BTC Capital Management Inc. Acquires 5,590 Shares of Medtronic PLC $MDT

Key Points

• BTC Capital Management Inc. increased its holdings in Medtronic PLC by 12.4%, acquiring an additional 5,590 shares, bringing its total shares to 50,717, valued at approximately $4.36 million.
• Medtronic reported $1.26 EPS for the most recent quarter, surpassing estimates, with a revenue of $8.58 billion, marking a year-over-year growth of 7.7%.
• The company announced a quarterly dividend of $0.71 per share, setting an annualized dividend yield of 3.0%, with a payout ratio of 78.24%.

BTC Capital Management Inc. lifted its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 12.4% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 50,717 shares of the medical technology company's stock after acquiring an additional 5,590 shares during the quarter. BTC Capital Management Inc.'s holdings in Medtronic were worth $4,361,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in Medtronic by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 125,014,241 shares of the medical technology company's stock worth $11,233,780,000 after purchasing an additional 810,854 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in Medtronic by 7.0% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 22,278,023 shares of the medical technology company's stock worth $2,001,903,000 after purchasing an additional 1,461,841 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Medtronic by 3.8% during the 1st quarter. Bank of New York Mellon Corp now owns 20,680,301 shares of the medical technology company's stock worth $1,858,332,000 after purchasing an additional 756,192 shares in the last quarter. Deutsche Bank AG lifted its holdings in Medtronic by 3.1% during the 1st quarter. Deutsche Bank AG now owns 19,009,795 shares of the medical technology company's stock worth $1,708,220,000 after purchasing an additional 566,155 shares in the last quarter. Finally, Invesco Ltd. lifted its holdings in Medtronic by 9.9% during the 1st quarter. Invesco Ltd. now owns 16,980,592 shares of the medical technology company's stock worth $1,525,876,000 after purchasing an additional 1,535,308 shares in the last quarter. Institutional investors own 82.06% of the company's stock.

Medtronic Price Performance

MDT opened at $94.91 on Friday. The stock's 50 day simple moving average is $92.05 and its 200 day simple moving average is $88.33. 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 PLC has a 1 year low of $79.29 and a 1 year high of $96.25. The firm has a market cap of $121.74 billion, a price-to-earnings ratio of 26.15, a PEG ratio of 2.50 and a beta of 0.77.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings results on Tuesday, August 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.23 by $0.03. Medtronic had a return on equity of 14.61% and a net margin of 13.63%.The business had revenue of $8.58 billion for the quarter, compared to analyst estimates of $8.37 billion. During the same period last year, the company earned $1.23 EPS. Medtronic's revenue for the quarter was up 7.7% compared to the same quarter last year. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. As a group, analysts predict that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

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

Insider Buying and Selling

In other Medtronic news, Director William R. Jellison acquired 2,500 shares of the business's stock in a transaction dated Monday, August 25th. The shares were purchased at an average cost of $92.37 per share, for a total transaction of $230,925.00. Following the transaction, the director owned 5,000 shares in the company, valued at $461,850. This represents a 100.00% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 completion of the sale, the executive vice president owned 35,615 shares in the company, valued at approximately $3,261,621.70. This represents a 19.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.26% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on MDT shares. Sanford C. Bernstein increased their price objective on Medtronic from $97.00 to $98.00 and gave the stock an "outperform" rating in a report on Wednesday, August 20th. Citigroup increased their price objective on Medtronic from $99.00 to $101.00 and gave the stock a "buy" rating in a report on Thursday, August 21st. Leerink Partnrs raised Medtronic to a "strong-buy" rating in a report on Monday, June 16th. UBS Group raised their price target on Medtronic from $94.00 to $95.00 and gave the company a "neutral" rating in a report on Wednesday, August 20th. Finally, Argus raised their price target on Medtronic from $105.00 to $115.00 and gave the company a "buy" rating in a report on Tuesday, August 26th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and eight have assigned 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 target price of $102.27.

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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