarterly dividend of $0.71. Medtronic’s dividend payout ratio is currently 77.21%.

Insider Buying and Selling at Medtronic

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

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).