Ascent Group LLC Boosts Holdings in Medtronic PLC $MDT

Key Points

• Ascent Group LLC significantly increased its holdings in Medtronic PLC by 121.9% during the second quarter, owning 38,301 shares worth approximately $3.34 million by the end of the reporting period.
• Medtronic reported strong quarterly earnings, with an EPS of $1.26, exceeding analysts' expectations and a revenue of $8.58 billion, marking a year-over-year increase of 7.7%.
• The company announced a quarterly dividend of $0.71 per share, yielding 2.9%, and set its FY 2026 guidance at $5.600-5.660 EPS.

Ascent Group LLC grew its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 121.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 38,301 shares of the medical technology company's stock after purchasing an additional 21,038 shares during the quarter. Ascent Group LLC's holdings in Medtronic were worth $3,339,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in MDT. 1248 Management LLC purchased a new position in Medtronic in the first quarter worth approximately $26,000. Columbia River Financial Group LLC purchased a new position in Medtronic in the first quarter worth approximately $28,000. Twin Tree Management LP purchased a new position in Medtronic in the first quarter worth approximately $29,000. Activest Wealth Management lifted its stake in Medtronic by 3,577.8% in the first quarter. Activest Wealth Management now owns 331 shares of the medical technology company's stock worth $30,000 after acquiring an additional 322 shares during the last quarter. Finally, Hughes Financial Services LLC purchased a new position in Medtronic in the first quarter worth approximately $32,000. Hedge funds and other institutional investors own 82.06% of the company's stock.

Insiders Place Their Bets

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

Medtronic Stock Performance

Shares of Medtronic stock opened at $97.63 on Friday. The firm's fifty day simple moving average is $92.94 and its 200-day simple moving average is $88.48. The stock has a market capitalization of $125.23 billion, a price-to-earnings ratio of 26.90, a PEG ratio of 2.57 and a beta of 0.78. Medtronic PLC has a 12 month low of $79.29 and a 12 month high of $97.94. 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 announced 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. The business had revenue of $8.58 billion for the quarter, compared to analysts' expectations of $8.37 billion. Medtronic had a net margin of 13.63% and a return on equity of 14.61%. The company's quarterly revenue was up 7.7% on a year-over-year basis. During the same period in the previous year, the company posted $1.23 EPS. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. As a group, equities analysts forecast 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. Stockholders of record on Friday, September 26th will be issued a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend is Friday, September 26th. Medtronic's payout ratio is presently 78.24%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on MDT. The Goldman Sachs Group decreased their price target on shares of Medtronic from $82.00 to $81.00 and set a "sell" rating for the company in a research note on Wednesday. Leerink Partners began coverage on shares of Medtronic in a research note on Monday, June 16th. They issued an "outperform" rating and a $110.00 price target for the company. BTIG Research reiterated a "neutral" rating on shares of Medtronic in a research note on Friday, July 11th. Mizuho lifted their price target on shares of Medtronic from $98.00 to $100.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 16th. Finally, Truist Financial raised their price objective on shares of Medtronic from $92.00 to $96.00 and gave the stock a "hold" rating in a report on Thursday, August 21st. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, Medtronic currently has an average rating of "Moderate Buy" and a consensus price target of $100.94.

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.

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.