Fifth Third Wealth Advisors LLC Has $1.98 Million Stock Holdings in Medtronic PLC $MDT

Key Points

• Fifth Third Wealth Advisors LLC reduced its stake in Medtronic PLC by 16.4%, holding 22,729 shares worth approximately $1.98 million after selling 4,462 shares during the second quarter.
• Brokerages have recently adjusted their price targets for Medtronic, with Stifel Nicolaus increasing it from $90 to $105, while UBS and Sanford C. Bernstein have set new price targets of $95 and $98 respectively.
• Medtronic has declared a quarterly dividend of $0.71 per share, which will be paid on October 17th and represents an annual yield of 3.0% with a dividend payout ratio of 78.24%.

Fifth Third Wealth Advisors LLC lessened its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 16.4% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 22,729 shares of the medical technology company's stock after selling 4,462 shares during the period. Fifth Third Wealth Advisors LLC's holdings in Medtronic were worth $1,981,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. 1248 Management LLC bought a new stake in Medtronic during the first quarter worth about $26,000. Columbia River Financial Group LLC bought a new stake in Medtronic during the first quarter worth about $28,000. Twin Tree Management LP bought a new stake in Medtronic during the first quarter worth about $29,000. Activest Wealth Management grew its stake in Medtronic by 3,577.8% during the first quarter. Activest Wealth Management now owns 331 shares of the medical technology company's stock worth $30,000 after buying an additional 322 shares during the last quarter. Finally, Hughes Financial Services LLC bought a new stake in Medtronic during the first quarter worth about $32,000. Institutional investors and hedge funds own 82.06% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on MDT. Stifel Nicolaus upped their price objective on shares of Medtronic from $90.00 to $105.00 and gave the stock a "hold" rating in a research note on Thursday. UBS Group upped their price objective on shares of 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 price objective on shares of Medtronic from $97.00 to $98.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 20th. Leerink Partnrs raised shares of Medtronic to a "strong-buy" rating in a research note on Monday, June 16th. Finally, Royal Bank Of Canada reissued an "outperform" rating and set a $111.00 price target on shares of Medtronic in a research note on Friday. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $102.41.

Insider Buying and Selling

In other Medtronic news, EVP Harry Skip Kiil sold 8,605 shares of the firm's stock in a transaction that occurred on Wednesday, September 3rd. The shares were 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. This trade represents a 19.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William R. Jellison acquired 2,500 shares of Medtronic stock in a transaction on Monday, August 25th. The stock was acquired at an average cost of $92.37 per share, for a total transaction of $230,925.00. Following the completion of the purchase, the director owned 5,000 shares of the company's stock, valued at approximately $461,850. The trade was a 100.00% increase in their position. The disclosure for this purchase can be found here. 0.26% of the stock is currently owned by company insiders.

Medtronic Price Performance

MDT opened at $95.52 on Friday. Medtronic PLC has a one year low of $79.29 and a one year high of $99.37. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.01 and a quick ratio of 1.50. The company's 50 day simple moving average is $93.56 and its 200-day simple moving average is $88.74. The stock has a market capitalization of $122.52 billion, a P/E ratio of 26.31, a price-to-earnings-growth ratio of 2.51 and a beta of 0.78.

Medtronic (NYSE:MDT - Get Free Report) last announced 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 firm had revenue of $8.58 billion for the quarter, compared to analysts' expectations of $8.37 billion. During the same period last year, the firm earned $1.23 earnings per share. The business's revenue for the quarter was up 7.7% on a year-over-year basis. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. Sell-side analysts anticipate that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 17th. Shareholders of record on Friday, September 26th will be paid a $0.71 dividend. The ex-dividend date of this dividend is Friday, September 26th. This represents a $2.84 dividend on an annualized basis and a yield of 3.0%. Medtronic's dividend payout ratio (DPR) is presently 78.24%.

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.

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