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Franklin Street Advisors Inc. NC Sells 5,999 Shares of Medtronic PLC $MDT

Medtronic logo with Medical background

Key Points

  • Franklin Street Advisors Inc. NC reduced its stake in Medtronic PLC by 10.6%, selling 5,999 shares in the process, with holdings now valued at $4.4 million.
  • Medtronic reported a quarterly earnings per share of $1.26, exceeding analysts' expectations, while revenue rose by 7.7% year-over-year to $8.58 billion.
  • The company announced a quarterly dividend of $0.71 per share, resulting in an annualized dividend yield of 2.9%, to be paid on October 17th.
  • MarketBeat previews the top five stocks to own by November 1st.

Franklin Street Advisors Inc. NC cut its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 10.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 50,513 shares of the medical technology company's stock after selling 5,999 shares during the quarter. Franklin Street Advisors Inc. NC's holdings in Medtronic were worth $4,403,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in MDT. 1248 Management LLC bought a new stake in Medtronic during the 1st quarter worth approximately $26,000. Burkett Financial Services LLC grew its holdings in Medtronic by 185.0% during the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock worth $26,000 after acquiring an additional 185 shares during the last quarter. Columbia River Financial Group LLC bought a new stake in Medtronic during the 1st quarter worth approximately $28,000. Twin Tree Management LP bought a new stake in Medtronic during the 1st quarter worth approximately $29,000. Finally, Activest Wealth Management grew its holdings in Medtronic by 3,577.8% during the 1st quarter. Activest Wealth Management now owns 331 shares of the medical technology company's stock worth $30,000 after acquiring an additional 322 shares during the last quarter. 82.06% of the stock is owned by institutional investors.

Medtronic Stock Up 2.3%

Shares of NYSE MDT opened at $97.63 on Friday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.50 and a current ratio of 2.01. Medtronic PLC has a 52-week low of $79.29 and a 52-week high of $97.94. The company's 50 day moving average price is $92.94 and its 200-day moving average price is $88.50. The company has a market capitalization of $125.23 billion, a P/E ratio of 26.90, a price-to-earnings-growth ratio of 2.51 and a beta of 0.78.

Medtronic (NYSE:MDT - Get Free Report) last released its earnings results 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 quarter in the previous year, the company earned $1.23 EPS. Medtronic's quarterly 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. Equities analysts forecast that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 17th. Investors of record on Friday, September 26th will be given a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date is Friday, September 26th. Medtronic's payout ratio is presently 78.24%.

Insiders Place Their Bets

In related news, Director William R. Jellison bought 2,500 shares of the company's stock in a transaction that occurred on Monday, August 25th. The shares were bought at an average price of $92.37 per share, for a total transaction of $230,925.00. Following the transaction, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Harry Skip Kiil sold 8,605 shares of the business's stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $91.58, for a total transaction of $788,045.90. Following the transaction, 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 insiders.

Analyst Ratings Changes

A number of research firms have weighed in on MDT. Morgan Stanley reissued an "overweight" rating and set a $107.00 target price (up from $98.00) on shares of Medtronic in a report on Tuesday, July 15th. Evercore ISI boosted their target price on shares of Medtronic from $103.00 to $106.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Argus boosted their target price on shares of Medtronic from $105.00 to $115.00 and gave the stock a "buy" rating in a report on Tuesday, August 26th. Robert W. Baird boosted their target price on shares of Medtronic from $94.00 to $96.00 and gave the stock a "neutral" rating in a report on Wednesday, August 20th. Finally, Truist Financial boosted their price target on shares of Medtronic from $92.00 to $96.00 and gave the stock a "hold" rating in a research report on Thursday, August 21st. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $102.27.

Get Our Latest Research Report on MDT

About Medtronic

(Free Report)

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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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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