Ethic Inc. Grows Position in Medtronic PLC $MDT

Key Points

• Ethic Inc. increased its stake in Medtronic PLC by 4.8%, owning 146,418 shares valued at approximately $12.6 million as of the latest SEC filing.
• Medtronic reported a 7.7% increase in quarterly revenue year-over-year, reaching $8.58 billion, and earnings per share of $1.26, surpassing analyst expectations.
• The company also declared a dividend of $0.71 per share, yielding 3.0% annually, with a dividend payout ratio of 78.24%.

Ethic Inc. raised its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 4.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 146,418 shares of the medical technology company's stock after acquiring an additional 6,725 shares during the quarter. Ethic Inc.'s holdings in Medtronic were worth $12,595,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Medtronic Price Performance

NYSE MDT opened at $95.98 on Wednesday. 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 company has a market capitalization of $123.12 billion, a price-to-earnings ratio of 26.44, a PEG ratio of 2.53 and a beta of 0.78. The stock has a 50-day moving average of $94.20 and a 200 day moving average of $89.13. Medtronic PLC has a one year low of $79.29 and a one year high of $99.37.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly 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 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 prior year, the firm earned $1.23 EPS. The company'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. On average, sell-side analysts forecast that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 17th. Stockholders of record on Friday, September 26th were 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 was Friday, September 26th. Medtronic's dividend payout ratio (DPR) is currently 78.24%.

Insiders Place Their Bets

In other Medtronic news, Director William R. Jellison acquired 2,500 shares of the stock in a transaction dated Monday, August 25th. The shares were acquired 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 directly owned 5,000 shares of the company's stock, valued at approximately $461,850. The trade was a 100.00% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Harry Skip Kiil sold 8,605 shares of the 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 sale, the executive vice president owned 35,615 shares of the company's stock, valued at $3,261,621.70. This represents a 19.46% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.26% of the company's stock.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Wolfe Research raised Medtronic from an "underperform" rating to a "peer perform" rating in a research note on Monday, June 30th. Evercore ISI lifted their target price on shares of Medtronic from $103.00 to $106.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. BTIG Research reaffirmed a "neutral" rating on shares of Medtronic in a research note on Friday, July 11th. Robert W. Baird upped their price target on shares of Medtronic from $94.00 to $96.00 and gave the company a "neutral" rating in a report on Wednesday, August 20th. Finally, Truist Financial raised their price target on shares of Medtronic from $96.00 to $103.00 and gave the stock a "hold" rating in a report on Wednesday, October 15th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Medtronic currently has a consensus rating of "Moderate Buy" and a consensus target price of $102.82.

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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