Ascent Group LLC Boosts Holdings in Medtronic PLC $MDT

Key Points

• Ascent Group LLC increased its stake in Medtronic PLC by 113.6%, owning 17,263 shares valued at approximately $1.55 million.
• Medtronic reported earnings of $1.26 per share for the last quarter, exceeding estimates, with revenues of $8.58 billion.
• The company announced a quarterly dividend of $0.71 per share, with a yield of 3.0%, scheduled for payment on October 17th.

Ascent Group LLC lifted its stake in Medtronic PLC (NYSE:MDT - Free Report) by 113.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 17,263 shares of the medical technology company's stock after purchasing an additional 9,180 shares during the period. Ascent Group LLC's holdings in Medtronic were worth $1,551,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Boston Partners increased its stake in shares of Medtronic by 122.8% in the 1st quarter. Boston Partners now owns 6,912,055 shares of the medical technology company's stock worth $619,460,000 after acquiring an additional 3,809,450 shares in the last quarter. Ameriprise Financial Inc. increased its stake in shares of Medtronic by 28.8% in the 1st quarter. Ameriprise Financial Inc. now owns 15,481,028 shares of the medical technology company's stock worth $1,391,141,000 after acquiring an additional 3,461,221 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Medtronic by 42.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 10,059,135 shares of the medical technology company's stock worth $903,915,000 after acquiring an additional 3,017,849 shares in the last quarter. Nuveen LLC bought a new position in shares of Medtronic in the 1st quarter worth about $260,649,000. Finally, Burgundy Asset Management Ltd. bought a new position in shares of Medtronic in the 4th quarter worth about $174,329,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, EVP Harry Skip Kiil sold 8,605 shares of Medtronic 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 in the company, valued at $3,261,621.70. The trade was a 19.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director William R. Jellison purchased 2,500 shares of Medtronic stock in a transaction dated Monday, August 25th. The stock was bought 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 directly owned 5,000 shares of the company's stock, valued at approximately $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.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Leerink Partnrs upgraded shares of Medtronic to a "strong-buy" rating in a research note on Monday, June 16th. UBS Group increased their price target on shares of Medtronic from $94.00 to $95.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 20th. Truist Financial increased their price target on shares of Medtronic from $92.00 to $96.00 and gave the stock a "hold" rating in a research note on Thursday, August 21st. Royal Bank Of Canada decreased their price target on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a research note on Thursday, May 22nd. Finally, Wall Street Zen upgraded shares of Medtronic from a "hold" rating to a "buy" rating in a research note 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. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $102.14.

Medtronic Stock Down 0.2%

NYSE:MDT traded down $0.20 on Friday, reaching $94.05. 7,334,188 shares of the stock traded hands, compared to its average volume of 6,888,095. The company has a market capitalization of $120.64 billion, a price-to-earnings ratio of 25.91, a PEG ratio of 2.48 and a beta of 0.77. The company has a current ratio of 2.01, a quick ratio of 1.50 and a debt-to-equity ratio of 0.54. Medtronic PLC has a 12 month low of $79.29 and a 12 month high of $96.25. The company's fifty day simple moving average is $91.50 and its 200 day simple moving average is $88.28.

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

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 17th. Stockholders of record on Friday, September 26th will be paid a $0.71 dividend. The ex-dividend date is Friday, September 26th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.0%. Medtronic's payout ratio is currently 78.24%.

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.