Cerro Pacific Wealth Advisors LLC Buys 4,406 Shares of Medtronic PLC $MDT

Key Points

• Cerro Pacific Wealth Advisors LLC increased its stake in Medtronic PLC by 53.5%, acquiring an additional 4,406 shares, bringing its total ownership to 12,638 shares valued at approximately $1.1 million.
• Medtronic reported better-than-expected quarterly earnings with an EPS of $1.26, beating the consensus estimate by $0.03, and achieved revenue of $8.58 billion, surpassing analyst expectations.
• The company declared a quarterly dividend of $0.71, set to be paid on October 17th, which represents an annual yield of 3.0%.

Cerro Pacific Wealth Advisors LLC boosted its stake in Medtronic PLC (NYSE:MDT - Free Report) by 53.5% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 12,638 shares of the medical technology company's stock after acquiring an additional 4,406 shares during the period. Cerro Pacific Wealth Advisors LLC's holdings in Medtronic were worth $1,102,000 as of its most recent filing with the SEC.

Other hedge funds have also added to or reduced their stakes in the company. Red Spruce Capital LLC raised its position in shares of Medtronic by 0.5% in the second quarter. Red Spruce Capital LLC now owns 23,707 shares of the medical technology company's stock valued at $2,067,000 after purchasing an additional 118 shares during the period. Certior Financial Group LLC raised its position in shares of Medtronic by 3.7% in the first quarter. Certior Financial Group LLC now owns 3,450 shares of the medical technology company's stock valued at $310,000 after purchasing an additional 122 shares during the period. Dunhill Financial LLC raised its position in shares of Medtronic by 17.2% in the first quarter. Dunhill Financial LLC now owns 847 shares of the medical technology company's stock valued at $76,000 after purchasing an additional 124 shares during the period. Cidel Asset Management Inc. raised its position in shares of Medtronic by 1.3% in the first quarter. Cidel Asset Management Inc. now owns 9,531 shares of the medical technology company's stock valued at $856,000 after purchasing an additional 126 shares during the period. Finally, Petros Family Wealth LLC raised its position in shares of Medtronic by 4.3% in the first quarter. Petros Family Wealth LLC now owns 3,111 shares of the medical technology company's stock valued at $280,000 after purchasing an additional 127 shares during the period. Institutional investors own 82.06% of the company's stock.

Medtronic Price Performance

Shares of NYSE:MDT opened at $95.52 on Friday. The company has a 50 day moving average of $93.56 and a 200 day moving average of $88.74. The stock has a market cap of $122.52 billion, a P/E ratio of 26.31, a P/E/G ratio of 2.51 and a beta of 0.78. Medtronic PLC has a 12 month low of $79.29 and a 12 month high of $99.37. The company has a current ratio of 2.01, a quick ratio of 1.50 and a debt-to-equity ratio of 0.54.

Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings data 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 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 analysts' expectations of $8.37 billion. During the same quarter in the previous year, the company 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. As a group, sell-side analysts forecast that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 17th. Shareholders of record on Friday, September 26th will be paid a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend is Friday, September 26th. Medtronic's payout ratio is currently 78.24%.

Insider Buying and Selling

In other Medtronic news, EVP Harry Skip Kiil sold 8,605 shares of the business's stock in a transaction that occurred 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 transaction, the executive vice president owned 35,615 shares of the company's stock, valued at $3,261,621.70. The trade was a 19.46% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William R. Jellison purchased 2,500 shares of the business's stock in a transaction on Monday, August 25th. The stock was bought at an average cost of $92.37 per share, with a total value of $230,925.00. Following the purchase, the director owned 5,000 shares in the company, valued at approximately $461,850. This represents a 100.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.26% of the stock is owned by insiders.

Analyst Ratings Changes

Several research firms have recently issued reports on MDT. Truist Financial boosted their price target on shares of Medtronic from $92.00 to $96.00 and gave the company a "hold" rating in a research report on Thursday, August 21st. Wells Fargo & Company boosted their price target on shares of Medtronic from $98.00 to $100.00 and gave the company an "overweight" rating in a research report on Wednesday, August 20th. Royal Bank Of Canada reissued an "outperform" rating and issued a $111.00 price target on shares of Medtronic in a research report on Friday. Weiss Ratings reissued a "buy (b-)" rating on shares of Medtronic in a research report on Wednesday. Finally, Sanford C. Bernstein boosted 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. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $102.41.

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.

Want to see what other hedge funds are holding MDT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Medtronic PLC (NYSE:MDT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.