2,872 Shares in Medtronic PLC $MDT Bought by Cape ANN Savings Bank

Key Points

• Cape ANN Savings Bank purchased 2,872 shares of Medtronic PLC stock, valued at approximately $258,000, as part of their investment strategy in the medical technology company.
• Several hedge funds, including Dunhill Financial LLC and Cidel Asset Management Inc., have adjusted their positions in Medtronic, indicating a trend of increased investment in the company by institutional investors.
• Medtronic announced a quarterly dividend of $0.71 per share, reflecting an annualized yield of 3.1%, with the payment scheduled for October 17th.

Cape ANN Savings Bank bought a new stake in Medtronic PLC (NYSE:MDT - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 2,872 shares of the medical technology company's stock, valued at approximately $258,000.

Several other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. grew its position in shares of Medtronic by 0.7% in the first quarter. Vanguard Group Inc. now owns 125,014,241 shares of the medical technology company's stock valued at $11,233,780,000 after purchasing an additional 810,854 shares during the period. Massachusetts Financial Services Co. MA grew its position in shares of Medtronic by 7.0% in the first quarter. Massachusetts Financial Services Co. MA now owns 22,278,023 shares of the medical technology company's stock valued at $2,001,903,000 after purchasing an additional 1,461,841 shares during the period. Bank of New York Mellon Corp raised its position in shares of Medtronic by 3.8% in the first quarter. Bank of New York Mellon Corp now owns 20,680,301 shares of the medical technology company's stock valued at $1,858,332,000 after buying an additional 756,192 shares during the last quarter. Deutsche Bank AG grew its stake 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 valued at $1,708,220,000 after acquiring an additional 566,155 shares in the last quarter. Finally, Invesco Ltd. grew its stake in Medtronic by 9.9% during the 1st quarter. Invesco Ltd. now owns 16,980,592 shares of the medical technology company's stock valued at $1,525,876,000 after acquiring an additional 1,535,308 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company's stock.

Insider Transactions at Medtronic

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

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Truist Financial upped their price objective on shares of Medtronic from $92.00 to $96.00 and gave the company a "hold" rating in a research note on Thursday, August 21st. Sanford C. Bernstein upped their price objective on shares of Medtronic from $97.00 to $98.00 and gave the company an "outperform" rating in a research note on Wednesday, August 20th. William Blair raised shares of Medtronic to a "hold" rating in a research report on Friday, July 11th. Citigroup boosted their price target on shares of Medtronic from $99.00 to $101.00 and gave the company a "buy" rating in a research report on Thursday, August 21st. Finally, Needham & Company LLC reissued a "hold" rating on shares of Medtronic in a research report on Thursday, August 14th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat, Medtronic currently has a consensus rating of "Moderate Buy" and an average price target of $102.14.

Medtronic Trading Up 0.8%

Shares of NYSE:MDT traded up $0.76 during midday trading on Monday, reaching $92.72. 5,174,507 shares of the company's stock were exchanged, compared to its average volume of 7,443,253. The firm's 50 day simple moving average is $90.31 and its two-hundred day simple moving average is $88.02. Medtronic PLC has a fifty-two week low of $79.29 and a fifty-two week high of $96.25. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.01 and a quick ratio of 1.50. The stock has a market cap of $118.93 billion, a price-to-earnings ratio of 25.54, a P/E/G ratio of 2.36 and a beta of 0.77.

Medtronic (NYSE:MDT - Get Free Report) last posted its 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 firm had revenue of $8.58 billion for the quarter, compared to analyst estimates of $8.37 billion. During the same quarter in the prior year, the company earned $1.23 EPS. Medtronic's revenue was up 7.7% on a year-over-year basis. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. As a group, sell-side analysts forecast that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Announces Dividend

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 dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, September 26th. This represents a $2.84 annualized dividend and a yield of 3.1%. Medtronic's dividend 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.