Medtronic PLC $MDT Shares Sold by Brandywine Global Investment Management LLC

Key Points

• Brandywine Global Investment Management LLC sold 292,617 shares of Medtronic PLC, reducing its holdings by 19.8%, resulting in ownership of approximately 1,183,672 shares.
• Medtronic recently declared a quarterly dividend, increasing it to $0.71 per share, which translates to an annualized yield of 3.1%.
• Analysts have a consensus rating of "Moderate Buy" for Medtronic, with a target price increase to $106.00 from $103.00 by Evercore ISI.

Brandywine Global Investment Management LLC lowered its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 19.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,183,672 shares of the medical technology company's stock after selling 292,617 shares during the period. Medtronic accounts for about 0.8% of Brandywine Global Investment Management LLC's investment portfolio, making the stock its 28th biggest holding. Brandywine Global Investment Management LLC owned approximately 0.09% of Medtronic worth $106,365,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of MDT. Boston Partners lifted its holdings in Medtronic by 122.8% during the first quarter. Boston Partners now owns 6,912,055 shares of the medical technology company's stock worth $619,460,000 after buying an additional 3,809,450 shares during the period. Nuveen LLC purchased a new stake in Medtronic during the first quarter worth $260,649,000. Burgundy Asset Management Ltd. purchased a new stake in shares of Medtronic during the 4th quarter valued at $174,329,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Medtronic during the 4th quarter valued at $139,869,000. Finally, Mackenzie Financial Corp lifted its holdings in shares of Medtronic by 220.9% during the 1st quarter. Mackenzie Financial Corp now owns 2,412,115 shares of the medical technology company's stock valued at $216,753,000 after purchasing an additional 1,660,357 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently commented on MDT. BTIG Research reiterated a "neutral" rating on shares of Medtronic in a report on Friday, July 11th. Morgan Stanley reaffirmed an "overweight" rating and set a $107.00 price target (up from $98.00) on shares of Medtronic in a research report on Tuesday, July 15th. Wall Street Zen cut Medtronic from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. Robert W. Baird raised their target price on Medtronic from $94.00 to $96.00 and gave the company a "neutral" rating in a research report on Wednesday. Finally, Wolfe Research upgraded Medtronic from an "underperform" rating to a "peer perform" rating in a report on Monday, June 30th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $98.63.

Medtronic Trading Up 3.6%

Shares of MDT stock traded up $3.2320 during trading on Wednesday, hitting $93.1320. 13,227,037 shares of the stock traded hands, compared to its average volume of 7,341,579. The firm has a market capitalization of $119.38 billion, a P/E ratio of 25.66, a price-to-earnings-growth ratio of 2.33 and a beta of 0.80. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 1.42. The firm's fifty day moving average price is $89.57 and its 200-day moving average price is $88.02. Medtronic PLC has a 52-week low of $79.29 and a 52-week high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings results on Tuesday, August 19th. The medical technology company reported $1.26 EPS for the quarter, beating the consensus estimate of $1.23 by $0.03. The firm had revenue of $8.58 billion for 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 business's revenue for the quarter was up 7.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.23 EPS. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. As a group, research analysts forecast that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 17th. Shareholders of record on Friday, September 26th will be given a $0.71 dividend. 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 payout ratio is presently 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.