CCM Investment Advisers LLC Invests $8.07 Million in Medtronic PLC $MDT

Key Points

• CCM Investment Advisers LLC invested approximately $8.07 million in Medtronic PLC by acquiring 92,593 shares of the company’s stock in the second quarter.
• Medtronic has received multiple analyst upgrades recently, with target prices rising up to $107.00, reflecting a consensus rating of "Moderate Buy" among analysts.
• The company declared a quarterly dividend of $0.71 per share, indicating an annual yield of 3.0%, which will be paid on October 17th to stockholders of record.

CCM Investment Advisers LLC purchased a new position in shares of Medtronic PLC (NYSE:MDT - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 92,593 shares of the medical technology company's stock, valued at approximately $8,071,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Legacy Advisory Services LLC bought a new stake in Medtronic in the first quarter valued at approximately $541,000. RNC Capital Management LLC boosted its holdings in Medtronic by 8.8% in the first quarter. RNC Capital Management LLC now owns 417,021 shares of the medical technology company's stock valued at $37,474,000 after acquiring an additional 33,729 shares during the last quarter. Commerce Bank boosted its holdings in Medtronic by 1.7% in the first quarter. Commerce Bank now owns 145,984 shares of the medical technology company's stock valued at $13,118,000 after acquiring an additional 2,429 shares during the last quarter. Brighton Jones LLC boosted its holdings in Medtronic by 1,368.0% in the fourth quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock valued at $3,194,000 after acquiring an additional 37,265 shares during the last quarter. Finally, Cullen Investment Group LTD. boosted its holdings in Medtronic by 7.2% in the second quarter. Cullen Investment Group LTD. now owns 85,921 shares of the medical technology company's stock valued at $7,490,000 after acquiring an additional 5,802 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Morgan Stanley reiterated an "overweight" rating and issued a $107.00 target price (up from $98.00) on shares of Medtronic in a report on Tuesday, July 15th. Daiwa Capital Markets upped their target price on Medtronic from $101.00 to $104.00 and gave the company a "buy" rating in a report on Friday, September 12th. Sanford C. Bernstein upped their target price on Medtronic from $97.00 to $98.00 and gave the company an "outperform" rating in a report on Wednesday, August 20th. Wolfe Research upgraded Medtronic from an "underperform" rating to a "peer perform" rating in a report on Monday, June 30th. Finally, Mizuho increased their price target on Medtronic from $98.00 to $100.00 and gave the stock an "outperform" rating in a report on Wednesday, July 16th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and eight have given a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $102.27.

Insider Buying and Selling

In other news, Director William R. Jellison bought 2,500 shares of the stock in a transaction dated Monday, August 25th. The shares were bought at an average cost of $92.37 per share, with a total value of $230,925.00. Following the completion of the transaction, 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 ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Harry Skip Kiil sold 8,605 shares of the 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 completion of the sale, the executive vice president directly owned 35,615 shares of the company's stock, valued at $3,261,621.70. The trade was a 19.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.26% of the stock is owned by corporate insiders.

Medtronic Price Performance

Shares of NYSE:MDT opened at $94.95 on Wednesday. The company has a quick ratio of 1.50, a current ratio of 2.01 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 stock's 50 day moving average is $92.27 and its 200-day moving average is $88.34. The firm has a market capitalization of $121.79 billion, a price-to-earnings ratio of 26.16, a PEG ratio of 2.49 and a beta of 0.77.

Medtronic (NYSE:MDT - Get Free Report) last issued its earnings results on Tuesday, August 19th. The medical technology company reported $1.26 earnings per share for the quarter, topping analysts' consensus estimates 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 analyst estimates of $8.37 billion. During the same period in the prior year, the firm earned $1.23 earnings per share. Medtronic'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. 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. Stockholders of record on Friday, September 26th will be given a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Friday, September 26th. Medtronic's dividend payout ratio is presently 78.24%.

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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