3,388 Shares in Medtronic PLC $MDT Acquired by Bennett Associates Wealth Management

Key Points

• Bennett Associates Wealth Management acquired 3,388 shares of Medtronic PLC, valued at approximately $295,000, in the second quarter.
• The latest earnings report showed Medtronic posted an EPS of $1.26, exceeding expectations, with a revenue of $8.58 billion for the quarter.
• Medtronic declared a quarterly dividend of $0.71 per share, resulting in an annualized dividend yield of 2.9%.

Bennett Associates Wealth Management purchased a new position in Medtronic PLC (NYSE:MDT - Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 3,388 shares of the medical technology company's stock, valued at approximately $295,000.

A number of other hedge funds also recently made changes to their positions in MDT. Legacy Advisory Services LLC purchased a new position in shares of Medtronic in the first quarter valued at $541,000. GC Wealth Management RIA LLC increased its stake in Medtronic by 20.6% during the 2nd quarter. GC Wealth Management RIA LLC now owns 33,569 shares of the medical technology company's stock worth $2,926,000 after buying an additional 5,734 shares during the period. RNC Capital Management LLC lifted its holdings in Medtronic by 8.8% in the 1st quarter. RNC Capital Management LLC now owns 417,021 shares of the medical technology company's stock worth $37,474,000 after buying an additional 33,729 shares in the last quarter. Commerce Bank boosted its position in Medtronic by 1.7% in the 1st quarter. Commerce Bank now owns 145,984 shares of the medical technology company's stock valued at $13,118,000 after buying an additional 2,429 shares during the last quarter. Finally, Brighton Jones LLC grew its stake in shares of Medtronic by 1,368.0% during the fourth quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock valued at $3,194,000 after acquiring an additional 37,265 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company's stock.

Analyst Ratings Changes

Several research analysts recently commented on MDT shares. Leerink Partners began coverage on Medtronic in a research note on Monday, June 16th. They issued an "outperform" rating and a $110.00 price target on the stock. Wolfe Research upgraded Medtronic from an "underperform" rating to a "peer perform" rating in a report on Monday, June 30th. Wall Street Zen lowered Medtronic from a "buy" rating to a "hold" rating in a research report on Friday. Argus raised their price target on shares of Medtronic from $105.00 to $115.00 and gave the stock a "buy" rating in a research report on Tuesday, August 26th. Finally, Weiss Ratings restated a "buy (b-)" rating on shares of Medtronic in a research note on Saturday, September 27th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $100.94.

Medtronic Price Performance

Shares of MDT opened at $98.46 on Tuesday. Medtronic PLC has a 52 week low of $79.29 and a 52 week high of $98.66. The company has a current ratio of 2.01, a quick ratio of 1.50 and a debt-to-equity ratio of 0.54. The firm has a market cap of $126.29 billion, a price-to-earnings ratio of 27.12, a PEG ratio of 2.57 and a beta of 0.78. The stock has a 50 day moving average of $93.07 and a 200-day moving average of $88.52.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings results on Tuesday, August 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.23 by $0.03. The business had revenue of $8.58 billion for the quarter, compared to analyst estimates of $8.37 billion. Medtronic had a return on equity of 14.61% and a net margin of 13.63%.The business's revenue was up 7.7% compared to the same quarter last year. During the same period in the prior year, the company posted $1.23 EPS. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. As a group, analysts forecast that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 17th. Stockholders of record on Friday, September 26th will be given a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date is Friday, September 26th. Medtronic's dividend payout ratio (DPR) is presently 78.24%.

Insider Activity

In related news, Director William R. Jellison bought 2,500 shares of the firm's stock in a transaction on Monday, August 25th. The stock was bought at an average cost of $92.37 per share, for a total transaction of $230,925.00. Following the completion of the purchase, the director directly owned 5,000 shares in the company, valued at approximately $461,850. The trade was a 100.00% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Harry Skip Kiil sold 8,605 shares of the company's stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $91.58, for a total value of $788,045.90. Following the transaction, the executive vice president directly owned 35,615 shares of the company's stock, valued at $3,261,621.70. This trade represents a 19.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.26% of the company's stock.

About Medtronic

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.

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