Chemung Canal Trust Co. Acquires 17,762 Shares of Medtronic PLC $MDT

Key Points

• Chemung Canal Trust Co. increased its stake in Medtronic PLC by 37.2%, acquiring an additional 17,762 shares, bringing its total to 65,522 shares worth approximately $5.7 million.
• Medtronic's recent quarterly earnings exceeded analysts' expectations, reporting $1.26 EPS and revenue of $8.58 billion, representing a 7.7% year-over-year increase.
• The company has declared a quarterly dividend of $0.71 per share, with an annualized dividend yield of 2.9%, set to be paid on October 17th to investors of record on September 26th.

Chemung Canal Trust Co. grew its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 37.2% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 65,522 shares of the medical technology company's stock after purchasing an additional 17,762 shares during the period. Medtronic makes up about 1.2% of Chemung Canal Trust Co.'s portfolio, making the stock its 28th biggest position. Chemung Canal Trust Co.'s holdings in Medtronic were worth $5,712,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of MDT. 1248 Management LLC acquired a new stake in shares of Medtronic in the 1st quarter valued at approximately $26,000. Columbia River Financial Group LLC bought a new position in Medtronic in the 1st quarter valued at approximately $28,000. Twin Tree Management LP acquired a new stake in Medtronic in the first quarter valued at approximately $29,000. Activest Wealth Management boosted its position in Medtronic by 3,577.8% in the first quarter. Activest Wealth Management now owns 331 shares of the medical technology company's stock valued at $30,000 after buying an additional 322 shares in the last quarter. Finally, Hughes Financial Services LLC bought a new stake in shares of Medtronic during the first quarter worth $32,000. 82.06% of the stock is currently owned by institutional investors.

Medtronic Stock Performance

NYSE:MDT opened at $97.63 on Friday. The stock has a market cap of $125.23 billion, a P/E ratio of 26.90, a price-to-earnings-growth ratio of 2.57 and a beta of 0.78. The company has a current ratio of 2.01, a quick ratio of 1.50 and a debt-to-equity ratio of 0.54. The stock's 50-day moving average is $92.94 and its 200-day moving average is $88.48. Medtronic PLC has a 1-year low of $79.29 and a 1-year high of $97.94.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings data on Tuesday, August 19th. The medical technology company reported $1.26 EPS for the quarter, topping analysts' consensus estimates 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 firm's quarterly revenue was up 7.7% on a year-over-year basis. During the same period in the previous year, the firm earned $1.23 earnings per share. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. Equities research analysts anticipate that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 17th. Investors 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 dividend yield of 2.9%. The ex-dividend date of this dividend is Friday, September 26th. Medtronic's payout ratio is currently 78.24%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on MDT shares. Mizuho upped their price target on shares of Medtronic from $98.00 to $100.00 and gave the stock an "outperform" rating in a report on Wednesday, July 16th. Robert W. Baird upped their price target on shares of Medtronic from $94.00 to $96.00 and gave the stock a "neutral" rating in a report on Wednesday, August 20th. UBS Group upped their price target on shares of Medtronic from $94.00 to $95.00 and gave the stock a "neutral" rating in a report on Wednesday, August 20th. BTIG Research restated a "neutral" rating on shares of Medtronic in a report on Friday, July 11th. Finally, Argus boosted their price target on Medtronic from $105.00 to $115.00 and gave the stock a "buy" rating in a report on Tuesday, August 26th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Medtronic has an average rating of "Moderate Buy" and a consensus price target of $100.94.

Insider Buying and Selling

In related news, EVP Harry Skip Kiil sold 8,605 shares of Medtronic stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $91.58, for a total value of $788,045.90. Following the transaction, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William R. Jellison acquired 2,500 shares of the business's stock in a transaction that occurred on Monday, August 25th. The stock was bought at an average cost 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 of the company's stock, valued at $461,850. This trade 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.

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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