Ceredex Value Advisors LLC Buys 113,595 Shares of Medtronic PLC $MDT

Key Points

• Ceredex Value Advisors LLC increased its holdings in Medtronic PLC by 31.8%, acquiring 113,595 shares worth approximately $42.29 million in total.
• Medtronic reported a quarterly earnings per share (EPS) of $1.26, exceeding the consensus estimate by $0.03, while its revenue rose 7.7% year-over-year to $8.58 billion.
• The company's board declared a quarterly dividend of $0.71 per share, representing a 3.1% yield, with the payment date set for October 17.

Ceredex Value Advisors LLC grew its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 31.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 470,609 shares of the medical technology company's stock after purchasing an additional 113,595 shares during the period. Ceredex Value Advisors LLC's holdings in Medtronic were worth $42,289,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Boston Partners raised its position in shares of Medtronic by 122.8% during the 1st quarter. Boston Partners now owns 6,912,055 shares of the medical technology company's stock worth $619,460,000 after purchasing an additional 3,809,450 shares during the period. Ameriprise Financial Inc. raised its position in shares of Medtronic by 28.8% during the 1st quarter. Ameriprise Financial Inc. now owns 15,481,028 shares of the medical technology company's stock worth $1,391,141,000 after purchasing an additional 3,461,221 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of Medtronic by 42.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 10,059,135 shares of the medical technology company's stock worth $903,915,000 after purchasing an additional 3,017,849 shares during the period. Nuveen LLC acquired a new stake in shares of Medtronic during the 1st quarter worth approximately $260,649,000. Finally, Burgundy Asset Management Ltd. acquired a new stake in shares of Medtronic during the 4th quarter worth approximately $174,329,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

MDT has been the topic of several analyst reports. William Blair upgraded Medtronic to a "hold" rating in a research report on Friday, July 11th. Leerink Partnrs upgraded Medtronic to a "strong-buy" rating in a research report on Monday, June 16th. Wolfe Research upgraded Medtronic from an "underperform" rating to a "peer perform" rating in a research report on Monday, June 30th. Leerink Partners initiated coverage on Medtronic in a research report on Monday, June 16th. They issued an "outperform" rating and a $110.00 target price on the stock. Finally, Evercore ISI raised their target price on Medtronic from $103.00 to $106.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $102.14.

Medtronic Stock Up 0.8%

NYSE MDT traded up $0.76 during trading on Friday, hitting $92.72. 5,174,507 shares of the company traded hands, compared to its average volume of 7,664,636. Medtronic PLC has a 12 month low of $79.29 and a 12 month high of $96.25. The business has a fifty day simple moving average of $90.18 and a 200 day simple moving average of $88.07. The company has a current ratio of 2.01, a quick ratio of 1.42 and a debt-to-equity ratio of 0.54. The company has a market capitalization of $118.93 billion, a P/E ratio of 25.54, a PEG ratio of 2.34 and a beta of 0.80.

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 for the quarter, beating the consensus estimate of $1.23 by $0.03. The company had revenue of $8.58 billion for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period last year, the company earned $1.23 earnings per share. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. As a group, sell-side analysts predict that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 17th. Shareholders of record on Friday, September 26th will be issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend is Friday, September 26th. Medtronic's payout ratio is presently 78.24%.

Insiders Place Their Bets

In other Medtronic news, Director William R. Jellison bought 2,500 shares of Medtronic stock in a transaction dated Monday, August 25th. The shares were acquired at an average cost of $92.37 per share, with a total value of $230,925.00. Following the acquisition, the director directly owned 5,000 shares of the company's stock, valued at $461,850. The trade was a 100.00% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.20% of the company's stock.

About Medtronic

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.