Cardinal Capital Management Buys 4,206 Shares of Medtronic PLC $MDT

Key Points

• Cardinal Capital Management increased its stake in Medtronic PLC by 5.5%, acquiring an additional 4,206 shares to hold a total of 80,730 shares valued at approximately $7.09 million.
• Medtronic's recent quarterly earnings showed an earnings per share of $1.26, beating analysts' expectations of $1.23, while the company reported revenues of $8.58 billion, exceeding projected estimates.
• The company announced a quarterly dividend of $0.71 per share, set to be distributed on October 17th, which represents an annualized yield of 3.0%.

Cardinal Capital Management lifted its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 5.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 80,730 shares of the medical technology company's stock after acquiring an additional 4,206 shares during the quarter. Cardinal Capital Management's holdings in Medtronic were worth $7,094,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. 1248 Management LLC bought a new position in Medtronic in the 1st quarter worth $26,000. Burkett Financial Services LLC boosted its stake in shares of Medtronic by 185.0% in the first quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock worth $26,000 after acquiring an additional 185 shares during the period. Columbia River Financial Group LLC bought a new position in shares of Medtronic in the first quarter worth about $28,000. Twin Tree Management LP bought a new position in shares of Medtronic in the first quarter worth about $29,000. Finally, Activest Wealth Management boosted its stake in shares of Medtronic by 3,577.8% in the first quarter. Activest Wealth Management now owns 331 shares of the medical technology company's stock worth $30,000 after acquiring an additional 322 shares during the period. 82.06% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, Director William R. Jellison bought 2,500 shares of the firm's stock in a transaction on Monday, August 25th. The stock was acquired at an average cost of $92.37 per share, with a total value of $230,925.00. Following the transaction, the director directly owned 5,000 shares in the company, valued at approximately $461,850. This trade represents a 100.00% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Harry Skip Kiil sold 8,605 shares of Medtronic stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $91.58, for a total value of $788,045.90. Following the sale, the executive vice president directly owned 35,615 shares of the company's stock, valued at approximately $3,261,621.70. This trade represents a 19.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.26% of the company's stock.

Medtronic Trading Down 0.4%

Shares of MDT opened at $94.69 on Tuesday. Medtronic PLC has a 1-year low of $79.29 and a 1-year high of $96.25. The company has a 50-day moving average of $92.15 and a 200 day moving average of $88.29. The firm has a market capitalization of $121.45 billion, a price-to-earnings ratio of 26.08, a PEG ratio of 2.50 and a beta of 0.77. 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 (NYSE:MDT - Get Free Report) last announced its quarterly earnings data on Tuesday, August 19th. The medical technology company reported $1.26 earnings per share for the quarter, beating analysts' consensus estimates of $1.23 by $0.03. Medtronic had a net margin of 13.63% and a return on equity of 14.61%. The company had revenue of $8.58 billion during the quarter, compared to analyst estimates of $8.37 billion. During the same quarter last year, the business posted $1.23 EPS. The firm's revenue for the quarter was up 7.7% on a year-over-year basis. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. On average, research analysts expect that Medtronic PLC will post 5.46 EPS for the current 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 dividend of $0.71 per share. 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 78.24%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on MDT shares. Robert W. Baird upped their price target on Medtronic from $94.00 to $96.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 20th. Truist Financial upped their price target on Medtronic from $92.00 to $96.00 and gave the stock a "hold" rating in a research note on Thursday, August 21st. William Blair upgraded shares of Medtronic to a "hold" rating in a research report on Friday, July 11th. Needham & Company LLC restated a "hold" rating on shares of Medtronic in a research report on Thursday, August 14th. Finally, Argus increased their price objective on shares of Medtronic from $105.00 to $115.00 and gave the company a "buy" rating in a report on Tuesday, August 26th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and eight have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $102.27.

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.

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