Medtronic PLC $MDT Shares Sold by Spectrum Asset Management Inc. NB CA

Spectrum Asset Management Inc. NB CA cut its position in Medtronic PLC (NYSE:MDT) by 83.5% during the second quarter, HoldingsChannel reports. The firm owned 5,990 shares of the medical technology company’s stock after selling 30,237 shares during the quarter. Spectrum Asset Management Inc. NB CA’s holdings in Medtronic were worth $473,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. VELA Investment Management LLC lifted its position in shares of Medtronic by 15.7% during the 2nd quarter. VELA Investment Management LLC now owns 7,734 shares of the medical technology company’s stock worth $605,000 after purchasing an additional 1,048 shares during the last quarter. Soltis Investment Advisors LLC grew its stake in shares of Medtronic by 6.5% during the second quarter. Soltis Investment Advisors LLC now owns 132,646 shares of the medical technology company’s stock worth $10,377,000 after purchasing an additional 8,114 shares in the last quarter. Miller Howard Investments Inc. NY increased its holdings in Medtronic by 19.1% in the second quarter. Miller Howard Investments Inc. NY now owns 851,494 shares of the medical technology company’s stock valued at $66,612,000 after buying an additional 136,691 shares during the last quarter. Integrity Alliance LLC. increased its holdings in Medtronic by 1.7% in the second quarter. Integrity Alliance LLC. now owns 7,388 shares of the medical technology company’s stock valued at $578,000 after buying an additional 125 shares during the last quarter. Finally, Integrity Advisory Solutions LLC acquired a new stake in Medtronic in the second quarter valued at $220,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Price Performance

Shares of MDT opened at $91.10 on Monday. Medtronic PLC has a 1-year low of $73.31 and a 1-year high of $106.33. The stock has a market cap of $116.62 billion, a PE ratio of 24.42, a price-to-earnings-growth ratio of 2.45 and a beta of 0.55. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.13 and a quick ratio of 1.62. The firm has a fifty day moving average price of $83.20 and a 200 day moving average price of $86.26.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share (EPS) for the quarter, beating the consensus estimate 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%. Medtronic’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.62 earnings per share. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. As a group, sell-side analysts anticipate that Medtronic PLC will post 5.94 EPS for the current year.

Medtronic Increases Dividend

The company also recently announced 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 a boost 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 dividend yield of 3.2%. Medtronic’s payout ratio is currently 77.21%.

Insider Activity

In related news, EVP Harry Skip Kiil sold 4,189 shares of the firm’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 transaction, the executive vice president owned 37,227 shares in the company, valued at $2,994,539.88. This trade represents a 10.11% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.26% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Deutsche Bank Aktiengesellschaft decreased their price target on Medtronic from $100.00 to $78.00 and set a “hold” rating for the company in a report on Thursday, June 4th. Truist Financial dropped their price objective on Medtronic from $95.00 to $86.00 and set a “hold” rating on the stock in a report on Thursday, June 4th. The Goldman Sachs Group cut their target price on Medtronic from $84.00 to $83.00 and set a “neutral” rating on the stock in a research report on Thursday, June 4th. Rothschild & Co Redburn decreased their target price on Medtronic from $111.00 to $106.00 and set a “buy” rating for the company in a research note on Friday, June 5th. Finally, Weiss Ratings downgraded Medtronic from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, May 21st. Eighteen analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $98.83.

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).