Advisors Capital Management LLC Has $45.62 Million Stock Holdings in Medtronic PLC $MDT

Key Points

• Advisors Capital Management LLC increased its stake in Medtronic PLC by 11.7% to 507,695 shares, reflecting a total holding worth approximately $45.62 million.
• Medtronic recently reported earnings of $1.26 EPS for the quarter, exceeding expectations, with revenue of $8.58 billion, a 7.7% increase year-over-year.
• The company announced a $0.71 quarterly dividend, with a 3.1% yield, set to be paid on October 17th to investors of record.

Advisors Capital Management LLC raised its position in Medtronic PLC (NYSE:MDT - Free Report) by 11.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 507,695 shares of the medical technology company's stock after buying an additional 53,092 shares during the quarter. Advisors Capital Management LLC's holdings in Medtronic were worth $45,622,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of Medtronic by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 125,014,241 shares of the medical technology company's stock valued at $11,233,780,000 after acquiring an additional 810,854 shares during the period. Massachusetts Financial Services Co. MA lifted its position in shares of Medtronic by 7.0% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 22,278,023 shares of the medical technology company's stock valued at $2,001,903,000 after acquiring an additional 1,461,841 shares during the period. Bank of New York Mellon Corp lifted its position in shares of Medtronic by 3.8% during the 1st quarter. Bank of New York Mellon Corp now owns 20,680,301 shares of the medical technology company's stock valued at $1,858,332,000 after acquiring an additional 756,192 shares during the period. Deutsche Bank AG lifted its position in shares of Medtronic by 3.1% during the 1st quarter. Deutsche Bank AG now owns 19,009,795 shares of the medical technology company's stock worth $1,708,220,000 after buying an additional 566,155 shares during the last quarter. Finally, Invesco Ltd. lifted its position in shares of Medtronic by 9.9% during the 1st quarter. Invesco Ltd. now owns 16,980,592 shares of the medical technology company's stock worth $1,525,876,000 after buying an additional 1,535,308 shares during the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Trading Down 1.8%

NYSE MDT opened at $92.38 on Thursday. The business has a 50 day simple moving average of $91.27 and a 200 day simple moving average of $88.23. Medtronic PLC has a one year low of $79.29 and a one year high of $96.25. The stock has a market capitalization of $118.49 billion, a P/E ratio of 25.45, a P/E/G ratio of 2.39 and a beta of 0.77. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.01 and a quick ratio of 1.50.

Medtronic (NYSE:MDT - Get Free Report) last released its earnings results on Tuesday, August 19th. The medical technology company reported $1.26 EPS 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 during the quarter, compared to analysts' expectations of $8.37 billion. During the same quarter last year, the firm posted $1.23 earnings per share. The firm'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. Research analysts expect that Medtronic PLC will post 5.46 earnings per share for the current 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 paid 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 yield of 3.1%. Medtronic's dividend payout ratio (DPR) is currently 78.24%.

Insider Activity at Medtronic

In other news, Director William R. Jellison acquired 2,500 shares of Medtronic stock in a transaction on Monday, August 25th. The stock was purchased at an average price of $92.37 per share, with a total value of $230,925.00. Following the completion of the purchase, the director owned 5,000 shares of the company's stock, 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 can be accessed through this link. Also, EVP Harry Skip Kiil sold 8,605 shares of the firm'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 completion of the sale, 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 position. The disclosure for this sale can be found here. Company insiders own 0.26% of the company's stock.

Analyst Ratings Changes

Several brokerages recently weighed in on MDT. Wolfe Research upgraded Medtronic from an "underperform" rating to a "peer perform" rating in a research report on Monday, June 30th. BTIG Research reiterated a "neutral" rating on shares of Medtronic in a research report on Friday, July 11th. Evercore ISI increased their target price on Medtronic from $103.00 to $106.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a research report on Thursday, August 14th. Finally, Wall Street Zen upgraded Medtronic from a "hold" rating to a "buy" rating in a research report on Saturday, August 30th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and eight have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $102.14.

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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