Fifth Third Bancorp Has $16.43 Million Position in Medtronic PLC $MDT

Key Points

• Fifth Third Bancorp reduced its Medtronic PLC holdings by 5.1%, owning 188,522 shares valued at approximately $16.43 million as of the latest SEC filing.
• Medtronic announced a quarterly dividend of $0.71 per share, yielding 3.0% annually, with the payment set for October 17th.
• Analysts have shown optimism toward Medtronic, with a consensus rating of "Moderate Buy" and an average target price of $102.27 for the stock.

Fifth Third Bancorp lessened its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 5.1% in the second quarter, according to its most recent filing with the SEC. The firm owned 188,522 shares of the medical technology company's stock after selling 10,151 shares during the period. Fifth Third Bancorp's holdings in Medtronic were worth $16,433,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in Medtronic by 0.7% during the first quarter. Vanguard Group Inc. now owns 125,014,241 shares of the medical technology company's stock worth $11,233,780,000 after buying an additional 810,854 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in Medtronic by 7.0% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 22,278,023 shares of the medical technology company's stock worth $2,001,903,000 after acquiring an additional 1,461,841 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Medtronic by 3.8% during the 1st quarter. Bank of New York Mellon Corp now owns 20,680,301 shares of the medical technology company's stock worth $1,858,332,000 after acquiring an additional 756,192 shares during the last quarter. Deutsche Bank AG grew its holdings in Medtronic by 3.1% during the first quarter. Deutsche Bank AG now owns 19,009,795 shares of the medical technology company's stock valued at $1,708,220,000 after purchasing an additional 566,155 shares during the period. Finally, Invesco Ltd. increased its stake in Medtronic by 9.9% in the first quarter. Invesco Ltd. now owns 16,980,592 shares of the medical technology company's stock valued at $1,525,876,000 after purchasing an additional 1,535,308 shares in the last quarter. Institutional investors own 82.06% of the company's stock.

Insider Activity

In related news, Director William R. Jellison acquired 2,500 shares of the firm's stock in a transaction dated Monday, August 25th. The stock was bought at an average price of $92.37 per share, for a total transaction of $230,925.00. Following the acquisition, 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 acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 value of $788,045.90. Following the sale, the executive vice president owned 35,615 shares in the company, valued at $3,261,621.70. The trade was a 19.46% decrease in their position. The disclosure for this sale can be found here. 0.26% of the stock is owned by company insiders.

Medtronic Stock Up 0.7%

Shares of Medtronic stock opened at $95.64 on Thursday. 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 0.54, a quick ratio of 1.50 and a current ratio of 2.01. The business's 50 day simple moving average is $92.39 and its 200 day simple moving average is $88.39. The firm has a market cap of $122.68 billion, a PE ratio of 26.35, a P/E/G ratio of 2.50 and a beta of 0.77.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings data on Tuesday, August 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.23 by $0.03. Medtronic had a net margin of 13.63% and a return on equity of 14.61%. The company had revenue of $8.58 billion for the quarter, compared to the consensus estimate of $8.37 billion. During the same period last year, the company earned $1.23 earnings per share. The firm'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, analysts predict that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The firm also recently disclosed 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 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Friday, September 26th. Medtronic's dividend payout ratio is currently 78.24%.

Analyst Upgrades and Downgrades

MDT has been the topic of a number of recent analyst reports. Leerink Partners began coverage on shares of Medtronic in a research report on Monday, June 16th. They set an "outperform" rating and a $110.00 price target on the stock. Wolfe Research raised Medtronic from an "underperform" rating to a "peer perform" rating in a research note on Monday, June 30th. Sanford C. Bernstein raised their price target on Medtronic from $97.00 to $98.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 20th. William Blair upgraded Medtronic to a "hold" rating in a research report on Friday, July 11th. Finally, Citigroup increased their target price on Medtronic from $99.00 to $101.00 and gave the stock a "buy" rating in a research note on Thursday, August 21st. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $102.27.

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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