Medtronic PLC $MDT Shares Sold by Canada Pension Plan Investment Board

Key Points

• The Canada Pension Plan Investment Board reduced its stake in Medtronic PLC by 29.2% in the first quarter, selling 438,240 shares, leaving it with 1,060,032 shares valued at about $95.25 million.
• Medtronic's recent earnings report showed an EPS of $1.26, surpassing analyst expectations, and a year-over-year revenue increase of 7.7%.
• The company declared a quarterly dividend of $0.71 per share, yielding approximately 3.1%, with an ex-dividend date set for September 26.

Canada Pension Plan Investment Board trimmed its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 29.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,060,032 shares of the medical technology company's stock after selling 438,240 shares during the quarter. Canada Pension Plan Investment Board owned approximately 0.08% of Medtronic worth $95,254,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of MDT. Burkett Financial Services LLC grew its position in Medtronic by 185.0% in the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock valued at $26,000 after buying an additional 185 shares during the last quarter. Wood Tarver Financial Group LLC purchased a new position in Medtronic in the 4th quarter valued at $27,000. Columbia River Financial Group LLC purchased a new position in Medtronic in the 1st quarter valued at $28,000. Hughes Financial Services LLC purchased a new position in Medtronic in the 1st quarter valued at $32,000. Finally, Chapman Financial Group LLC purchased a new position in Medtronic in the 4th quarter valued at $33,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director William R. Jellison bought 2,500 shares of the business's stock in a transaction that occurred on Monday, August 25th. The stock was purchased at an average price of $92.37 per share, with a total value of $230,925.00. Following the purchase, the director owned 5,000 shares of the company's stock, valued at $461,850. This trade represents a 100.00% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.26% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on MDT shares. Royal Bank Of Canada decreased their target price on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a research report on Thursday, May 22nd. Citigroup boosted their target price on shares of Medtronic from $99.00 to $101.00 and gave the stock a "buy" rating in a research report on Thursday, August 21st. Robert W. Baird boosted their target price on shares of Medtronic from $94.00 to $96.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 20th. Wolfe Research upgraded shares of Medtronic from an "underperform" rating to a "peer perform" rating in a research report on Monday, June 30th. Finally, Argus boosted their target price on shares of Medtronic from $105.00 to $115.00 and gave the stock a "buy" rating in a research report on Tuesday, August 26th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat, Medtronic presently has an average rating of "Moderate Buy" and an average target price of $102.14.

Medtronic Price Performance

Shares of NYSE:MDT traded up $1.04 during midday trading on Thursday, hitting $93.29. 1,508,635 shares of the stock were exchanged, compared to its average volume of 7,610,527. The stock has a market cap of $119.66 billion, a P/E ratio of 25.71, a PEG ratio of 2.36 and a beta of 0.77. The company has a current ratio of 2.01, a quick ratio of 1.42 and a debt-to-equity ratio of 0.54. Medtronic PLC has a twelve month low of $79.29 and a twelve month high of $96.25. The company has a 50 day moving average price of $90.71 and a 200-day moving average price of $88.09.

Medtronic (NYSE:MDT - Get Free Report) last released 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. The business had revenue of $8.58 billion during the quarter, compared to the consensus estimate of $8.37 billion. Medtronic had a return on equity of 14.61% and a net margin of 13.63%.The business's revenue was up 7.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.23 EPS. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. On average, research analysts forecast that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

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

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.