Focus Financial Network Inc. Sells 3,041 Shares of Medtronic PLC $MDT

Key Points

• Focus Financial Network Inc. reduced its holdings in Medtronic PLC by 8.5%, selling 3,041 shares during the second quarter, leaving them with 32,904 shares valued at approximately $2.87 million.
• Institutional ownership of Medtronic's shares stands at 82.06%, with several major firms like Vanguard Group and Massachusetts Financial Services increasing their stakes in the company.
• Medtronic reported a quarterly earnings per share (EPS) of $1.26, exceeding analyst expectations, with revenue increasing 7.7% year-over-year to $8.58 billion.

Focus Financial Network Inc. reduced its position in Medtronic PLC (NYSE:MDT - Free Report) by 8.5% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 32,904 shares of the medical technology company's stock after selling 3,041 shares during the period. Focus Financial Network Inc.'s holdings in Medtronic were worth $2,868,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in Medtronic by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 125,014,241 shares of the medical technology company's stock valued at $11,233,780,000 after acquiring an additional 810,854 shares during the period. Massachusetts Financial Services Co. MA raised its stake in Medtronic by 7.0% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 22,278,023 shares of the medical technology company's stock valued at $2,001,903,000 after acquiring an additional 1,461,841 shares during the period. Bank of New York Mellon Corp raised its stake in Medtronic by 3.8% in the 1st quarter. Bank of New York Mellon Corp now owns 20,680,301 shares of the medical technology company's stock valued at $1,858,332,000 after acquiring an additional 756,192 shares during the period. Deutsche Bank AG raised its stake in Medtronic by 3.1% in the 1st quarter. Deutsche Bank AG now owns 19,009,795 shares of the medical technology company's stock valued at $1,708,220,000 after acquiring an additional 566,155 shares during the period. Finally, Invesco Ltd. raised its stake in Medtronic by 9.9% in the 1st quarter. Invesco Ltd. now owns 16,980,592 shares of the medical technology company's stock valued at $1,525,876,000 after acquiring an additional 1,535,308 shares during the period. 82.06% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages have recently weighed in on MDT. Leerink Partners began coverage on Medtronic in a research report on Monday, June 16th. They set an "outperform" rating and a $110.00 price target on the stock. UBS Group upped their price target on Medtronic from $94.00 to $95.00 and gave the company a "neutral" rating in a research report on Wednesday, August 20th. Robert W. Baird upped their price target on Medtronic from $94.00 to $96.00 and gave the company a "neutral" rating in a research report on Wednesday, August 20th. Daiwa Capital Markets upped their price target on Medtronic from $101.00 to $104.00 and gave the company a "buy" rating in a research report on Friday, September 12th. Finally, Leerink Partnrs upgraded Medtronic to a "strong-buy" rating in a research report on Monday, June 16th. 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 MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $102.27.

Medtronic Stock Up 1.1%

Shares of NYSE MDT opened at $95.60 on Friday. Medtronic PLC has a 12 month low of $79.29 and a 12 month 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. The firm has a market capitalization of $122.62 billion, a price-to-earnings ratio of 26.34, a PEG ratio of 2.49 and a beta of 0.77. The business has a 50-day moving average of $91.96 and a 200-day moving average of $88.35.

Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings data on Tuesday, August 19th. The medical technology company reported $1.26 EPS for the quarter, topping 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 company had revenue of $8.58 billion during the quarter, compared to analyst estimates of $8.37 billion. During the same quarter in the previous year, the firm earned $1.23 earnings per share. Medtronic's revenue 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 expect 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. Stockholders of record on Friday, September 26th will be issued a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, September 26th. This represents a $2.84 annualized dividend and a dividend yield of 3.0%. Medtronic's payout ratio is presently 78.24%.

Insider Activity

In other news, Director William R. Jellison bought 2,500 shares of the business's stock in a transaction on Monday, August 25th. The stock was acquired at an average price of $92.37 per share, with a total value of $230,925.00. Following the completion of the purchase, the director directly owned 5,000 shares in the company, valued at $461,850. This represents a 100.00% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Harry Skip Kiil sold 8,605 shares of the company's stock in a transaction that occurred 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 sale, the executive vice president directly owned 35,615 shares of the company's stock, valued at approximately $3,261,621.70. This represents a 19.46% decrease in their position. The disclosure for this sale can be found here. 0.26% of the stock is currently owned by insiders.

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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