Gateway Investment Advisers LLC Has $7.74 Million Stock Holdings in Medtronic PLC $MDT

Key Points

• Gateway Investment Advisers LLC has reduced its stake in Medtronic PLC by 12.4%, selling 12,576 shares and maintaining ownership of 88,832 shares, valued at approximately $7.74 million.
• The company recently declared a quarterly dividend of $0.71 per share, with a dividend yield of 3.0%, which will be paid on October 17th.
• Medtronic's stock has received multiple price target increases from analysts, with the average target currently set at $102.27 and a consensus rating of "Moderate Buy".

Gateway Investment Advisers LLC trimmed its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 12.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 88,832 shares of the medical technology company's stock after selling 12,576 shares during the period. Gateway Investment Advisers LLC's holdings in Medtronic were worth $7,744,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. Brighton Jones LLC lifted its stake in Medtronic by 1,368.0% during the 4th quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock valued at $3,194,000 after acquiring an additional 37,265 shares during the period. State of Wyoming purchased a new position in Medtronic in the 4th quarter valued at $119,000. Woodline Partners LP purchased a new position in Medtronic in the 4th quarter valued at $24,002,000. Waverly Advisors LLC lifted its holdings in Medtronic by 166.1% in the 4th quarter. Waverly Advisors LLC now owns 26,419 shares of the medical technology company's stock valued at $2,110,000 after purchasing an additional 16,491 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Medtronic by 21.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 8,910,161 shares of the medical technology company's stock worth $711,744,000 after acquiring an additional 1,566,776 shares during the period. 82.06% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Medtronic news, Director William R. Jellison bought 2,500 shares of the stock in a transaction on Monday, August 25th. The stock was purchased at an average price of $92.37 per share, with a total value of $230,925.00. Following the acquisition, 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 ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 completion of the transaction, the executive vice president directly owned 35,615 shares of the company's stock, valued at $3,261,621.70. This trade 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.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Wolfe Research raised shares of Medtronic from an "underperform" rating to a "peer perform" rating in a research report on Monday, June 30th. Argus upped their target price on shares of Medtronic from $105.00 to $115.00 and gave the stock a "buy" rating in a research note on Tuesday, August 26th. Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a research note on Thursday, August 14th. Leerink Partners initiated coverage on Medtronic in a report on Monday, June 16th. They issued an "outperform" rating and a $110.00 price objective for the company. Finally, Mizuho lifted their price objective on shares of Medtronic from $98.00 to $100.00 and gave the company an "outperform" rating in a research report on Wednesday, July 16th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and eight have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $102.27.

Medtronic Stock Performance

MDT stock traded up $1.02 during midday trading on Thursday, reaching $95.60. The company had a trading volume of 9,364,463 shares, compared to its average volume of 5,782,333. The company has a quick ratio of 1.50, a current ratio of 2.01 and a debt-to-equity ratio of 0.54. The stock has a 50 day moving average price of $91.96 and a 200 day moving average price of $88.35. The firm has a market capitalization of $122.62 billion, a PE ratio of 26.34, a P/E/G ratio of 2.49 and a beta of 0.77. Medtronic PLC has a fifty-two week low of $79.29 and a fifty-two week high of $96.25.

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 company had revenue of $8.58 billion for the quarter, compared to analysts' expectations of $8.37 billion. During the same quarter in the prior year, the company earned $1.23 earnings per share. The firm'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. Analysts anticipate that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 17th. Stockholders of record on Friday, September 26th will be paid a $0.71 dividend. The ex-dividend date is Friday, September 26th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.0%. Medtronic's payout ratio is 78.24%.

Medtronic Company 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.