Envestnet Portfolio Solutions Inc. Lowers Position in Medtronic PLC $MDT

Key Points

• Envestnet Portfolio Solutions Inc. has reduced its stake in Medtronic PLC by 4.4%, holding 170,185 shares valued at approximately $14.83 million at the end of the last quarter.
• Analysts have mixed ratings on Medtronic, with an average consensus rating of "Moderate Buy" and a price target of $102.41.
• Medtronic announced a quarterly dividend of $0.71 per share, representing an annual yield of 3.0% and a dividend payout ratio of 78.24%.

Envestnet Portfolio Solutions Inc. cut its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 4.4% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 170,185 shares of the medical technology company's stock after selling 7,840 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in Medtronic were worth $14,835,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of MDT. Boston Partners lifted its position in Medtronic by 122.8% during the first quarter. Boston Partners now owns 6,912,055 shares of the medical technology company's stock valued at $619,460,000 after purchasing an additional 3,809,450 shares in the last quarter. Ameriprise Financial Inc. lifted its position in Medtronic by 28.8% during the first quarter. Ameriprise Financial Inc. now owns 15,481,028 shares of the medical technology company's stock valued at $1,391,141,000 after purchasing an additional 3,461,221 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in Medtronic by 42.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 10,059,135 shares of the medical technology company's stock valued at $903,915,000 after purchasing an additional 3,017,849 shares in the last quarter. Nuveen LLC bought a new stake in Medtronic during the first quarter valued at about $260,649,000. Finally, Mackenzie Financial Corp raised its holdings in Medtronic by 220.9% during the first quarter. Mackenzie Financial Corp now owns 2,412,115 shares of the medical technology company's stock valued at $216,753,000 after acquiring an additional 1,660,357 shares during the period. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Weiss Ratings reissued a "buy (b-)" rating on shares of Medtronic in a report on Wednesday, October 8th. Leerink Partners assumed coverage on Medtronic in a report on Monday, June 16th. They set an "outperform" rating and a $110.00 price target on the stock. Evercore ISI raised their price target on Medtronic from $103.00 to $106.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. Wall Street Zen cut Medtronic from a "buy" rating to a "hold" rating in a report on Friday, October 3rd. Finally, Sanford C. Bernstein raised their price target on Medtronic from $97.00 to $98.00 and gave the company an "outperform" rating in a report on Wednesday, August 20th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Medtronic has an average rating of "Moderate Buy" and a consensus price target of $102.41.

Insider Activity

In related news, EVP Harry Skip Kiil sold 8,605 shares of Medtronic stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $91.58, for a total value of $788,045.90. Following the completion of the transaction, the executive vice president owned 35,615 shares in the company, valued at approximately $3,261,621.70. This trade represents a 19.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, 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 bought at an average price of $92.37 per share, with a total value of $230,925.00. Following the transaction, the director owned 5,000 shares of the company's stock, valued at $461,850. This represents a 100.00% increase in their position. The disclosure for this purchase can be found here. Company insiders own 0.26% of the company's stock.

Medtronic Trading Up 0.2%

Shares of MDT stock opened at $95.63 on Tuesday. Medtronic PLC has a 12-month low of $79.29 and a 12-month high of $99.37. The company has a current ratio of 2.01, a quick ratio of 1.50 and a debt-to-equity ratio of 0.54. The stock's 50-day moving average price is $93.68 and its 200-day moving average price is $88.80. The stock has a market capitalization of $122.66 billion, a price-to-earnings ratio of 26.34, a price-to-earnings-growth ratio of 2.51 and a beta of 0.78.

Medtronic (NYSE:MDT - Get Free Report) last issued its earnings results 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 firm had revenue of $8.58 billion for the quarter, compared to analysts' expectations of $8.37 billion. During the same period in the previous year, the firm posted $1.23 earnings per share. The business'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. Equities research analysts predict that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

The business 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. The ex-dividend date is 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%.

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.

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