Aberdeen Group plc Acquires 1,015,174 Shares of Medtronic PLC $MDT

Key Points

• Aberdeen Group plc increased its stake in Medtronic PLC by 65.1% in the first quarter, now owning 2,575,187 shares valued at approximately $229 million.
• Several hedge funds adjusted their positions in Medtronic, with Vanguard Group Inc. lifting its stake by 0.7%, owning over $11 billion worth of shares.
• Medtronic recently raised its quarterly dividend from $0.70 to $0.71, representing an annual yield of 3.1% and a payout ratio of 78.45%.

Aberdeen Group plc raised its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 65.1% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,575,187 shares of the medical technology company's stock after purchasing an additional 1,015,174 shares during the quarter. Aberdeen Group plc owned about 0.20% of Medtronic worth $229,282,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the company. Dunhill Financial LLC increased its stake in shares of Medtronic by 17.2% in the first quarter. Dunhill Financial LLC now owns 847 shares of the medical technology company's stock worth $76,000 after purchasing an additional 124 shares during the period. Cidel Asset Management Inc. boosted its stake in Medtronic by 1.3% during the 1st 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 period. Petros Family Wealth LLC grew its holdings in Medtronic by 4.3% in the 1st 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 during the last quarter. Motco increased its position in Medtronic by 27.0% in 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 period. Finally, Baker Avenue Asset Management LP increased its position in 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 during the period. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Price Performance

MDT traded up $3.2320 during midday trading on Wednesday, reaching $93.1320. 13,227,037 shares of the company's stock were exchanged, compared to its average volume of 7,341,579. The company has a quick ratio of 1.42, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The business has a 50-day simple moving average of $89.57 and a two-hundred day simple moving average of $88.02. The firm has a market capitalization of $119.38 billion, a price-to-earnings ratio of 25.66, a price-to-earnings-growth ratio of 2.33 and a beta of 0.80. Medtronic PLC has a one year low of $79.29 and a one year high of $96.25.

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

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 17th. Stockholders of record on Friday, September 26th will be issued a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, September 26th. This represents a $2.84 annualized dividend and a dividend yield of 3.0%. Medtronic's dividend payout ratio (DPR) is presently 78.24%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on MDT. Wells Fargo & Company increased their price objective on Medtronic from $98.00 to $100.00 and gave the company an "overweight" rating in a research report on Wednesday. Evercore ISI increased their price target on shares of Medtronic from $103.00 to $106.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. Leerink Partners initiated coverage on shares of Medtronic in a research report on Monday, June 16th. They issued an "outperform" rating and a $110.00 price target on the stock. Wolfe Research raised shares of Medtronic from an "underperform" rating to a "peer perform" rating in a research report on Monday, June 30th. Finally, Citigroup increased their target price on shares of Medtronic from $98.00 to $99.00 and gave the company a "buy" rating in a research note on Wednesday, July 9th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and eleven have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $98.63.

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.