Convergence Investment Partners LLC Increases Stake in Medtronic PLC $MDT

Convergence Investment Partners LLC lifted its holdings in shares of Medtronic PLC (NYSE:MDT) by 82.8% during the 1st quarter, Holdings Channel.com reports. The firm owned 46,789 shares of the medical technology company’s stock after buying an additional 21,196 shares during the quarter. Convergence Investment Partners LLC’s holdings in Medtronic were worth $4,054,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the business. Monetary Solutions Ltd purchased a new stake in Medtronic during the fourth quarter valued at about $27,000. Lodestone Wealth Management LLC purchased a new position in shares of Medtronic in the fourth quarter worth about $27,000. Anfield Capital Management LLC increased its holdings in shares of Medtronic by 410.7% in the fourth quarter. Anfield Capital Management LLC now owns 286 shares of the medical technology company’s stock worth $27,000 after buying an additional 230 shares during the period. Acumen Wealth Advisors LLC bought a new stake in shares of Medtronic in the 4th quarter valued at about $29,000. Finally, Imprint Wealth LLC bought a new stake in shares of Medtronic in the 3rd quarter valued at about $31,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Price Performance

MDT opened at $83.29 on Tuesday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.62 and a current ratio of 2.13. The stock has a market capitalization of $106.61 billion, a PE ratio of 22.33, a price-to-earnings-growth ratio of 2.23 and a beta of 0.56. The stock’s 50 day moving average price is $79.68 and its 200-day moving average price is $87.84. Medtronic PLC has a 52-week low of $73.31 and a 52-week high of $106.33.

Medtronic (NYSE:MDT) last announced its quarterly 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. The company had revenue of $9.81 billion during the quarter, compared to analyst estimates of $9.62 billion. Medtronic had a return on equity of 14.51% and a net margin of 13.20%.The firm’s revenue was up 9.9% on a year-over-year basis. During the same quarter last year, the firm posted $1.62 earnings per share. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. On average, equities research analysts predict that Medtronic PLC will post 5.94 EPS for the current year.

Medtronic Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 17th. Stockholders of record on Friday, June 26th were given a $0.72 dividend. The ex-dividend date of this dividend was Friday, June 26th. This represents a $2.88 annualized dividend and a dividend yield of 3.5%. This is a positive change from Medtronic’s previous quarterly dividend of $0.71. Medtronic’s dividend payout ratio is 77.21%.

Insider Activity at Medtronic

In other news, EVP Harry Skip Kiil sold 4,189 shares of Medtronic stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $80.44, for a total transaction of $336,963.16. Following the sale, the executive vice president owned 37,227 shares of the company’s stock, valued at approximately $2,994,539.88. The trade was a 10.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.26% of the company’s stock.

Wall Street Analyst Weigh In

MDT has been the topic of several recent research reports. JPMorgan Chase & Co. reduced their price target on Medtronic from $100.00 to $86.00 and set a “neutral” rating on the stock in a research report on Thursday, June 4th. Sanford C. Bernstein lowered their price objective on Medtronic from $112.00 to $97.00 and set an “outperform” rating for the company in a research report on Thursday, June 4th. Wall Street Zen raised Medtronic from a “hold” rating to a “buy” rating in a research note on Saturday. Leerink Partners cut their target price on shares of Medtronic from $117.00 to $104.00 and set an “outperform” rating on the stock in a report on Thursday, June 4th. Finally, Truist Financial cut their target price on shares of Medtronic from $95.00 to $86.00 and set a “hold” rating on the stock in a report on Thursday, June 4th. Seventeen research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $98.21.

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).