First Trust Advisors LP Purchases 75,814 Shares of Medtronic PLC $MDT

First Trust Advisors LP lifted its position in Medtronic PLC (NYSE:MDT) by 9.4% during the first quarter, Holdings Channel reports. The institutional investor owned 883,289 shares of the medical technology company’s stock after buying an additional 75,814 shares during the quarter. First Trust Advisors LP’s holdings in Medtronic were worth $76,537,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Phillip James Consulting Co. purchased a new stake in Medtronic during the first quarter valued at approximately $687,000. ABN Amro Investment Solutions purchased a new position in Medtronic in the first quarter worth $7,544,000. PNC Financial Services Group Inc. grew its holdings in Medtronic by 2.7% in the first quarter. PNC Financial Services Group Inc. now owns 658,800 shares of the medical technology company’s stock worth $57,085,000 after purchasing an additional 17,089 shares during the last quarter. Oslo Pensjonsforsikring AS acquired a new position in shares of Medtronic during the first quarter worth $497,000. Finally, Madison Asset Management LLC increased its position in shares of Medtronic by 25.0% during the first quarter. Madison Asset Management LLC now owns 244,000 shares of the medical technology company’s stock worth $21,143,000 after purchasing an additional 48,784 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Jefferies Financial Group reissued a “hold” rating and issued a $88.00 price objective on shares of Medtronic in a research report on Thursday, June 4th. Evercore set a $105.00 price target on Medtronic in a report on Monday, July 6th. Robert W. Baird dropped their price target on Medtronic from $93.00 to $85.00 and set a “neutral” rating on the stock in a research note on Thursday, June 4th. Stifel Nicolaus set a $80.00 price objective on shares of Medtronic in a report on Wednesday, June 3rd. Finally, Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Medtronic from $100.00 to $78.00 and set a “hold” rating for the company in a research report on Thursday, June 4th. Seventeen research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat.com, Medtronic presently has an average rating of “Moderate Buy” and an average price target of $98.21.

Insider Buying and Selling at Medtronic

In related news, EVP Harry Skip Kiil sold 4,189 shares of the firm’s stock in a transaction 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 completion of the transaction, the executive vice president owned 37,227 shares of the company’s stock, 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 document filed with the SEC, which is available at this hyperlink. 0.26% of the stock is owned by insiders.

Medtronic Trading Up 1.4%

Shares of NYSE:MDT opened at $83.12 on Friday. Medtronic PLC has a 52-week low of $73.31 and a 52-week high of $106.33. The stock has a market cap of $106.40 billion, a price-to-earnings ratio of 22.28, a PEG ratio of 2.23 and a beta of 0.56. 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 business has a 50-day moving average price of $80.15 and a 200-day moving average price of $87.52.

Medtronic (NYSE:MDT) last released its earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 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 the consensus estimate of $9.62 billion. During the same quarter in the previous year, the company posted $1.62 earnings per share. The company’s 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. Equities analysts predict that Medtronic PLC will post 5.94 EPS for the current year.

Medtronic Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 17th. Stockholders of record on Friday, June 26th were paid a $0.72 dividend. The ex-dividend date was Friday, June 26th. This is an increase from Medtronic’s previous quarterly dividend of $0.71. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.5%. Medtronic’s dividend payout ratio (DPR) 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).