Ethic Inc. Raises Stock Position in Medtronic PLC $MDT

Key Points

• Ethic Inc. increased its stake in Medtronic PLC by 35.4% in the first quarter, raising its holdings to a value of $12.36 million after acquiring additional shares.
• Medtronic reported a quarterly earnings per share (EPS) of $1.62, beating expectations and showing a revenue increase of 3.9% year-over-year.
• The company declared an increase in its quarterly dividend from $0.70 to $0.71, indicating a dividend yield of 3.1% that reflects strong financial stability.

Ethic Inc. lifted its position in Medtronic PLC (NYSE:MDT - Free Report) by 35.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 139,693 shares of the medical technology company's stock after acquiring an additional 36,520 shares during the period. Ethic Inc.'s holdings in Medtronic were worth $12,361,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Dunhill Financial LLC grew its position in shares of Medtronic by 17.2% during the 1st quarter. Dunhill Financial LLC now owns 847 shares of the medical technology company's stock valued at $76,000 after acquiring an additional 124 shares during the period. Cidel Asset Management Inc. lifted its stake in Medtronic by 1.3% in the 1st quarter. Cidel Asset Management Inc. now owns 9,531 shares of the medical technology company's stock valued at $856,000 after buying an additional 126 shares in the last quarter. Petros Family Wealth LLC lifted its stake in Medtronic by 4.3% in the 1st quarter. Petros Family Wealth LLC now owns 3,111 shares of the medical technology company's stock valued at $280,000 after buying an additional 127 shares in the last quarter. Motco lifted its stake in Medtronic by 27.0% in the 1st quarter. Motco now owns 635 shares of the medical technology company's stock worth $57,000 after purchasing an additional 135 shares in the last quarter. Finally, Baker Avenue Asset Management LP lifted its stake in Medtronic by 3.1% in the 1st quarter. Baker Avenue Asset Management LP now owns 4,558 shares of the medical technology company's stock worth $410,000 after purchasing an additional 136 shares in the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Stock Performance

Shares of NYSE:MDT traded down $2.8940 on Tuesday, reaching $89.9160. The company's stock had a trading volume of 19,166,981 shares, compared to its average volume of 7,725,312. The stock's 50-day moving average is $89.43 and its two-hundred day moving average is $87.97. Medtronic PLC has a 52-week low of $79.29 and a 52-week high of $96.25. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 1.42. The stock has a market capitalization of $115.26 billion, a P/E ratio of 24.84, a PEG ratio of 2.42 and a beta of 0.80.

Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings results on Tuesday, August 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.23 by $0.03. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The business had revenue of $8.58 billion for the quarter, compared to analyst estimates of $8.37 billion. During the same period in the previous year, the business 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. As a group, 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 will be paid on Friday, October 17th. Stockholders 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 dividend yield of 3.2%. Medtronic's dividend payout ratio is currently 78.45%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on MDT. Wolfe Research raised shares of Medtronic from an "underperform" rating to a "peer perform" rating in a research report on Monday, June 30th. Citigroup lifted their target price on shares of Medtronic from $98.00 to $99.00 and gave the company a "buy" rating in a report on Wednesday, July 9th. Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a report on Thursday, August 14th. Leerink Partners started coverage on shares of Medtronic in a report on Monday, June 16th. They issued an "outperform" rating and a $110.00 target price for the company. Finally, Robert W. Baird dropped their price target on shares of Medtronic from $94.00 to $92.00 and set a "neutral" rating for the company in a research note on Thursday, May 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat.com, Medtronic has a consensus rating of "Moderate Buy" and an average target price of $98.19.

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.