First Financial Bank Trust Division Raises Stock Position in Medtronic PLC $MDT

First Financial Bank Trust Division raised its holdings in shares of Medtronic PLC (NYSE:MDT) by 38.4% during the second quarter, Holdings Channel.com reports. The fund owned 35,657 shares of the medical technology company’s stock after buying an additional 9,888 shares during the period. First Financial Bank Trust Division’s holdings in Medtronic were worth $2,789,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Adelphi Trust Co bought a new position in shares of Medtronic in the second quarter worth about $240,000. Western Wealth Management LLC raised its stake in Medtronic by 271.2% during the 1st quarter. Western Wealth Management LLC now owns 20,382 shares of the medical technology company’s stock valued at $1,766,000 after purchasing an additional 14,891 shares during the period. Rathbones Group PLC raised its stake in Medtronic by 3.7% during the 1st quarter. Rathbones Group PLC now owns 54,693 shares of the medical technology company’s stock valued at $4,739,000 after purchasing an additional 1,947 shares during the period. Robinswood Financial LLC purchased a new position in Medtronic in the 1st quarter worth approximately $51,000. Finally, Pine Valley Investments Ltd Liability Co lifted its holdings in Medtronic by 1.3% in the 1st quarter. Pine Valley Investments Ltd Liability Co now owns 9,857 shares of the medical technology company’s stock worth $857,000 after purchasing an additional 128 shares in the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Medtronic

In other Medtronic news, EVP Harry Skip Kiil sold 4,189 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the executive vice president owned 37,227 shares in the company, valued at $2,994,539.88. The trade was a 10.11% decrease in their ownership of the stock. The sale 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.

Medtronic Trading Up 1.5%

MDT stock 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. Medtronic PLC has a twelve month low of $73.31 and a twelve month high of $106.33. The stock has a market capitalization of $110.94 billion, a price-to-earnings ratio of 23.23, a price-to-earnings-growth ratio of 2.29 and a beta of 0.56. The firm’s fifty day simple moving average is $81.10 and its two-hundred day simple moving average is $86.93.

Medtronic (NYSE:MDT) last announced its earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share for the quarter, beating 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 business had revenue of $9.81 billion for the quarter, compared to the consensus estimate of $9.62 billion. During the same quarter in the prior year, the firm posted $1.62 earnings per share. 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. As a group, analysts anticipate that Medtronic PLC will post 5.94 earnings per share for the current year.

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 17th. Investors of record on Friday, June 26th were given a $0.72 dividend. This is an increase from Medtronic’s previous quarterly dividend of $0.71. The ex-dividend date of this dividend was Friday, June 26th. This represents a $2.88 dividend on an annualized basis and a yield of 3.3%. Medtronic’s dividend payout ratio is currently 77.21%.

Wall Street Analysts Forecast Growth

MDT has been the subject of a number of research analyst reports. Stifel Nicolaus set a $80.00 price objective on shares of Medtronic in a report on Wednesday, June 3rd. Evercore set a $105.00 target price on shares of Medtronic in a research report on Monday, July 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $101.00 target price on shares of Medtronic in a research note on Wednesday, June 17th. Sanford C. Bernstein reduced 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, Piper Sandler restated a “neutral” rating and set a $85.00 price objective on shares of Medtronic in a research report on Tuesday, June 16th. Eighteen research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $98.83.

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).