Clark Capital Management Group Inc. Increases Stock Position in Medtronic PLC $MDT

Key Points

• Clark Capital Management Group Inc. increased its position in Medtronic PLC by 8.1%, owning 465,985 shares valued at approximately $41.87 million as of the latest SEC filing.
• Medtronic's stock price recently opened at $92.20, with a market capitalization of $118.26 billion, and it has set its FY 2026 earnings guidance at $5.600-5.660 EPS.
• The company announced a quarterly dividend of $0.71 per share, with a dividend yield of 3.1%, payable on October 17th to stockholders of record by September 26th.

Clark Capital Management Group Inc. increased its stake in Medtronic PLC (NYSE:MDT - Free Report) by 8.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 465,985 shares of the medical technology company's stock after acquiring an additional 34,859 shares during the period. Clark Capital Management Group Inc.'s holdings in Medtronic were worth $41,873,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of Medtronic by 0.7% in the first quarter. Vanguard Group Inc. now owns 125,014,241 shares of the medical technology company's stock valued at $11,233,780,000 after acquiring an additional 810,854 shares in the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of Medtronic by 7.0% in the first quarter. Massachusetts Financial Services Co. MA now owns 22,278,023 shares of the medical technology company's stock valued at $2,001,903,000 after acquiring an additional 1,461,841 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Medtronic by 3.8% in the first quarter. Bank of New York Mellon Corp now owns 20,680,301 shares of the medical technology company's stock valued at $1,858,332,000 after acquiring an additional 756,192 shares in the last quarter. Deutsche Bank AG raised its stake in shares of Medtronic by 3.1% in the first quarter. Deutsche Bank AG now owns 19,009,795 shares of the medical technology company's stock valued at $1,708,220,000 after acquiring an additional 566,155 shares in the last quarter. Finally, Invesco Ltd. raised its stake in shares of Medtronic by 9.9% in the first quarter. Invesco Ltd. now owns 16,980,592 shares of the medical technology company's stock valued at $1,525,876,000 after acquiring an additional 1,535,308 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Morgan Stanley reiterated an "overweight" rating and issued a $107.00 price objective (up from $98.00) on shares of Medtronic in a research note on Tuesday, July 15th. Sanford C. Bernstein increased 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. William Blair raised Medtronic to a "hold" rating in a report on Friday, July 11th. Wells Fargo & Company increased their target price on Medtronic from $98.00 to $100.00 and gave the company an "overweight" rating in a report on Wednesday, August 20th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Medtronic in a report on Thursday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and eight have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $102.14.

Medtronic Stock Performance

Shares of MDT stock traded up $0.08 during mid-day trading on Friday, hitting $92.93. 4,856,702 shares of the stock were exchanged, compared to its average volume of 7,029,722. The stock's fifty day simple moving average is $90.97 and its two-hundred day simple moving average is $88.14. The stock has a market capitalization of $119.20 billion, a price-to-earnings ratio of 25.60, a P/E/G ratio of 2.36 and a beta of 0.77. Medtronic PLC has a 12-month low of $79.29 and a 12-month high of $96.25. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.50 and a current ratio of 2.01.

Medtronic (NYSE:MDT - Get Free Report) last issued 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. 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 quarterly revenue was up 7.7% compared to the same quarter last year. During the same quarter last year, the company posted $1.23 earnings per share. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. On average, analysts forecast that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Announces Dividend

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

Insider Transactions at Medtronic

In related news, Director William R. Jellison purchased 2,500 shares of the stock in a transaction that occurred on Monday, August 25th. The shares were purchased at an average price of $92.37 per share, with a total value of $230,925.00. Following the completion of the acquisition, the director directly owned 5,000 shares in the company, valued at $461,850. This represents a 100.00% increase in their position. The transaction was disclosed in a legal filing with the SEC, 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 transaction, the executive vice president directly owned 35,615 shares in the company, valued at approximately $3,261,621.70. This represents a 19.46% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.26% 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.