Chevy Chase Trust Holdings LLC Purchases 4,876 Shares of Medtronic PLC $MDT

Key Points

• Chevy Chase Trust Holdings LLC increased its stake in Medtronic PLC by 0.7%, acquiring an additional 4,876 shares, bringing its total to 677,447 shares valued at approximately $59 million.
• The recent quarterly earnings report revealed Medtronic posted earnings per share (EPS) of $1.26, exceeding analysts' expectations, with revenue increasing by 7.7% year-over-year.
• Medtronic announced a quarterly dividend of $0.71 per share, which equates to an annual dividend yield of 3.0%, with the payment date set for October 17th.

Chevy Chase Trust Holdings LLC raised its position in Medtronic PLC (NYSE:MDT - Free Report) by 0.7% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 677,447 shares of the medical technology company's stock after acquiring an additional 4,876 shares during the quarter. Chevy Chase Trust Holdings LLC owned approximately 0.05% of Medtronic worth $59,053,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in MDT. Red Spruce Capital LLC lifted its stake in shares of Medtronic by 0.5% during the 2nd quarter. Red Spruce Capital LLC now owns 23,707 shares of the medical technology company's stock worth $2,067,000 after purchasing an additional 118 shares during the last quarter. Certior Financial Group LLC lifted its stake in shares of Medtronic by 3.7% during the 1st quarter. Certior Financial Group LLC now owns 3,450 shares of the medical technology company's stock worth $310,000 after purchasing an additional 122 shares during the last quarter. Cidel Asset Management Inc. lifted its stake in shares of Medtronic by 1.3% during the 1st quarter. Cidel Asset Management Inc. now owns 9,531 shares of the medical technology company's stock worth $856,000 after purchasing an additional 126 shares during the last quarter. Petros Family Wealth LLC lifted its stake in shares of Medtronic by 4.3% during the 1st quarter. Petros Family Wealth LLC now owns 3,111 shares of the medical technology company's stock worth $280,000 after purchasing an additional 127 shares during the last quarter. Finally, PrairieView Partners LLC lifted its stake in shares of Medtronic by 3.6% during the 2nd quarter. PrairieView Partners LLC now owns 3,726 shares of the medical technology company's stock worth $324,000 after purchasing an additional 128 shares during the last quarter. Institutional investors own 82.06% of the company's stock.

Insider Activity

In other news, Director William R. Jellison acquired 2,500 shares of Medtronic stock in a transaction dated Monday, August 25th. The stock was purchased 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 directly owned 5,000 shares in the company, valued at $461,850. This trade represents a 100.00% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Harry Skip Kiil sold 8,605 shares of the firm's stock in a transaction dated Wednesday, September 3rd. The stock was 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 approximately $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. Company insiders own 0.26% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on MDT shares. Citigroup upped their price objective on Medtronic from $101.00 to $112.00 and gave the stock a "buy" rating in a research note on Tuesday, October 7th. Wells Fargo & Company upped their price objective on Medtronic from $98.00 to $100.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 20th. Wolfe Research upgraded Medtronic from an "underperform" rating to a "peer perform" rating in a research note on Monday, June 30th. The Goldman Sachs Group decreased their price target on Medtronic from $82.00 to $81.00 and set a "sell" rating for the company in a research note on Wednesday, October 1st. Finally, Argus increased their price target on Medtronic from $105.00 to $115.00 and gave the company a "buy" rating in a research note on Tuesday, August 26th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Medtronic currently has an average rating of "Moderate Buy" and an average target price of $102.82.

Medtronic Trading Down 0.4%

Medtronic stock opened at $94.98 on Friday. Medtronic PLC has a one year low of $79.29 and a one year high of $99.37. The stock has a market cap of $121.83 billion, a PE ratio of 26.17, a price-to-earnings-growth ratio of 2.51 and a beta of 0.78. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.50 and a current ratio of 2.01. The stock has a 50-day moving average of $94.01 and a two-hundred day moving average of $88.93.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings data on Tuesday, August 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $8.58 billion during the quarter, compared to analysts' expectations of $8.37 billion. During the same period last year, the business 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. On average, research analysts anticipate that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Announces Dividend

The company 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. This represents a $2.84 annualized dividend and a dividend yield of 3.0%. The ex-dividend date is Friday, September 26th. Medtronic's dividend payout ratio (DPR) is presently 78.24%.

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.

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