Dakota Wealth Management Increases Stock Position in Medtronic PLC $MDT

Key Points

• Dakota Wealth Management raised its stock position in Medtronic PLC by 4.9% during the second quarter, now owning 74,819 shares valued at $6,522,000.
• Medtronic recently announced a quarterly dividend of $0.71 per share, reflecting an annualized yield of 3.0%.
• Analysts have raised their target prices for Medtronic shares, with consensus ratings showing a Moderate Buy and an average price target of $102.27.

Dakota Wealth Management raised its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 4.9% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 74,819 shares of the medical technology company's stock after purchasing an additional 3,514 shares during the period. Dakota Wealth Management's holdings in Medtronic were worth $6,522,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Burkett Financial Services LLC increased its stake in shares of Medtronic by 185.0% in the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock worth $26,000 after acquiring an additional 185 shares in the last quarter. 1248 Management LLC purchased a new stake in Medtronic during the first quarter valued at $26,000. Wood Tarver Financial Group LLC purchased a new stake in shares of Medtronic in the fourth quarter valued at $27,000. Columbia River Financial Group LLC bought a new position in shares of Medtronic in the first quarter worth about $28,000. Finally, Twin Tree Management LP purchased a new position in Medtronic during the first quarter valued at approximately $29,000. Hedge funds and other institutional investors own 82.06% of the company's stock.

Insider Activity

In other news, Director William R. Jellison purchased 2,500 shares of the company's stock in a transaction that occurred on Monday, August 25th. The stock was purchased at an average cost of $92.37 per share, for a total transaction of $230,925.00. Following the completion of the transaction, the director owned 5,000 shares of the company's stock, valued at $461,850. This trade represents a 100.00% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Harry Skip Kiil sold 8,605 shares of the company's stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $91.58, for a total value of $788,045.90. Following the sale, the executive vice president directly owned 35,615 shares in the company, valued at $3,261,621.70. This 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 corporate insiders.

Medtronic Stock Performance

MDT opened at $94.26 on Friday. The firm has a market capitalization of $120.91 billion, a PE ratio of 25.97, a PEG ratio of 2.52 and a beta of 0.77. 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 PLC has a 52-week low of $79.29 and a 52-week high of $96.25. The business's 50-day simple moving average is $92.48 and its 200 day simple moving average is $88.39.

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, beating analysts' consensus estimates of $1.23 by $0.03. The business 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 14.61%. The firm's quarterly revenue was up 7.7% on a year-over-year basis. During the same quarter last year, the business earned $1.23 EPS. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. As a group, sell-side analysts expect that Medtronic PLC will post 5.46 earnings per share for the current fiscal 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 dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend is Friday, September 26th. Medtronic's dividend payout ratio is currently 78.24%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Truist Financial increased their target price on Medtronic from $92.00 to $96.00 and gave the company a "hold" rating in a research report on Thursday, August 21st. BTIG Research reaffirmed a "neutral" rating on shares of Medtronic in a research report on Friday, July 11th. Citigroup upped their price objective on shares of Medtronic from $99.00 to $101.00 and gave the stock a "buy" rating in a research report on Thursday, August 21st. Wells Fargo & Company lifted their target price on shares of Medtronic from $98.00 to $100.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 20th. Finally, 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. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $102.27.

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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