1832 Asset Management L.P. Has $167.13 Million Position in Medtronic PLC $MDT

Key Points

• 1832 Asset Management L.P. reduced its holdings in Medtronic PLC by 44.7%, selling 1,504,293 shares and retaining approximately 1.86 million shares valued at $167.1 million.
• Medtronic reported $1.26 earnings per share for the last quarter, surpassing analysts' expectations of $1.23 and showing a year-over-year revenue growth of 7.7%.
• The company declared a quarterly dividend of $0.71, with an annualized yield of 3.1%, reflecting a payout ratio of 78.24%.

1832 Asset Management L.P. decreased its stake in Medtronic PLC (NYSE:MDT - Free Report) by 44.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,859,847 shares of the medical technology company's stock after selling 1,504,293 shares during the period. 1832 Asset Management L.P. owned approximately 0.15% of Medtronic worth $167,126,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Dunhill Financial LLC increased its stake in Medtronic by 17.2% in the 1st quarter. Dunhill Financial LLC now owns 847 shares of the medical technology company's stock valued at $76,000 after purchasing an additional 124 shares in the last quarter. Cidel Asset Management Inc. grew its holdings in Medtronic by 1.3% in the first quarter. Cidel Asset Management Inc. now owns 9,531 shares of the medical technology company's stock valued at $856,000 after purchasing an additional 126 shares during the last quarter. Petros Family Wealth LLC increased its position in shares of Medtronic by 4.3% in the first quarter. Petros Family Wealth LLC now owns 3,111 shares of the medical technology company's stock valued at $280,000 after buying an additional 127 shares in the last quarter. Motco raised its stake in shares of Medtronic by 27.0% during the 1st quarter. Motco now owns 635 shares of the medical technology company's stock worth $57,000 after buying an additional 135 shares during the last quarter. Finally, Baker Avenue Asset Management LP boosted its position in shares of Medtronic by 3.1% in the 1st quarter. Baker Avenue Asset Management LP now owns 4,558 shares of the medical technology company's stock worth $410,000 after buying an additional 136 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. William Blair upgraded shares of Medtronic to a "hold" rating in a research report on Friday, July 11th. Sanford C. Bernstein lifted their price objective on Medtronic from $97.00 to $98.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 20th. Evercore ISI boosted their price target on Medtronic from $103.00 to $106.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Wolfe Research raised Medtronic from an "underperform" rating to a "peer perform" rating in a research note on Monday, June 30th. Finally, Truist Financial boosted their target price on shares of Medtronic from $92.00 to $96.00 and gave the company a "hold" rating in a research note on Thursday. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $101.15.

Medtronic Trading Down 0.7%

NYSE:MDT traded down $0.69 on Monday, hitting $92.02. 4,763,821 shares of the stock were exchanged, compared to its average volume of 7,720,845. The stock has a fifty day moving average of $89.73 and a 200-day moving average of $87.99. The stock has a market cap of $117.95 billion, a PE ratio of 25.35, a PEG ratio of 2.35 and a beta of 0.80. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53. Medtronic PLC has a fifty-two week low of $79.29 and a fifty-two week high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings data on Tuesday, August 19th. The medical technology company reported $1.26 earnings per share for the quarter, beating analysts' consensus estimates of $1.23 by $0.03. Medtronic had a return on equity of 14.56% and a net margin of 13.63%.The firm had revenue of $8.58 billion during the quarter, compared to analyst estimates of $8.37 billion. During the same quarter last year, the firm earned $1.23 EPS. Medtronic's quarterly revenue was up 7.7% on a year-over-year basis. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. As a group, equities analysts expect that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 17th. Shareholders of record on Friday, September 26th will be paid a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Friday, September 26th. Medtronic's payout ratio is 78.24%.

Medtronic Profile

Medtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients worldwide. Its Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; cardiac ablation products; insertable cardiac monitor systems; TYRX products; and remote monitoring and patient-centered software.