Worth Financial Advisory Group LLC Purchases New Shares in Medtronic PLC $MDT

Worth Financial Advisory Group LLC purchased a new position in shares of Medtronic PLC (NYSE:MDT) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 8,314 shares of the medical technology company’s stock, valued at approximately $650,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MDT. Vanguard Group Inc. grew its holdings in shares of Medtronic by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 128,961,343 shares of the medical technology company’s stock valued at $12,388,027,000 after acquiring an additional 1,888,381 shares in the last quarter. State Street Corp boosted its position in Medtronic by 2.0% in the fourth quarter. State Street Corp now owns 61,660,158 shares of the medical technology company’s stock worth $5,966,780,000 after purchasing an additional 1,199,621 shares during the last quarter. JPMorgan Chase & Co. grew its stake in Medtronic by 2.7% in the 4th 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 grew its stake in Medtronic by 12.6% in the 4th quarter. Capital Research Global Investors now owns 34,573,163 shares of the medical technology company’s stock valued at $3,321,101,000 after purchasing an additional 3,880,174 shares during the period. Finally, Geode Capital Management LLC increased its position in shares of Medtronic by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 27,879,481 shares of the medical technology company’s stock valued at $2,665,832,000 after purchasing an additional 231,919 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Insider Activity

In related news, EVP Harry Skip Kiil sold 4,189 shares of the stock in a transaction dated Monday, June 8th. The stock was 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. This represents a 10.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.26% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on MDT. Jefferies Financial Group reissued a “hold” rating and issued a $88.00 price target on shares of Medtronic in a report on Thursday, June 4th. Leerink Partners decreased their price objective on shares of Medtronic from $117.00 to $104.00 and set an “outperform” rating for the company in a report on Thursday, June 4th. BTIG Research reaffirmed a “buy” rating and issued a $91.00 price objective on shares of Medtronic in a research report on Monday, July 13th. Sanford C. Bernstein dropped their target price on shares of Medtronic from $112.00 to $97.00 and set an “outperform” rating on the stock in a research note on Thursday, June 4th. Finally, UBS Group upgraded shares of Medtronic from a “neutral” rating to a “buy” rating and raised their price target for the stock from $85.00 to $100.00 in a research note on Tuesday, July 28th. Eighteen equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $98.83.

Medtronic Trading Up 0.6%

Shares of MDT opened at $91.10 on Friday. The business has a 50-day moving average of $83.20 and a 200 day moving average of $86.36. Medtronic PLC has a fifty-two week low of $73.31 and a fifty-two week high of $106.33. The firm has a market cap of $116.62 billion, a P/E 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 quick ratio of 1.62 and a current ratio of 2.13.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Wednesday, June 3rd. The medical technology company reported $1.55 EPS for the quarter, beating the consensus estimate of $1.54 by $0.01. The business had revenue of $9.81 billion for 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%. The company’s revenue was up 9.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.62 earnings per share. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. As a group, research analysts forecast that Medtronic PLC will post 5.94 EPS for the current year.

Medtronic Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 17th. Investors of record on Friday, June 26th were paid a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date was Friday, June 26th. This is a positive change from Medtronic’s previous quarterly dividend of $0.71. Medtronic’s dividend payout ratio is presently 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).