Westside Investment Management Inc. Cuts Holdings in Medtronic PLC $MDT

Westside Investment Management Inc. lowered its position in Medtronic PLC (NYSE:MDT) by 56.8% during the second quarter, Holdings Channel.com reports. The fund owned 6,599 shares of the medical technology company’s stock after selling 8,683 shares during the quarter. Westside Investment Management Inc.’s holdings in Medtronic were worth $516,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Monetary Solutions Ltd purchased a new position in shares of Medtronic in the 4th quarter worth about $27,000. Anfield Capital Management LLC lifted its stake in shares of Medtronic by 410.7% in the 4th quarter. Anfield Capital Management LLC now owns 286 shares of the medical technology company’s stock valued at $27,000 after purchasing an additional 230 shares in the last quarter. Acumen Wealth Advisors LLC acquired a new position in shares of Medtronic in the 4th quarter valued at about $29,000. Imprint Wealth LLC purchased a new stake in shares of Medtronic during the 3rd quarter worth about $31,000. Finally, Basepoint Wealth LLC purchased a new stake in shares of Medtronic during the 4th quarter worth about $32,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Insider Activity at Medtronic

In other news, EVP Harry Skip Kiil sold 4,189 shares of the business’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $80.44, for a total transaction of $336,963.16. Following the transaction, the executive vice president directly 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.26% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on MDT shares. UBS Group raised shares of Medtronic from a “neutral” rating to a “buy” rating and increased their target price for the stock from $85.00 to $100.00 in a research report on Tuesday, July 28th. JPMorgan Chase & Co. reduced their price target on shares of Medtronic from $100.00 to $86.00 and set a “neutral” rating on the stock in a research report on Thursday, June 4th. Wall Street Zen upgraded shares of Medtronic from a “hold” rating to a “buy” rating in a research note on Saturday, July 18th. Rothschild & Co Redburn dropped their price objective on shares of Medtronic from $111.00 to $106.00 and set a “buy” rating for the company in a research report on Friday, June 5th. Finally, Piper Sandler reissued a “neutral” rating on shares of Medtronic in a research note on Monday. Eighteen research 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.com, the company has a consensus rating of “Moderate Buy” and an average target price of $98.83.

Medtronic Price Performance

MDT stock opened at $90.69 on Friday. The firm has a market cap of $116.09 billion, a P/E ratio of 24.31, a price-to-earnings-growth ratio of 2.43 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 PLC has a 1 year low of $73.31 and a 1 year high of $106.33. The stock has a 50-day simple moving average of $83.01 and a 200-day simple moving average of $86.33.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 EPS for the quarter, topping the consensus estimate of $1.54 by $0.01. The firm had revenue of $9.81 billion for 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%.Medtronic’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.62 EPS. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. On average, equities analysts predict that Medtronic PLC will post 5.94 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 17th. Stockholders of record on Friday, June 26th were paid a dividend of $0.72 per share. This is an increase from Medtronic’s previous quarterly dividend of $0.71. 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. Medtronic’s payout ratio is 77.21%.

Medtronic 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).