Atticus Wealth Management LLC Purchases 4,205 Shares of Medtronic PLC $MDT

Key Points

• Atticus Wealth Management LLC significantly increased its holdings in Medtronic PLC by 4,205 shares, boosting its stake by 4,672.2% in Q2, now worth $374,000.
• Medtronic recently declared a quarterly dividend of $0.71, resulting in an annualized dividend of $2.84 with a 3.0% yield for shareholders of record as of September 26th.
• Analysts have upgraded Medtronic to a Moderate Buy with a consensus price target of $102.27, following report of earnings that exceeded expectations.

Atticus Wealth Management LLC boosted its stake in Medtronic PLC (NYSE:MDT - Free Report) by 4,672.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,295 shares of the medical technology company's stock after purchasing an additional 4,205 shares during the quarter. Atticus Wealth Management LLC's holdings in Medtronic were worth $374,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in MDT. Boston Partners boosted its stake in 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 purchasing an additional 3,809,450 shares during the period. Ameriprise Financial Inc. boosted its stake in 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 purchasing an additional 3,461,221 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in 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 purchasing an additional 3,017,849 shares during the period. Nuveen LLC bought a new position in Medtronic in the 1st quarter worth about $260,649,000. Finally, Burgundy Asset Management Ltd. bought a new position in Medtronic in the 4th quarter worth about $174,329,000. Institutional investors own 82.06% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on MDT. Wall Street Zen upgraded Medtronic from a "hold" rating to a "buy" rating in a research note on Saturday, August 30th. Leerink Partnrs upgraded Medtronic to a "strong-buy" rating in a research note on Monday, June 16th. Evercore ISI raised their target price on Medtronic from $103.00 to $106.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. Truist Financial raised their price target on Medtronic from $92.00 to $96.00 and gave the company a "hold" rating in a report on Thursday, August 21st. Finally, Wolfe Research raised Medtronic from an "underperform" rating to a "peer perform" rating in a report on Monday, June 30th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and eight have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $102.27.

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 stock was sold at an average price of $91.58, for a total value of $788,045.90. Following the sale, the executive vice president directly owned 35,615 shares in the company, valued at approximately $3,261,621.70. This trade represents a 19.46% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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, for a total transaction of $230,925.00. Following the completion of the transaction, the director owned 5,000 shares in the company, valued at approximately $461,850. The trade was a 100.00% increase in their position. The disclosure for this purchase can be found here. 0.26% of the stock is owned by insiders.

Medtronic Price Performance

Shares of Medtronic stock opened at $94.57 on Thursday. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.01 and a quick ratio of 1.50. The business's 50 day simple moving average is $91.83 and its two-hundred day simple moving average is $88.34. The stock has a market capitalization of $121.30 billion, a P/E ratio of 26.05, a price-to-earnings-growth ratio of 2.48 and a beta of 0.77. Medtronic PLC has a one year low of $79.29 and a one year high of $96.25.

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. The business had revenue of $8.58 billion for the quarter, compared to analysts' expectations of $8.37 billion. Medtronic had a return on equity of 14.61% and a net margin of 13.63%.The business's quarterly revenue was up 7.7% on a year-over-year basis. During the same period in the previous year, the firm earned $1.23 EPS. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. Analysts forecast 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. Shareholders of record on Friday, September 26th will be paid a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend 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.

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