Crowley Wealth Management Inc. Cuts Holdings in Medtronic PLC $MDT

Key Points

• Crowley Wealth Management Inc. significantly reduced its holdings in Medtronic PLC by 95.7% in the second quarter, leaving the firm with just 300 shares valued at $26,000.
• Several institutional investors have also adjusted their positions in Medtronic, with 82.06% of the stock currently held by these entities.
• Medtronic recently declared a quarterly dividend of $0.71 per share, reflecting an annualized yield of 3.0%, with a payout ratio of 78.24%.

Crowley Wealth Management Inc. reduced its position in Medtronic PLC (NYSE:MDT - Free Report) by 95.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 300 shares of the medical technology company's stock after selling 6,645 shares during the quarter. Crowley Wealth Management Inc.'s holdings in Medtronic were worth $26,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Burkett Financial Services LLC lifted its position in Medtronic by 185.0% during the first quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock valued at $26,000 after purchasing an additional 185 shares during the period. 1248 Management LLC purchased a new stake in shares of Medtronic during the first quarter worth about $26,000. Wood Tarver Financial Group LLC purchased a new stake in shares of Medtronic during the fourth quarter worth about $27,000. Columbia River Financial Group LLC purchased a new stake in shares of Medtronic during the first quarter worth about $28,000. Finally, Twin Tree Management LP purchased a new stake in Medtronic during the 1st quarter valued at about $29,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the stock. Wall Street Zen upgraded shares of Medtronic from a "hold" rating to a "buy" rating in a report on Saturday, August 30th. Robert W. Baird increased their target price on shares of Medtronic from $94.00 to $96.00 and gave the stock a "neutral" rating in a report on Wednesday, August 20th. Sanford C. Bernstein increased their target price on shares of Medtronic from $97.00 to $98.00 and gave the stock an "outperform" rating in a report on Wednesday, August 20th. Citigroup increased their price objective on shares of Medtronic from $99.00 to $101.00 and gave the company a "buy" rating in a research report on Thursday, August 21st. Finally, Evercore ISI increased their target price on shares of Medtronic from $103.00 to $106.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $102.27.

Medtronic Stock Down 1.5%

Shares of NYSE MDT opened at $94.26 on Friday. The company has a quick ratio of 1.50, a current ratio of 2.01 and a debt-to-equity ratio of 0.54. Medtronic PLC has a 52 week low of $79.29 and a 52 week high of $96.25. The firm has a 50-day moving average price of $92.48 and a 200 day moving average price of $88.39. The stock has a market capitalization of $120.91 billion, a price-to-earnings ratio of 25.97, a price-to-earnings-growth ratio of 2.52 and a beta of 0.77.

Medtronic (NYSE:MDT - Get Free Report) last posted its earnings results 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. Medtronic had a net margin of 13.63% and a return on equity of 14.61%. The firm had revenue of $8.58 billion during the quarter, compared to the consensus estimate of $8.37 billion. During the same period last year, the firm posted $1.23 EPS. The firm's revenue for the quarter was up 7.7% on a year-over-year basis. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. Equities research analysts anticipate that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 17th. Stockholders of record on Friday, September 26th will be issued a dividend of $0.71 per share. The ex-dividend date is Friday, September 26th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.0%. Medtronic's payout ratio is 78.24%.

Insider Transactions at Medtronic

In other news, EVP Harry Skip Kiil sold 8,605 shares of Medtronic 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 directly owned 35,615 shares in the company, valued at $3,261,621.70. The trade was a 19.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director William R. Jellison bought 2,500 shares of the stock in a transaction that occurred on Monday, August 25th. The stock was bought 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 owned 5,000 shares of the company's stock, valued at $461,850. This trade represents a 100.00% increase in their position. The disclosure for this purchase 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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