Exchange Traded Concepts LLC Raises Holdings in Medtronic PLC $MDT

Key Points

• Exchange Traded Concepts LLC increased its stake in Medtronic PLC by 530.5%, owning over 209,000 shares valued at approximately $18 million.
• Medtronic recently announced a quarterly dividend of $0.71 per share, translating to an annualized yield of 3.0% and a payout ratio of 78.24%.
• The company's stock is currently rated as a "Moderate Buy" by analysts, with a consensus target price of $102.27.

Exchange Traded Concepts LLC grew its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 530.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 209,108 shares of the medical technology company's stock after buying an additional 175,941 shares during the period. Exchange Traded Concepts LLC's holdings in Medtronic were worth $18,228,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Boston Partners grew its holdings in shares of Medtronic by 122.8% during the first quarter. Boston Partners now owns 6,912,055 shares of the medical technology company's stock worth $619,460,000 after purchasing an additional 3,809,450 shares in the last quarter. Ameriprise Financial Inc. grew its holdings in shares of Medtronic by 28.8% during the first quarter. Ameriprise Financial Inc. now owns 15,481,028 shares of the medical technology company's stock worth $1,391,141,000 after purchasing an additional 3,461,221 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of 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 worth $903,915,000 after purchasing an additional 3,017,849 shares in the last quarter. Nuveen LLC purchased a new position in shares of Medtronic during the first quarter worth about $260,649,000. Finally, Burgundy Asset Management Ltd. purchased a new position in shares of Medtronic during the fourth quarter worth about $174,329,000. 82.06% of the stock is currently owned by institutional investors.

Medtronic Price Performance

MDT traded up $0.15 on Monday, hitting $95.23. 2,257,998 shares of the company's stock traded hands, compared to its average volume of 7,607,601. The company's 50 day simple moving average is $92.05 and its 200-day simple moving average is $88.29. The firm has a market cap of $122.15 billion, a price-to-earnings ratio of 26.24, a P/E/G ratio of 2.50 and a beta of 0.77. Medtronic PLC has a one year low of $79.29 and a one year high of $96.25. The company has a current ratio of 2.01, a quick ratio of 1.50 and a debt-to-equity ratio of 0.54.

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. The business had revenue of $8.58 billion during the quarter, compared to analysts' expectations of $8.37 billion. Medtronic had a return on equity of 14.61% and a net margin of 13.63%.The firm's revenue for the quarter was up 7.7% compared to the same quarter last year. During the same quarter last year, the business posted $1.23 EPS. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. As a group, research analysts anticipate that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The business 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. 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 payout ratio is presently 78.24%.

Wall Street Analyst Weigh In

MDT has been the subject of several recent analyst reports. William Blair raised Medtronic to a "hold" rating in a report on Friday, July 11th. UBS Group upped their target price on Medtronic from $94.00 to $95.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 20th. Sanford C. Bernstein upped their target price on Medtronic from $97.00 to $98.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 20th. Morgan Stanley reaffirmed an "overweight" rating and issued a $107.00 target price (up previously from $98.00) on shares of Medtronic in a research note on Tuesday, July 15th. Finally, Argus upped their target price on Medtronic from $105.00 to $115.00 and gave the stock a "buy" rating in a research note on Tuesday, August 26th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and eight have given a Hold rating to the company's stock. According to data from MarketBeat, Medtronic presently has a consensus rating of "Moderate Buy" and a consensus price target of $102.27.

Insider Buying and Selling at Medtronic

In related news, EVP Harry Skip Kiil sold 8,605 shares of the company's stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $91.58, for a total transaction of $788,045.90. Following the transaction, the executive vice president directly 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 sale was disclosed in a filing with the SEC, which is available at this link. Also, Director William R. Jellison purchased 2,500 shares of the company's stock in a transaction on Monday, August 25th. The shares were purchased at an average price of $92.37 per share, for a total transaction of $230,925.00. Following the purchase, the director owned 5,000 shares in the company, valued at approximately $461,850. The trade was a 100.00% increase in their position. The disclosure for this purchase can be found here. Insiders own 0.26% of the company's stock.

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.