Burgundy Asset Management Ltd. Decreases Stake in Medtronic PLC $MDT

Key Points

• Burgundy Asset Management Ltd. reduced its stake in Medtronic PLC by 3.2%, selling 70,075 shares and now holding a total of 2,112,305 shares, which comprise approximately 2.0% of its portfolio.
• Medtronic recently announced a quarterly dividend of $0.71 per share, translating to an annualized payout of $2.84 and a dividend yield of 3.1%.
• The stock has seen positive price movements, with Medtronic's shares increasing by 1.1% and analysts setting an average price target of $98.19 for the company.

Burgundy Asset Management Ltd. cut its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 3.2% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,112,305 shares of the medical technology company's stock after selling 70,075 shares during the period. Medtronic accounts for 2.0% of Burgundy Asset Management Ltd.'s holdings, making the stock its 15th biggest holding. Burgundy Asset Management Ltd. owned about 0.16% of Medtronic worth $189,812,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of MDT. Burkett Financial Services LLC boosted its stake 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 valued at $26,000 after purchasing an additional 185 shares in the last quarter. Wood Tarver Financial Group LLC bought a new position in shares of Medtronic during the fourth quarter valued at approximately $27,000. Columbia River Financial Group LLC bought a new position in shares of Medtronic during the first quarter valued at approximately $28,000. Optiver Holding B.V. bought a new position in shares of Medtronic during the fourth quarter valued at approximately $31,000. Finally, Hughes Financial Services LLC bought a new position in shares of Medtronic during the first quarter valued at approximately $32,000. 82.06% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

MDT has been the topic of a number of recent research reports. Wolfe Research upgraded shares of Medtronic from an "underperform" rating to a "peer perform" rating in a research note on Monday, June 30th. Citigroup raised their target price on shares of Medtronic from $98.00 to $99.00 and gave the company a "buy" rating in a research note on Wednesday, July 9th. William Blair upgraded shares of Medtronic to a "hold" rating in a research note on Friday, July 11th. Royal Bank Of Canada lowered their target price 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, Wells Fargo & Company raised their target price on shares of Medtronic from $98.00 to $100.00 and gave the company an "overweight" rating in a research note on Wednesday. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $98.63.

Medtronic Stock Performance

Shares of NYSE MDT traded up $3.2320 during midday trading on Wednesday, reaching $93.1320. The company had a trading volume of 13,227,037 shares, compared to its average volume of 7,761,599. The business's 50-day simple moving average is $89.47 and its 200 day simple moving average is $87.98. The stock has a market cap of $119.38 billion, a P/E ratio of 25.73, a P/E/G ratio of 2.41 and a beta of 0.80. Medtronic PLC has a 1 year low of $79.29 and a 1 year high of $96.25. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53.

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 analysts' consensus estimates of $1.23 by $0.03. The business had revenue of $8.58 billion during the quarter, compared to analysts' expectations of $8.37 billion. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The business's quarterly revenue was up 7.7% on a year-over-year basis. During the same quarter last year, the company posted $1.23 earnings per share. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. On average, analysts forecast that Medtronic PLC will post 5.46 earnings per share for the current fiscal 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 issued 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 dividend yield of 3.0%. Medtronic's dividend payout ratio (DPR) is currently 78.45%.

Medtronic Company 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.