Medtronic PLC $MDT Stock Position Lifted by First Hawaiian Bank

Key Points

• First Hawaiian Bank increased its stake in Medtronic PLC by 12.1%, raising its holdings to 25,092 shares worth approximately $2.25 million.
• Medtronic reported $1.26 EPS for the last quarter, beating the consensus estimate, with revenues of $8.58 billion, a 7.7% increase year-over-year.
• The company announced a quarterly dividend of $0.71 per share, with an ex-dividend date of September 26, representing a 3.0% annual yield.

First Hawaiian Bank increased its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 12.1% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 25,092 shares of the medical technology company's stock after purchasing an additional 2,699 shares during the quarter. First Hawaiian Bank's holdings in Medtronic were worth $2,255,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of MDT. Boston Partners boosted its holdings in Medtronic by 122.8% in the 1st quarter. Boston Partners now owns 6,912,055 shares of the medical technology company's stock worth $619,460,000 after acquiring an additional 3,809,450 shares during the period. Ameriprise Financial Inc. boosted its holdings in Medtronic by 28.8% in the 1st quarter. Ameriprise Financial Inc. now owns 15,481,028 shares of the medical technology company's stock worth $1,391,141,000 after acquiring an additional 3,461,221 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in Medtronic by 42.9% in the 1st 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 acquiring an additional 3,017,849 shares during the period. Nuveen LLC purchased a new position in Medtronic in the 1st quarter worth approximately $260,649,000. Finally, Burgundy Asset Management Ltd. purchased a new position in Medtronic in the 4th quarter worth approximately $174,329,000. Hedge funds and other institutional investors own 82.06% of the company's stock.

Insider Buying and Selling at Medtronic

In related news, Director William R. Jellison bought 2,500 shares of the company's stock in a transaction on Monday, August 25th. The shares were purchased at an average cost of $92.37 per share, with a total value 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. This represents a 100.00% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Harry Skip Kiil sold 8,605 shares of the stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $91.58, for a total value of $788,045.90. Following the completion of the transaction, the executive vice president directly owned 35,615 shares of the company's stock, valued at approximately $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.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Morgan Stanley restated an "overweight" rating and issued a $107.00 price target (up previously from $98.00) on shares of Medtronic in a report on Tuesday, July 15th. Argus increased their target price on Medtronic from $105.00 to $115.00 and gave the company a "buy" rating in a research note on Tuesday, August 26th. Sanford C. Bernstein increased their target price on Medtronic from $97.00 to $98.00 and gave the company an "outperform" rating in a research note on Wednesday, August 20th. Leerink Partnrs upgraded Medtronic to a "strong-buy" rating in a research note on Monday, June 16th. Finally, Wall Street Zen upgraded Medtronic from a "hold" rating to a "buy" rating in a research note on Saturday, August 30th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and eight have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Medtronic presently has a consensus rating of "Moderate Buy" and a consensus price target of $102.14.

Medtronic Stock Performance

Shares of MDT stock traded down $0.56 on Monday, hitting $93.48. 5,715,769 shares of the stock traded hands, compared to its average volume of 6,922,758. 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 has a market capitalization of $119.90 billion, a PE ratio of 25.75, a PEG ratio of 2.48 and a beta of 0.77. Medtronic PLC has a 1-year low of $79.29 and a 1-year high of $96.25. The company's fifty day moving average is $91.61 and its 200 day moving average is $88.26.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings results on Tuesday, August 19th. The medical technology company reported $1.26 earnings per share (EPS) 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 business had revenue of $8.58 billion for the quarter, compared to analyst estimates of $8.37 billion. During the same period in the prior year, the company posted $1.23 EPS. 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. On average, equities research analysts predict that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

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

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.