Oarsman Capital Reduces Medtronic Stake; Analysts Set New Targets

Oarsman Capital Inc. has decreased its investment in Medtronic PLC, selling 507 shares during the second quarter. According to its recent Form 13F filing with the Securities and Exchange Commission, the firm now holds 32,826 shares of the medical technology company, which were valued at approximately $2.86 million at the end of June 2023. This reduction represents a 1.5% decline in Oarsman’s total stake.

Several other institutional investors have also adjusted their positions in Medtronic recently. Notably, Legacy Advisory Services LLC entered a new investment in the first quarter, acquiring shares valued at about $541,000. Meanwhile, GC Wealth Management RIA LLC increased its holdings by 20.6% in the second quarter, now owning 33,569 shares worth around $2.93 million after purchasing an additional 5,734 shares.

Similarly, Verdence Capital Advisors LLC raised its stake in Medtronic by 22.0%, acquiring an additional 5,296 shares, bringing its total to 29,396 shares, valued at approximately $2.56 million. Sivik Global Healthcare LLC and RNC Capital Management LLC also expanded their holdings, with Sivik increasing its position by 6.7% and RNC by 8.8%.

According to reports, institutional investors collectively own 82.06% of Medtronic’s stock.

Recent Insider Transactions

In other developments related to Medtronic, Director William R. Jellison purchased 2,500 shares on August 25, 2023, at an average price of $92.37 per share, totaling $230,925. Following this acquisition, Jellison’s ownership increased to 5,000 shares, valued at approximately $461,850.

In contrast, Executive Vice President Harry Skip Kiil sold 8,605 shares on September 3, 2023, at an average price of $91.58, resulting in a transaction worth $788,045.90. After this sale, Kiil holds 35,615 shares, valued at around $3.26 million, reflecting a 19.46% decrease in his position. Currently, company insiders own 0.26% of Medtronic’s stock.

Stock Performance and Financial Outlook

As of October 17, 2023, shares of Medtronic opened at $93.33. The company maintains a debt-to-equity ratio of 0.54, a current ratio of 2.01, and a quick ratio of 1.50. Over the past year, Medtronic’s stock has fluctuated between a low of $79.29 and a high of $99.37.

For the latest quarter, which concluded on August 19, 2023, Medtronic reported earnings of $1.26 per share, surpassing the consensus estimate of $1.23 by $0.03. The company achieved a net margin of 13.63% and a return on equity of 14.61%, with revenues reaching $8.58 billion, exceeding analyst expectations of $8.37 billion. This reflects a 7.7% increase in quarterly revenue compared to the same period last year.

Medtronic has projected its fiscal year 2026 guidance at earnings per share of between $5.600 and $5.660. Analysts currently estimate an average earnings per share of $5.46 for the current fiscal year.

Recently, Medtronic announced a quarterly dividend of $0.71 per share, which was paid on October 17, 2023, to shareholders of record as of September 26. This equates to an annualized dividend of $2.84 and a yield of 3.0%. The company’s dividend payout ratio currently stands at 78.24%.

Medtronic plc specializes in developing, manufacturing, and selling device-based medical therapies globally. Its extensive product portfolio includes cardiac devices, ablation products, and patient-centered software solutions.

For ongoing updates, interested parties can visit HoldingsChannel.com for the latest 13F filings and insider trades related to Medtronic PLC.