Cresset Asset Management LLC Has $17.70 Million Stock Holdings in Medtronic PLC $MDT

Key Points

• Cresset Asset Management LLC reduced its stake in Medtronic PLC by 7.8%, selling 16,445 shares during the first quarter, leaving them with 195,491 shares valued at approximately $17.7 million.
• Several other institutional investors have recently adjusted their stakes in Medtronic, with Boston Partners significantly increasing their holdings by 122.8% during the same period.
• Medtronic announced a quarterly dividend of $0.71 per share, with an annualized payout of $2.84, representing a dividend yield of 3.1% and a payout ratio of 78.45%.

Cresset Asset Management LLC decreased its position in Medtronic PLC (NYSE:MDT - Free Report) by 7.8% in the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 195,491 shares of the medical technology company's stock after selling 16,445 shares during the period. Cresset Asset Management LLC's holdings in Medtronic were worth $17,703,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the company. Burkett Financial Services LLC increased its position in shares of Medtronic by 185.0% during the first quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock worth $26,000 after purchasing an additional 185 shares in the last quarter. Wood Tarver Financial Group LLC acquired a new position in shares of Medtronic in the 4th quarter valued at $27,000. Columbia River Financial Group LLC acquired a new position in shares of Medtronic in the 1st quarter valued at $28,000. Optiver Holding B.V. acquired a new position in shares of Medtronic in the 4th quarter valued at $31,000. Finally, Hughes Financial Services LLC acquired a new position in shares of Medtronic in the 1st quarter valued at $32,000. Hedge funds and other institutional investors own 82.06% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have commented on MDT. Sanford C. Bernstein upped their price target on shares of Medtronic from $97.00 to $98.00 and gave the company an "outperform" rating in a report on Wednesday. Mizuho raised their price target on shares of Medtronic from $98.00 to $100.00 and gave the stock an "outperform" rating in a report on Wednesday, July 16th. Needham & Company LLC restated a "hold" rating on shares of Medtronic in a research report on Thursday, August 14th. Leerink Partners initiated coverage on shares of Medtronic in a research note on Monday, June 16th. They issued an "outperform" rating and a $110.00 price target for the company. Finally, BTIG Research reissued a "neutral" rating on shares of Medtronic in a research report on Friday, July 11th. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $101.15.

Medtronic Stock Performance

NYSE MDT traded down $2.1020 on Thursday, hitting $91.1180. The stock had a trading volume of 6,372,578 shares, compared to its average volume of 7,754,595. Medtronic PLC has a one year low of $79.29 and a one year high of $96.25. The company has a quick ratio of 1.42, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The stock has a market cap of $116.80 billion, a price-to-earnings ratio of 25.10, a P/E/G ratio of 2.33 and a beta of 0.80. The company's 50-day moving average is $89.57 and its two-hundred day moving average is $88.02.

Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings results on Tuesday, August 19th. The medical technology company reported $1.26 earnings per share for the quarter, topping analysts' consensus estimates of $1.23 by $0.03. The company had revenue of $8.58 billion during the quarter, compared to analyst estimates of $8.37 billion. Medtronic had a net margin of 13.63% and a return on equity of 14.56%. The business's revenue for the quarter was up 7.7% compared to the same quarter last year. During the same period in the prior year, the business posted $1.23 EPS. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. On average, analysts expect that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 17th. Investors of record on Friday, September 26th will be given a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 3.1%. The ex-dividend date is Friday, September 26th. Medtronic's dividend payout ratio is 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.