Armistice Capital LLC Lowers Position in Medtronic PLC $MDT

Key Points

• Armistice Capital LLC reduced its stake in Medtronic PLC by 27.9%, selling 208,927 shares and holding 541,237 shares worth approximately $48.6 million, making it the company's 24th largest position.
• Analysts have generally rated Medtronic with positive outlooks, with price target increases from firms such as Truist Financial and Wells Fargo, and a consensus rating of "Moderate Buy."
• Medtronic reported better-than-expected quarterly earnings with an EPS of $1.26, beating analyst estimates, and announced a quarterly dividend of $0.71 per share scheduled for October 17th.

Armistice Capital LLC trimmed its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 27.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 541,237 shares of the medical technology company's stock after selling 208,927 shares during the period. Medtronic comprises about 0.7% of Armistice Capital LLC's investment portfolio, making the stock its 24th biggest position. Armistice Capital LLC's holdings in Medtronic were worth $48,636,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of MDT. Vanguard Group Inc. boosted its stake in Medtronic by 0.7% during 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 last quarter. Massachusetts Financial Services Co. MA increased its holdings in 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 buying an additional 1,461,841 shares during the period. Bank of New York Mellon Corp increased 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 valued at $1,858,332,000 after buying an additional 756,192 shares during the period. Deutsche Bank AG boosted its stake in Medtronic by 3.1% in the first quarter. Deutsche Bank AG now owns 19,009,795 shares of the medical technology company's stock valued at $1,708,220,000 after acquiring an additional 566,155 shares in the last quarter. Finally, Invesco Ltd. boosted its stake in Medtronic by 9.9% in the first quarter. Invesco Ltd. now owns 16,980,592 shares of the medical technology company's stock valued at $1,525,876,000 after acquiring an additional 1,535,308 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company's stock.

Medtronic Stock Down 1.2%

Shares of NYSE:MDT traded down $1.13 during trading hours on Wednesday, reaching $92.20. The stock had a trading volume of 5,352,201 shares, compared to its average volume of 7,039,311. Medtronic PLC has a 1 year low of $79.29 and a 1 year high of $96.25. The firm's 50 day moving average is $90.59 and its 200-day moving average is $88.06. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.42 and a current ratio of 2.01. The stock has a market capitalization of $118.26 billion, a price-to-earnings ratio of 25.40, a P/E/G ratio of 2.36 and a beta of 0.77.

Medtronic (NYSE:MDT - Get Free Report) last posted its earnings results on Tuesday, August 19th. The medical technology company reported $1.26 EPS for the quarter, beating analysts' consensus estimates of $1.23 by $0.03. Medtronic had a net margin of 13.63% and a return on equity of 14.61%. The firm had revenue of $8.58 billion for the quarter, compared to the consensus estimate of $8.37 billion. During the same period last year, the firm posted $1.23 EPS. The company'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 predict that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

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

Analyst Upgrades and Downgrades

MDT has been the subject of several research reports. Argus lifted their price objective on shares of Medtronic from $105.00 to $115.00 and gave the stock a "buy" rating in a research note on Tuesday, August 26th. Mizuho lifted their price target on Medtronic from $98.00 to $100.00 and gave the company an "outperform" rating in a research note on Wednesday, July 16th. BTIG Research reissued a "neutral" rating on shares of Medtronic in a research note on Friday, July 11th. Morgan Stanley reiterated an "overweight" rating and set a $107.00 price objective (up from $98.00) on shares of Medtronic in a research note on Tuesday, July 15th. Finally, Wolfe Research raised shares of Medtronic from an "underperform" rating to a "peer perform" rating in a research note on Monday, June 30th. One equities research 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 stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $102.14.

Insider Activity at Medtronic

In other news, Director William R. Jellison acquired 2,500 shares of the business's stock in a transaction dated Monday, August 25th. The stock was acquired at an average price of $92.37 per share, with a total value of $230,925.00. Following the completion of the transaction, the director directly owned 5,000 shares in the company, valued at approximately $461,850. This represents a 100.00% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.26% of the stock is currently owned by company insiders.

Medtronic 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.