Equitable Trust Co. Raises Stock Holdings in Medtronic PLC $MDT

Key Points

• Equitable Trust Co. raised its holdings in Medtronic PLC by 39.7% during the second quarter, owning 66,878 shares valued at approximately $5.83 million.
• Insider activity included Director William R. Jellison buying 2,500 shares, increasing his position by 100%, while EVP Harry Skip Kiil sold 8,605 shares, decreasing his ownership by 19.46%.
• Medtronic announced a quarterly dividend of $0.71 per share, resulting in an annualized dividend yield of 3.0%, with record date set for September 26th.

Equitable Trust Co. increased its position in Medtronic PLC (NYSE:MDT - Free Report) by 39.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 66,878 shares of the medical technology company's stock after buying an additional 19,014 shares during the quarter. Equitable Trust Co.'s holdings in Medtronic were worth $5,830,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. 1248 Management LLC purchased a new position in Medtronic during the 1st quarter valued at $26,000. Columbia River Financial Group LLC purchased a new stake in Medtronic during the 1st quarter valued at about $28,000. Twin Tree Management LP purchased a new stake in Medtronic during the 1st quarter valued at about $29,000. Activest Wealth Management lifted its stake in Medtronic by 3,577.8% during the 1st quarter. Activest Wealth Management now owns 331 shares of the medical technology company's stock valued at $30,000 after acquiring an additional 322 shares during the period. Finally, Hughes Financial Services LLC bought a new position in Medtronic during the 1st quarter valued at about $32,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Medtronic

In other Medtronic news, Director William R. Jellison bought 2,500 shares of Medtronic stock in a transaction dated Monday, August 25th. The stock was acquired at an average cost of $92.37 per share, with a total value of $230,925.00. Following the purchase, the director directly owned 5,000 shares in the company, valued at $461,850. This represents a 100.00% increase in their position. The acquisition 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 that occurred 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 transaction, the executive vice president directly owned 35,615 shares of the company's stock, valued at approximately $3,261,621.70. The trade was a 19.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.26% of the company's stock.

Medtronic Price Performance

Shares of MDT stock opened at $95.63 on Tuesday. 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 capitalization of $122.66 billion, a price-to-earnings ratio of 26.34, a PEG ratio of 2.51 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. The stock's 50-day simple moving average is $93.68 and its 200-day simple moving average is $88.80.

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, beating analysts' consensus estimates of $1.23 by $0.03. The firm had revenue of $8.58 billion for the quarter, compared to analyst estimates of $8.37 billion. Medtronic had a return on equity of 14.61% and a net margin of 13.63%.Medtronic's revenue for the quarter was up 7.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.23 earnings per share. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. As a group, equities analysts forecast 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. Stockholders of record on Friday, September 26th will be paid a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Friday, September 26th. Medtronic's dividend payout ratio is presently 78.24%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Morgan Stanley reiterated an "overweight" rating and issued a $107.00 price objective (up previously from $98.00) on shares of Medtronic in a research note on Tuesday, July 15th. Robert W. Baird increased their price objective on shares of Medtronic from $94.00 to $96.00 and gave the company a "neutral" rating in a report on Wednesday, August 20th. Needham & Company LLC reissued a "hold" rating on shares of Medtronic in a report on Thursday, August 14th. Leerink Partnrs raised shares of Medtronic to a "strong-buy" rating in a research note on Monday, June 16th. Finally, Daiwa Capital Markets lifted their target price on Medtronic from $101.00 to $104.00 and gave the stock a "buy" rating in a research report on Friday, September 12th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $102.41.

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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