Concurrent Investment Advisors LLC Boosts Stock Position in Medtronic PLC $MDT

Key Points

• Concurrent Investment Advisors LLC increased its stake in Medtronic PLC by 11.4% during the second quarter, owning a total of 52,948 shares worth $4,615,000.
• A quarterly dividend of $0.71 has been announced by Medtronic, set to be paid on October 17th, with a dividend yield of 3.0%.
• Medtronic reported earnings of $1.26 per share, surpassing estimates, and achieved a revenue of $8.58 billion for the quarter, a year-over-year increase of 7.7%.

Concurrent Investment Advisors LLC increased its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 11.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 52,948 shares of the medical technology company's stock after purchasing an additional 5,408 shares during the quarter. Concurrent Investment Advisors LLC's holdings in Medtronic were worth $4,615,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in Medtronic by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 125,014,241 shares of the medical technology company's stock worth $11,233,780,000 after purchasing an additional 810,854 shares in the last quarter. Massachusetts Financial Services Co. MA increased its position in Medtronic by 7.0% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 22,278,023 shares of the medical technology company's stock worth $2,001,903,000 after purchasing an additional 1,461,841 shares in the last quarter. Bank of New York Mellon Corp increased its position in Medtronic by 3.8% during the 1st quarter. Bank of New York Mellon Corp now owns 20,680,301 shares of the medical technology company's stock worth $1,858,332,000 after purchasing an additional 756,192 shares in the last quarter. Deutsche Bank AG increased its position in Medtronic by 3.1% during the 1st quarter. Deutsche Bank AG now owns 19,009,795 shares of the medical technology company's stock worth $1,708,220,000 after purchasing an additional 566,155 shares in the last quarter. Finally, Invesco Ltd. increased its position in Medtronic by 9.9% during the 1st quarter. Invesco Ltd. now owns 16,980,592 shares of the medical technology company's stock worth $1,525,876,000 after purchasing an additional 1,535,308 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on MDT shares. Needham & Company LLC reissued a "hold" rating on shares of Medtronic in a research note on Thursday, August 14th. Leerink Partnrs raised Medtronic to a "strong-buy" rating in a research note on Monday, June 16th. UBS Group raised their price target on Medtronic from $94.00 to $95.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 20th. Stifel Nicolaus raised their price target on Medtronic from $90.00 to $105.00 and gave the stock a "hold" rating in a research note on Thursday. Finally, BTIG Research reissued a "neutral" rating on shares of Medtronic in a research note on Friday, July 11th. One investment 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 data from MarketBeat, Medtronic currently has a consensus rating of "Moderate Buy" and an average target price of $102.41.

Medtronic Stock Performance

NYSE MDT opened at $95.52 on Monday. The firm has a market capitalization 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 1-year low of $79.29 and a 1-year high of $99.37. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.01 and a quick ratio of 1.50. The business's 50-day simple moving average is $93.56 and its 200-day simple moving average is $88.74.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings data 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 business 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 company's revenue was up 7.7% compared to the same quarter last year. During the same period in the previous year, the company posted $1.23 EPS. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. Equities analysts predict that Medtronic PLC will post 5.46 EPS for the current 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 of this dividend is Friday, September 26th. Medtronic's payout ratio is currently 78.24%.

Insider Activity

In related news, Director William R. Jellison purchased 2,500 shares of Medtronic stock in a transaction that occurred on Monday, August 25th. The shares were purchased at an average cost of $92.37 per share, with a total value of $230,925.00. Following the transaction, the director owned 5,000 shares of the company's stock, valued at approximately $461,850. The trade was a 100.00% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Harry Skip Kiil sold 8,605 shares of the business's 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 in the company, valued at $3,261,621.70. This trade represents a 19.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.26% of the company's stock.

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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