Medtronic PLC $MDT Shares Sold by Corebridge Financial Inc.

Key Points

• Corebridge Financial Inc. reduced its stake in Medtronic PLC by 3.0%, holding 285,995 shares worth approximately $25.7 million following the sale of 8,757 shares in the first quarter.
• Medtronic's quarterly earnings surpassed expectations, reporting $1.26 EPS, and quarterly revenue increased by 7.7% year-over-year to $8.58 billion.
• The company announced a quarterly dividend of $0.71 per share, with a dividend yield of 3.1%, set to be paid on October 17th.

Corebridge Financial Inc. lowered its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 3.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 285,995 shares of the medical technology company's stock after selling 8,757 shares during the period. Corebridge Financial Inc.'s holdings in Medtronic were worth $25,700,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in MDT. Vanguard Group Inc. raised its holdings in Medtronic by 0.7% during the first 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 raised its holdings in Medtronic by 7.0% during the first 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 raised its holdings in Medtronic by 3.8% during the first 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 raised its holdings in Medtronic by 3.1% during the first 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. raised its holdings in Medtronic by 9.9% during the first 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 Ratings Changes

MDT has been the topic of a number of research analyst reports. Wells Fargo & Company raised their price objective on shares of Medtronic from $98.00 to $100.00 and gave the stock an "overweight" rating in a report on Wednesday, August 20th. Sanford C. Bernstein boosted 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. Leerink Partners assumed coverage on Medtronic in a report on Monday, June 16th. They issued an "outperform" rating and a $110.00 price objective for the company. Evercore ISI lifted their target price on shares of Medtronic from $103.00 to $106.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. Finally, Wolfe Research upgraded shares of Medtronic from an "underperform" rating to a "peer perform" rating in a research note on Monday, June 30th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat.com, Medtronic has an average rating of "Moderate Buy" and a consensus target price of $102.14.

Insider Activity at Medtronic

In related news, Director William R. Jellison purchased 2,500 shares of the stock in a transaction dated Monday, August 25th. The shares were acquired at an average cost of $92.37 per share, with a total value of $230,925.00. Following 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 acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.20% of the company's stock.

Medtronic Stock Performance

Shares of MDT stock traded up $0.76 during mid-day trading on Friday, hitting $92.72. The stock had a trading volume of 5,174,507 shares, compared to its average volume of 7,664,636. Medtronic PLC has a fifty-two week low of $79.29 and a fifty-two week high of $96.25. The firm has a market cap of $118.93 billion, a PE ratio of 25.54, a PEG ratio of 2.34 and a beta of 0.80. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.01 and a quick ratio of 1.42. The company's 50-day simple moving average is $90.18 and its 200-day simple moving average is $88.07.

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 for the quarter, beating analysts' consensus estimates of $1.23 by $0.03. Medtronic had a return on equity of 14.61% and a net margin of 13.63%.The company had revenue of $8.58 billion for the quarter, compared to analyst estimates of $8.37 billion. During the same quarter in the previous year, the company earned $1.23 EPS. The firm'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. Sell-side analysts anticipate that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

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

Medtronic 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.