Medtronic PLC $MDT Shares Bought by AQR Capital Management LLC

Key Points

• AQR Capital Management LLC increased its holdings in Medtronic PLC by 29.3% during Q1, acquiring an additional 762,632 shares, totaling 3,369,317 shares valued at approximately $298.69 million.
• Medtronic reported a quarterly earnings per share of $1.26, exceeding analysts' expectations by $0.03, with revenue of $8.58 billion, a 7.7% increase compared to the previous year.
• The company announced a quarterly dividend of $0.71 per share, representing an annualized yield of 3.0%, with the ex-dividend date set for September 26th.

AQR Capital Management LLC boosted its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 29.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,369,317 shares of the medical technology company's stock after acquiring an additional 762,632 shares during the quarter. AQR Capital Management LLC owned about 0.26% of Medtronic worth $298,690,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. 1248 Management LLC acquired a new position in Medtronic during the 1st quarter worth $26,000. Burkett Financial Services LLC grew its stake in Medtronic by 185.0% during the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock worth $26,000 after purchasing an additional 185 shares in the last quarter. Columbia River Financial Group LLC acquired a new position in Medtronic during the 1st quarter worth $28,000. Twin Tree Management LP acquired a new position in Medtronic during the 1st quarter worth $29,000. Finally, Activest Wealth Management grew its stake in Medtronic by 3,577.8% during the 1st quarter. Activest Wealth Management now owns 331 shares of the medical technology company's stock worth $30,000 after purchasing an additional 322 shares in the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently commented on MDT. Mizuho boosted their target price on Medtronic from $98.00 to $100.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 16th. Robert W. Baird lifted their price target on Medtronic from $94.00 to $96.00 and gave the stock a "neutral" rating in a report on Wednesday, August 20th. Leerink Partnrs raised Medtronic to a "strong-buy" rating in a report on Monday, June 16th. UBS Group lifted their price target on Medtronic from $94.00 to $95.00 and gave the stock a "neutral" rating in a report on Wednesday, August 20th. Finally, Leerink Partners initiated coverage on Medtronic in a report on Monday, June 16th. They set an "outperform" rating and a $110.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and eight have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $102.14.

Insider Activity

In related news, EVP Harry Skip Kiil sold 8,605 shares of the business's stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $91.58, for a total value of $788,045.90. Following the transaction, the executive vice president owned 35,615 shares in the company, valued at $3,261,621.70. The trade was a 19.46% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director William R. Jellison purchased 2,500 shares of the company's stock in a transaction that occurred on Monday, August 25th. The stock was bought at an average price of $92.37 per share, for a total transaction of $230,925.00. Following the transaction, the director directly owned 5,000 shares in the company, valued at $461,850. This trade represents a 100.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.26% of the company's stock.

Medtronic Stock Performance

Shares of Medtronic stock traded up $0.08 on Friday, hitting $92.93. The stock had a trading volume of 4,856,702 shares, compared to its average volume of 7,029,722. Medtronic PLC has a 52-week low of $79.29 and a 52-week high of $96.25. The company has a current ratio of 2.01, a quick ratio of 1.50 and a debt-to-equity ratio of 0.54. The stock has a market cap of $119.20 billion, a price-to-earnings ratio of 25.60, a P/E/G ratio of 2.36 and a beta of 0.77. The company's 50 day moving average price is $90.97 and its 200 day moving average price is $88.13.

Medtronic (NYSE:MDT - Get Free Report) last posted its earnings results on Tuesday, August 19th. The medical technology company reported $1.26 earnings per share 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 business had revenue of $8.58 billion during the quarter, compared to the consensus estimate of $8.37 billion. During the same period in the previous year, the business earned $1.23 EPS. The business's quarterly revenue was up 7.7% on a year-over-year basis. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. On average, research analysts anticipate that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Dividend Announcement

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

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.