Azimuth Capital Investment Management LLC Has $6.01 Million Stock Holdings in Medtronic PLC $MDT

Key Points

• Azimuth Capital Investment Management LLC sold 21,038 shares of Medtronic PLC, reducing its stake in the company by 23.9% during the first quarter, leaving it with 66,882 shares valued at approximately $6 million.
• Medtronic recently increased its quarterly dividend from $0.70 to $0.71 per share, representing an annualized dividend of $2.84 and a yield of 3.1%.
• Analysts have set a consensus price target of $98.19 for Medtronic, with various ratings including nine buy ratings and two strong buy ratings among twelve total analyst ratings.

Azimuth Capital Investment Management LLC reduced its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 23.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 66,882 shares of the medical technology company's stock after selling 21,038 shares during the quarter. Azimuth Capital Investment Management LLC's holdings in Medtronic were worth $6,010,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of MDT. Burkett Financial Services LLC raised its position in shares of Medtronic by 185.0% during the first quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock worth $26,000 after acquiring an additional 185 shares during the last quarter. Wood Tarver Financial Group LLC acquired a new stake in Medtronic in the fourth quarter worth about $27,000. Columbia River Financial Group LLC acquired a new stake in Medtronic in the first quarter worth about $28,000. Optiver Holding B.V. bought a new stake in Medtronic during the 4th quarter worth about $31,000. Finally, Hughes Financial Services LLC acquired a new position in Medtronic during the 1st quarter valued at about $32,000. Institutional investors and hedge funds own 82.06% of the company's stock.

Medtronic Stock Up 3.6%

NYSE MDT traded up $3.2320 during trading hours on Wednesday, reaching $93.1320. 13,227,037 shares of the company's stock were exchanged, compared to its average volume of 7,341,579. Medtronic PLC has a one year low of $79.29 and a one year high of $96.25. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85. The company's 50-day moving average is $89.57 and its two-hundred day moving average is $88.02. The company has a market capitalization of $119.38 billion, a price-to-earnings ratio of 25.66, a price-to-earnings-growth ratio of 2.33 and a beta of 0.80.

Medtronic (NYSE:MDT - Get Free Report) last announced its earnings results on Tuesday, August 19th. The medical technology company reported $1.26 earnings per share for the quarter, topping analysts' consensus estimates of $1.23 by $0.03. The firm had revenue of $8.58 billion during the quarter, compared to analyst estimates of $8.37 billion. Medtronic had a net margin of 13.63% and a return on equity of 14.56%. The company's revenue for the quarter was up 7.7% compared to the same quarter last year. During the same period in the prior year, the business earned $1.23 EPS. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. On average, analysts forecast that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Announces Dividend

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

Analyst Ratings Changes

Several equities research analysts have recently commented on MDT shares. UBS Group lifted their price target on shares of Medtronic from $94.00 to $95.00 and gave the stock a "neutral" rating in a research report on Wednesday. Leerink Partnrs raised shares of Medtronic to a "strong-buy" rating in a research note on Monday, June 16th. Royal Bank Of Canada dropped their target price on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a research report on Thursday, May 22nd. Wall Street Zen downgraded Medtronic from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Finally, BTIG Research reaffirmed a "neutral" rating on shares of Medtronic in a research note on Friday, July 11th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eleven have given a Hold rating to the stock. According to MarketBeat.com, Medtronic currently has a consensus rating of "Moderate Buy" and an average target price of $98.63.

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.