Cullen Frost Bankers Inc. Sells 7,360 Shares of Medtronic PLC $MDT

Key Points

• Cullen Frost Bankers Inc. reduced its stake in Medtronic PLC by 2.6%, selling 7,360 shares and now holding 276,901 shares worth approximately $24.14 million.
• Medtronic's stock ratings have been updated, with UBS and Truist Financial raising their target prices, resulting in an average target of $102.82 and an overall rating of "Moderate Buy."
• The company announced a quarterly dividend of $0.71, translating to an annual yield of 3.0%, with a payout ratio currently standing at 78.24%.

Cullen Frost Bankers Inc. cut its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 2.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 276,901 shares of the medical technology company's stock after selling 7,360 shares during the period. Cullen Frost Bankers Inc.'s holdings in Medtronic were worth $24,137,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the stock. Red Spruce Capital LLC raised its stake in shares of Medtronic by 0.5% during the 2nd quarter. Red Spruce Capital LLC now owns 23,707 shares of the medical technology company's stock worth $2,067,000 after purchasing an additional 118 shares during the period. Certior Financial Group LLC raised its stake in shares of Medtronic by 3.7% during the 1st quarter. Certior Financial Group LLC now owns 3,450 shares of the medical technology company's stock worth $310,000 after purchasing an additional 122 shares during the period. Cidel Asset Management Inc. raised its stake in shares of Medtronic by 1.3% during the 1st quarter. Cidel Asset Management Inc. now owns 9,531 shares of the medical technology company's stock worth $856,000 after purchasing an additional 126 shares during the period. Petros Family Wealth LLC raised its stake in shares of Medtronic by 4.3% during the 1st quarter. Petros Family Wealth LLC now owns 3,111 shares of the medical technology company's stock worth $280,000 after purchasing an additional 127 shares during the period. Finally, PrairieView Partners LLC raised its stake in shares of Medtronic by 3.6% during the 2nd quarter. PrairieView Partners LLC now owns 3,726 shares of the medical technology company's stock worth $324,000 after purchasing an additional 128 shares during the period. 82.06% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on MDT shares. William Blair upgraded Medtronic to a "hold" rating in a research note on Friday, July 11th. BTIG Research reiterated a "neutral" rating on shares of Medtronic in a research note on Friday, July 11th. UBS Group lifted their target price on Medtronic from $94.00 to $95.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 20th. Truist Financial lifted their target price on Medtronic from $96.00 to $103.00 and gave the stock a "hold" rating in a research note on Wednesday, October 15th. Finally, Argus lifted their price objective on Medtronic from $105.00 to $115.00 and gave the stock a "buy" rating in a report on Tuesday, August 26th. One equities research 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 assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $102.82.

Medtronic Trading Down 0.1%

Shares of MDT opened at $95.84 on Wednesday. The business has a 50-day moving average of $94.20 and a 200 day moving average of $89.13. Medtronic PLC has a fifty-two week low of $79.29 and a fifty-two week high of $99.37. The firm has a market cap of $122.93 billion, a P/E ratio of 26.40, a price-to-earnings-growth ratio of 2.53 and a beta of 0.78. 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 earnings results on Tuesday, August 19th. The medical technology company reported $1.26 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 business had revenue of $8.58 billion during the quarter, compared to the consensus estimate of $8.37 billion. During the same quarter last year, the company earned $1.23 EPS. The firm's 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. As a group, research analysts forecast that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 17th. Shareholders of record on Friday, September 26th were paid a $0.71 dividend. The ex-dividend date was Friday, September 26th. This represents a $2.84 annualized dividend and a yield of 3.0%. Medtronic's dividend payout ratio (DPR) is currently 78.24%.

Insider Activity

In other Medtronic news, Director William R. Jellison purchased 2,500 shares of the company's stock in a transaction dated Monday, August 25th. The stock was purchased at an average price of $92.37 per share, for a total transaction of $230,925.00. Following the transaction, the director owned 5,000 shares in the company, valued at $461,850. The trade was a 100.00% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, 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 value of $788,045.90. Following the sale, the executive vice president owned 35,615 shares of the company's stock, valued at approximately $3,261,621.70. This trade represents a 19.46% decrease in their position. The disclosure for this sale can be found here. 0.26% of the stock is owned by company 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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