Allstate Corp Has $3.73 Million Stock Position in Medtronic PLC $MDT

Key Points

• Allstate Corp has increased its stake in Medtronic PLC by 8.4% during the first quarter, holding 41,459 shares worth approximately $3.73 million at the end of the reporting period.
• Medtronic recently reported quarterly earnings of $1.26 per share, surpassing analysts' expectations, with a revenue of $8.58 billion for the quarter, reflecting a 7.7% year-over-year increase.
• The company declared a quarterly dividend of $0.71 per share, which is set to be paid on October 17th, representing an annualized yield of 3.1%.

Allstate Corp increased its stake in Medtronic PLC (NYSE:MDT - Free Report) by 8.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 41,459 shares of the medical technology company's stock after acquiring an additional 3,219 shares during the quarter. Allstate Corp's holdings in Medtronic were worth $3,726,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MDT. Vanguard Group Inc. lifted its stake in Medtronic by 0.7% in the first quarter. Vanguard Group Inc. now owns 125,014,241 shares of the medical technology company's stock valued at $11,233,780,000 after buying an additional 810,854 shares during the period. Massachusetts Financial Services Co. MA increased its holdings in shares of Medtronic by 7.0% during the first 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 in the last quarter. Bank of New York Mellon Corp grew its holdings in Medtronic by 3.8% during the first quarter. Bank of New York Mellon Corp now owns 20,680,301 shares of the medical technology company's stock worth $1,858,332,000 after buying an additional 756,192 shares in the last quarter. Deutsche Bank AG grew its holdings in Medtronic by 3.1% during the first 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 in the last quarter. Finally, Invesco Ltd. grew its stake in Medtronic by 9.9% in the 1st quarter. Invesco Ltd. now owns 16,980,592 shares of the medical technology company's stock valued at $1,525,876,000 after purchasing an additional 1,535,308 shares during the period. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Trading Down 2.3%

Medtronic stock opened at $91.1180 on Friday. The company has a market capitalization of $116.80 billion, a price-to-earnings ratio of 25.10, a price-to-earnings-growth ratio of 2.40 and a beta of 0.80. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53. Medtronic PLC has a 12 month low of $79.29 and a 12 month high of $96.25. The business's fifty day simple moving average is $89.62 and its two-hundred day simple moving average is $88.02.

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

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 17th. Shareholders of record on Friday, September 26th will be given a $0.71 dividend. The ex-dividend date is Friday, September 26th. This represents a $2.84 dividend on an annualized basis and a yield of 3.1%. Medtronic's dividend payout ratio is presently 78.24%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Evercore ISI upped their price target on Medtronic from $103.00 to $106.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. UBS Group raised their price objective on Medtronic from $94.00 to $95.00 and gave the company a "neutral" rating in a report on Wednesday. Citigroup lifted their price target on Medtronic from $99.00 to $101.00 and gave the stock a "buy" rating in a research note on Thursday. Morgan Stanley reissued an "overweight" rating and set a $107.00 target price (up from $98.00) on shares of Medtronic in a research note on Tuesday, July 15th. Finally, Leerink Partners assumed coverage on Medtronic in a research report on Monday, June 16th. They set an "outperform" rating and a $110.00 price target on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat, Medtronic has a consensus rating of "Moderate Buy" and a consensus price target of $101.15.

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.

Want to see what other hedge funds are holding MDT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Medtronic PLC (NYSE:MDT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.