Cardinal Capital Management Inc. Purchases 2,890 Shares of Medtronic PLC $MDT

Key Points

• Cardinal Capital Management Inc. increased its stake in Medtronic PLC by 1.0%, acquiring an additional 2,890 shares, bringing its total holdings to 283,210 shares valued at approximately $24.7 million.
• Several institutional investors have made significant changes to their positions in Medtronic, with institutional ownership of the company now at 82.06%.
• Medtronic recently announced a quarterly dividend of $0.71 per share, representing an annual yield of 3.0% and a dividend payout ratio of 78.24%.

Cardinal Capital Management Inc. boosted its stake in Medtronic PLC (NYSE:MDT - Free Report) by 1.0% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 283,210 shares of the medical technology company's stock after buying an additional 2,890 shares during the period. Cardinal Capital Management Inc.'s holdings in Medtronic were worth $24,687,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in Medtronic by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 125,014,241 shares of the medical technology company's stock valued at $11,233,780,000 after acquiring an additional 810,854 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its stake in Medtronic by 7.0% during 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 buying an additional 1,461,841 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Medtronic by 3.8% during 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 in the last quarter. Deutsche Bank AG lifted its stake in Medtronic by 3.1% during the first quarter. Deutsche Bank AG now owns 19,009,795 shares of the medical technology company's stock valued at $1,708,220,000 after buying an additional 566,155 shares in the last quarter. Finally, Invesco Ltd. lifted its stake in Medtronic by 9.9% during the first quarter. Invesco Ltd. now owns 16,980,592 shares of the medical technology company's stock valued at $1,525,876,000 after buying an additional 1,535,308 shares in the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

MDT has been the subject of a number of analyst reports. 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. Daiwa Capital Markets increased their price target on shares of Medtronic from $101.00 to $104.00 and gave the stock a "buy" rating in a research report on Friday, September 12th. Wolfe Research raised shares of Medtronic from an "underperform" rating to a "peer perform" rating in a research report on Monday, June 30th. BTIG Research reissued a "neutral" rating on shares of Medtronic in a research report on Friday, July 11th. Finally, Citigroup increased their price target 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. One equities research 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. According to MarketBeat, Medtronic currently has an average rating of "Moderate Buy" and a consensus price target of $102.27.

Medtronic Stock Performance

MDT stock traded up $0.57 during midday trading on Tuesday, hitting $95.19. 2,734,718 shares of the company traded hands, compared to its average volume of 7,609,450. Medtronic PLC has a twelve month low of $79.29 and a twelve month high of $96.25. The company has a quick ratio of 1.50, a current ratio of 2.01 and a debt-to-equity ratio of 0.54. The business has a 50 day simple moving average of $92.15 and a 200-day simple moving average of $88.29. The stock has a market capitalization of $122.10 billion, a price-to-earnings ratio of 26.22, a price-to-earnings-growth ratio of 2.50 and a beta of 0.77.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings results on Tuesday, August 19th. The medical technology company reported $1.26 EPS for the quarter, beating 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 company had revenue of $8.58 billion for the quarter, compared to the consensus estimate of $8.37 billion. During the same quarter last year, the company posted $1.23 earnings per share. The company'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, equities research analysts predict that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

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

Insider Buying and Selling at Medtronic

In related news, Director William R. Jellison acquired 2,500 shares of the stock in a transaction dated Monday, August 25th. The shares were acquired at an average price of $92.37 per share, for a total transaction of $230,925.00. Following the completion of the purchase, the director owned 5,000 shares in the company, valued at approximately $461,850. The trade was a 100.00% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Harry Skip Kiil sold 8,605 shares of the firm's stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $91.58, for a total transaction 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. The trade was a 19.46% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.26% of the company's stock.

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.