Spinnaker Trust Increases Stake in Medtronic PLC $MDT

Spinnaker Trust lifted its holdings in shares of Medtronic PLC (NYSE:MDT) by 182.0% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 60,535 shares of the medical technology company’s stock after purchasing an additional 39,065 shares during the period. Spinnaker Trust’s holdings in Medtronic were worth $5,245,000 as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in Medtronic by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 128,961,343 shares of the medical technology company’s stock valued at $12,388,027,000 after buying an additional 1,888,381 shares during the period. State Street Corp grew its stake in shares of Medtronic by 2.0% during the fourth quarter. State Street Corp now owns 61,660,158 shares of the medical technology company’s stock valued at $5,966,780,000 after buying an additional 1,199,621 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Medtronic by 2.7% in the fourth quarter. JPMorgan Chase & Co. now owns 53,616,694 shares of the medical technology company’s stock worth $5,150,420,000 after buying an additional 1,419,730 shares during the period. Capital Research Global Investors increased its holdings in shares of Medtronic by 12.6% in the fourth quarter. Capital Research Global Investors now owns 34,573,163 shares of the medical technology company’s stock worth $3,321,101,000 after buying an additional 3,880,174 shares during the period. Finally, Geode Capital Management LLC lifted its stake in shares of 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 acquiring an additional 231,919 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Insider Transactions at Medtronic

In related news, EVP Harry Skip Kiil sold 4,189 shares of the 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 completion of the transaction, the executive vice president directly owned 37,227 shares of the company’s stock, valued at $2,994,539.88. This 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 this link. 0.26% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several brokerages recently weighed in on MDT. Royal Bank Of Canada restated an “outperform” rating and set a $118.00 target price on shares of Medtronic in a report on Thursday, June 4th. The Goldman Sachs Group decreased their price target on Medtronic from $84.00 to $83.00 and set a “neutral” rating on the stock in a research note on Thursday, June 4th. JPMorgan Chase & Co. dropped their price objective on Medtronic from $100.00 to $86.00 and set a “neutral” rating for the company in a research note on Thursday, June 4th. Barclays lifted their target price on shares of Medtronic from $118.00 to $120.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 1st. Finally, Robert W. Baird lowered their price target on shares of Medtronic from $93.00 to $85.00 and set a “neutral” rating for the company in a report on Thursday, June 4th. Seventeen investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $99.00.

Key Stories Impacting Medtronic

Here are the key news stories impacting Medtronic this week:

• Positive Sentiment: Several articles highlighted a bullish thesis on Medtronic, citing its attractive forward valuation and positioning as a long-term holding for income- and value-focused investors. Is Medtronic plc (MDT) A Good Stock To Buy Now?
• Positive Sentiment: Medtronic recently received FDA 510(k) clearance for its Nellcor pulse oximetry system with the new Nell-EQ intelligent processor, which could support sentiment around innovation and future product competitiveness. Here is Why Medtronic (MDT) is One of the Best Long Term Stocks to Buy According to Hedge Funds
• Positive Sentiment: Hedge-fund-focused commentary described MDT as one of the better long-term healthcare stocks, reinforcing investor confidence in the company’s defensive profile and steady earnings power. Here is Why Medtronic (MDT) is One of the Best Long Term Stocks to Buy According to Hedge Funds
• Neutral Sentiment: One article compared Medtronic with Globus Medical and concluded Globus may have more upside because of stronger growth and innovation, which could cap enthusiasm for MDT relative to peers. GMED vs. MDT: Which Medical Stock Has More Upside Potential?
• Neutral Sentiment: A broader commentary said Medtronic is “coming back” but is still not yet a high-conviction growth story, suggesting improvement without a major near-term re-rating. Medtronic: Coming Back, But Not Yet Ready For Greatness

Medtronic Stock Performance

Shares of MDT stock opened at $80.99 on Tuesday. The stock has a fifty day moving average of $79.30 and a 200 day moving average of $89.53. Medtronic PLC has a 52 week low of $73.31 and a 52 week high of $106.33. The firm has a market capitalization of $103.68 billion, a price-to-earnings ratio of 21.71, a PEG ratio of 2.17 and a beta of 0.58. 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 issued its quarterly earnings data on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.54 by $0.01. Medtronic had a net margin of 13.20% and a return on equity of 14.51%. The business had revenue of $9.81 billion for the quarter, compared to the consensus estimate of $9.62 billion. During the same period in the previous year, the firm earned $1.62 EPS. The company’s quarterly revenue 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, research analysts expect that Medtronic PLC will post 5.94 earnings per share for the current year.

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 17th. Investors of record on Friday, June 26th will be given 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 annualized dividend and a dividend yield of 3.6%. The ex-dividend date is Friday, June 26th. 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).