Acadian Asset Management LLC Reduces Stock Position in Medtronic PLC $MDT

Key Points

• Acadian Asset Management LLC cut its stake in Medtronic PLC by 47.2% during the first quarter, owning 75,510 shares worth approximately $6.78 million after the reduction.
• Insider transactions include Director William R. Jellison acquiring 2,500 shares, increasing his holdings by 100%, while EVP Harry Skip Kiil sold 8,605 shares, reducing his position by nearly 19.46%.
• Medtronic reported $1.26 EPS for the quarter, surpassing estimates, and announced a quarterly dividend of $0.71 per share, equating to a 3.0% yield.

Acadian Asset Management LLC trimmed its position in Medtronic PLC (NYSE:MDT - Free Report) by 47.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 75,510 shares of the medical technology company's stock after selling 67,420 shares during the quarter. Acadian Asset Management LLC's holdings in Medtronic were worth $6,780,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in MDT. Burkett Financial Services LLC lifted its holdings in shares of Medtronic by 185.0% in the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock worth $26,000 after buying an additional 185 shares during the period. 1248 Management LLC purchased a new stake in shares of Medtronic in the 1st quarter worth $26,000. Wood Tarver Financial Group LLC purchased a new stake in shares of Medtronic in the 4th quarter worth $27,000. Columbia River Financial Group LLC purchased a new stake in shares of Medtronic in the 1st quarter worth $28,000. Finally, Twin Tree Management LP purchased a new stake in shares of Medtronic in the 1st quarter worth $29,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Medtronic news, Director William R. Jellison bought 2,500 shares of Medtronic stock in a transaction that occurred on Monday, August 25th. The shares were bought at an average cost 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Harry Skip Kiil sold 8,605 shares of the company's stock in a transaction dated 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 ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.26% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on MDT shares. Morgan Stanley reiterated an "overweight" rating and issued a $107.00 target price (up from $98.00) on shares of Medtronic in a report on Tuesday, July 15th. Robert W. Baird upped their price objective on Medtronic from $94.00 to $96.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 20th. William Blair upgraded Medtronic to a "hold" rating in a research note on Friday, July 11th. Citigroup upped their price objective on Medtronic from $99.00 to $101.00 and gave the stock a "buy" rating in a research note on Thursday, August 21st. Finally, BTIG Research restated a "neutral" rating on shares of Medtronic in a research note on Friday, July 11th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and eight have issued a Hold rating to the company's stock. Based on data from MarketBeat, Medtronic presently has a consensus rating of "Moderate Buy" and an average target price of $102.14.

Medtronic Trading Down 0.2%

Shares of NYSE MDT opened at $94.05 on Friday. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.01 and a quick ratio of 1.50. The stock has a market capitalization of $120.64 billion, a P/E ratio of 25.91, a price-to-earnings-growth ratio of 2.48 and a beta of 0.77. Medtronic PLC has a 1-year low of $79.29 and a 1-year high of $96.25. The business has a fifty day moving average price of $91.50 and a 200 day moving average price of $88.28.

Medtronic (NYSE:MDT - Get Free Report) last announced its 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. Medtronic had a return on equity of 14.61% and a net margin of 13.63%.The company had revenue of $8.58 billion for the quarter, compared to analyst estimates of $8.37 billion. During the same period in the prior year, the company posted $1.23 EPS. The firm's quarterly revenue was up 7.7% compared to the same quarter last year. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. Equities research analysts expect that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 17th. Investors of record on Friday, September 26th will be given a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend is Friday, September 26th. Medtronic's dividend payout ratio is currently 78.24%.

Medtronic Company 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.

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