Cornerstone Wealth Group LLC Invests $275,000 in Medtronic PLC $MDT

Key Points

• Cornerstone Wealth Group LLC has invested $275,000 in Medtronic PLC, acquiring 3,156 shares during the second quarter.
• Medtronic recently reported earnings of $1.26 per share, exceeding estimates, with a quarterly revenue of $8.58 billion, up 7.7% year-over-year.
• The company declared a quarterly dividend of $0.71 per share, representing an annualized dividend yield of 2.9%, to be paid on October 17th.

Cornerstone Wealth Group LLC acquired a new position in shares of Medtronic PLC (NYSE:MDT - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 3,156 shares of the medical technology company's stock, valued at approximately $275,000.

Other large investors have also modified their holdings of the company. 1248 Management LLC purchased a new position in Medtronic in the first quarter valued at $26,000. Columbia River Financial Group LLC purchased a new position in Medtronic in the first quarter valued at $28,000. Twin Tree Management LP purchased a new position in Medtronic in the first quarter valued at $29,000. Activest Wealth Management increased its holdings 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 during the last quarter. Finally, Hughes Financial Services LLC purchased a new position in Medtronic in the first quarter valued at $32,000. Hedge funds and other institutional investors own 82.06% of the company's stock.

Medtronic Stock Performance

Shares of MDT stock opened at $96.56 on Wednesday. The stock's 50-day moving average is $93.82 and its two-hundred day moving average is $88.85. The firm has a market cap of $123.86 billion, a price-to-earnings ratio of 26.60, a PEG ratio of 2.52 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 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. 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 last year, the company posted $1.23 earnings per share. The business's quarterly revenue was up 7.7% compared to the same quarter last year. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. Analysts predict 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. Stockholders of record on Friday, September 26th will be paid a dividend of $0.71 per share. The ex-dividend date is Friday, September 26th. This represents a $2.84 annualized dividend and a dividend yield of 2.9%. Medtronic's dividend payout ratio is 78.24%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Weiss Ratings reissued a "buy (b-)" rating on shares of Medtronic in a report on Wednesday, October 8th. Evercore ISI increased their target price on Medtronic from $103.00 to $106.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. William Blair raised Medtronic to a "hold" rating in a report on Friday, July 11th. Stifel Nicolaus increased their target price on Medtronic from $90.00 to $105.00 and gave the company a "hold" rating in a report on Thursday, October 9th. Finally, BTIG Research reaffirmed a "neutral" rating on shares of Medtronic in a report on Friday, July 11th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $102.41.

Insider Activity

In other news, EVP Harry Skip Kiil sold 8,605 shares of the stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $91.58, for a total transaction of $788,045.90. Following the completion of the sale, the executive vice president owned 35,615 shares in the company, valued at approximately $3,261,621.70. This represents a 19.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director William R. Jellison bought 2,500 shares of the firm's stock in a transaction dated Monday, August 25th. The shares were acquired at an average price of $92.37 per share, with a total value of $230,925.00. Following the purchase, the director directly owned 5,000 shares of the company's stock, valued at approximately $461,850. This trade represents a 100.00% increase in their position. The disclosure for this purchase can be found here. 0.26% of the stock is currently owned by corporate insiders.

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.

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