Aberdeen Group plc Purchases 27,470 Shares of Medtronic PLC $MDT

Key Points

• Aberdeen Group plc increased its stake in Medtronic PLC by 27,470 shares during the 2nd quarter, bringing its total ownership to approximately 2.6 million shares, valued at about $225.8 million.
• Medtronic recently declared a quarterly dividend of $0.71 per share, which will be paid on October 17th, representing an annualized dividend yield of 3.0%.
• Institutional investors collectively own 82.06% of Medtronic's stock, indicating significant institutional interest in the company.

Aberdeen Group plc grew its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 1.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,602,657 shares of the medical technology company's stock after acquiring an additional 27,470 shares during the quarter. Aberdeen Group plc owned about 0.20% of Medtronic worth $225,820,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of MDT. Boston Partners increased its holdings in shares of Medtronic by 122.8% during the first quarter. Boston Partners now owns 6,912,055 shares of the medical technology company's stock valued at $619,460,000 after acquiring an additional 3,809,450 shares in the last quarter. Ameriprise Financial Inc. boosted its position in shares of Medtronic by 28.8% during the first quarter. Ameriprise Financial Inc. now owns 15,481,028 shares of the medical technology company's stock valued at $1,391,141,000 after buying an additional 3,461,221 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Medtronic by 42.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 10,059,135 shares of the medical technology company's stock valued at $903,915,000 after buying an additional 3,017,849 shares during the last quarter. Nuveen LLC purchased a new position in shares of Medtronic during the first quarter valued at approximately $260,649,000. Finally, Mackenzie Financial Corp boosted its position in shares of Medtronic by 220.9% during the first quarter. Mackenzie Financial Corp now owns 2,412,115 shares of the medical technology company's stock valued at $216,753,000 after buying an additional 1,660,357 shares during the last quarter. Institutional investors own 82.06% of the company's stock.

Insiders Place Their Bets

In other news, Director William R. Jellison purchased 2,500 shares of the company's stock in a transaction dated Monday, August 25th. The shares were purchased at an average price of $92.37 per share, with a total value of $230,925.00. Following the transaction, the director directly owned 5,000 shares of the company's stock, valued at approximately $461,850. This represents a 100.00% increase in their ownership of the stock. The purchase was disclosed in a document filed 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 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 in the company, valued at $3,261,621.70. This represents a 19.46% decrease in their position. The disclosure for this sale can be found here. 0.26% of the stock is owned by corporate insiders.

Medtronic Stock Down 1.0%

MDT stock opened at $95.52 on Friday. The stock's fifty day simple moving average is $93.56 and its two-hundred day simple moving average is $88.74. The company has a current ratio of 2.01, a quick ratio of 1.50 and a debt-to-equity ratio of 0.54. Medtronic PLC has a 1-year low of $79.29 and a 1-year high of $99.37. The stock has a market cap of $122.52 billion, a P/E ratio of 26.31, a P/E/G ratio of 2.54 and a beta of 0.78.

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

Medtronic Announces Dividend

The company 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 dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Friday, September 26th. Medtronic's dividend payout ratio is currently 78.24%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. William Blair raised Medtronic to a "hold" rating in a research report on Friday, July 11th. Sanford C. Bernstein lifted their target price on Medtronic from $97.00 to $98.00 and gave the company an "outperform" rating in a research report on Wednesday, August 20th. Wall Street Zen cut Medtronic from a "buy" rating to a "hold" rating in a research report on Friday, October 3rd. Citigroup lifted their target price on Medtronic from $101.00 to $112.00 and gave the company a "buy" rating in a research report on Tuesday. Finally, BTIG Research reaffirmed a "neutral" rating on shares of Medtronic in a research report on Friday, July 11th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Medtronic has an average rating of "Moderate Buy" and a consensus target price of $102.41.

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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