Gateway Wealth Partners LLC Invests $536,000 in Medtronic PLC $MDT

Gateway Wealth Partners LLC purchased a new stake in shares of Medtronic PLC (NYSE:MDT) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 6,184 shares of the medical technology company’s stock, valued at approximately $536,000.

A number of other hedge funds and other institutional investors have also modified their holdings of MDT. Norges Bank bought a new position in Medtronic in the 4th quarter valued at about $1,653,485,000. WCM Investment Management LLC acquired a new position in Medtronic during the 1st quarter valued at about $965,922,000. Capital Research Global Investors raised its position in shares of 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 worth $3,321,101,000 after buying an additional 3,880,174 shares in the last quarter. Wellington Management Group LLP raised its position in shares of Medtronic by 35.3% during the 3rd quarter. Wellington Management Group LLP now owns 10,189,586 shares of the medical technology company’s stock worth $970,456,000 after buying an additional 2,658,981 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in shares of Medtronic by 1.5% during 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 buying an additional 1,888,381 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors.

Medtronic Stock Performance

NYSE:MDT opened at $85.74 on Friday. Medtronic PLC has a twelve month low of $73.31 and a twelve month high of $106.33. The company has a current ratio of 2.13, a quick ratio of 1.62 and a debt-to-equity ratio of 0.52. The company has a 50-day moving average of $80.80 and a 200-day moving average of $87.08. The firm has a market cap of $109.75 billion, a price-to-earnings ratio of 22.99, a price-to-earnings-growth ratio of 2.35 and a beta of 0.56.

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 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 business’s revenue for the quarter was up 9.9% on a year-over-year basis. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. Analysts forecast that Medtronic PLC will post 5.94 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 17th. Shareholders of record on Friday, June 26th were given a $0.72 dividend. This represents a $2.88 annualized dividend and a yield of 3.4%. This is a positive change from Medtronic’s previous quarterly dividend of $0.71. The ex-dividend date was Friday, June 26th. Medtronic’s dividend payout ratio (DPR) is presently 77.21%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Weiss Ratings cut shares of Medtronic from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, May 21st. UBS Group raised Medtronic from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $85.00 to $100.00 in a report on Tuesday. Argus cut their target price on Medtronic from $125.00 to $115.00 and set a “buy” rating for the company in a research report on Monday, April 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $101.00 price target on shares of Medtronic in a research note on Wednesday, June 17th. Finally, Sanford C. Bernstein decreased their price target on Medtronic from $112.00 to $97.00 and set an “outperform” rating for the company in a research note on Thursday, June 4th. Eighteen investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $98.83.

Insider Activity

In other Medtronic news, EVP Harry Skip Kiil sold 4,189 shares of the company’s stock in a transaction on Monday, June 8th. The stock was 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 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 accessible through this hyperlink. Corporate insiders own 0.26% of the company’s stock.

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).