Beacon Investment Advisory Services Inc. Buys 75,767 Shares of Medtronic PLC $MDT

Beacon Investment Advisory Services Inc. boosted its stake in Medtronic PLC (NYSE:MDT) by 8,759.2% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 76,632 shares of the medical technology company’s stock after acquiring an additional 75,767 shares during the period. Beacon Investment Advisory Services Inc.’s holdings in Medtronic were worth $5,995,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. increased its stake 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 purchasing an additional 1,888,381 shares during the last quarter. State Street Corp grew its holdings in Medtronic by 2.0% during the fourth quarter. State Street Corp now owns 61,660,158 shares of the medical technology company’s stock valued at $5,966,780,000 after purchasing an additional 1,199,621 shares during the period. JPMorgan Chase & Co. grew its holdings in Medtronic by 2.7% during the fourth quarter. JPMorgan Chase & Co. now owns 53,616,694 shares of the medical technology company’s stock valued at $5,150,420,000 after purchasing an additional 1,419,730 shares during the period. Capital Research Global Investors increased its position in Medtronic by 12.6% in the fourth 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 during the last quarter. Finally, Geode Capital Management LLC increased its position in Medtronic by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 27,879,481 shares of the medical technology company’s stock worth $2,665,832,000 after buying an additional 231,919 shares during the last quarter. 82.06% of the stock is owned by institutional investors.

Insider Activity

In related news, EVP Harry Skip Kiil sold 4,189 shares of Medtronic stock in a transaction 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 sale, the executive vice president owned 37,227 shares of the company’s stock, valued at approximately $2,994,539.88. This trade 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 the SEC website. Company insiders own 0.26% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on MDT shares. JPMorgan Chase & Co. dropped 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. Rothschild & Co Redburn decreased their price objective on Medtronic from $111.00 to $106.00 and set a “buy” rating for the company in a report on Friday, June 5th. TD Cowen lowered their price objective on Medtronic from $119.00 to $100.00 and set a “buy” rating on the stock in a research note on Friday, July 10th. Jefferies Financial Group reaffirmed a “hold” rating and set a $88.00 price objective on shares of Medtronic in a report on Thursday, June 4th. Finally, The Goldman Sachs Group cut their target price on shares of Medtronic from $84.00 to $83.00 and set a “neutral” rating for the company in a research report 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, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $98.83.

Medtronic Stock Performance

Medtronic stock opened at $87.14 on Friday. The firm’s 50 day simple moving average is $81.94 and its 200 day simple moving average is $86.68. 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 firm has a market capitalization of $111.54 billion, a PE ratio of 23.36, a price-to-earnings-growth ratio of 2.30 and a beta of 0.55. Medtronic PLC has a 1-year low of $73.31 and a 1-year high of $106.33.

Medtronic (NYSE:MDT) last posted its earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share (EPS) for the quarter, topping 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 analysts’ expectations of $9.62 billion. During the same period in the prior year, the company posted $1.62 EPS. The business’s revenue for the quarter was up 9.9% compared to the same quarter last year. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. As a group, analysts expect that Medtronic PLC will post 5.94 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The firm 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 represents a $2.88 dividend on an annualized basis and a dividend yield of 3.3%. This is a boost from Medtronic’s previous quarterly dividend of $0.71. The ex-dividend date was Friday, June 26th. Medtronic’s dividend payout ratio (DPR) is 77.21%.

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).