Gotham Asset Management LLC Lowers Position in Medtronic PLC $MDT

Key Points

• Gotham Asset Management LLC reduced its stake in Medtronic PLC by 12.3%, selling 20,456 shares to end Q1 with 146,268 shares worth approximately $13.14 million.
• Medtronic recently announced a quarterly dividend of $0.71 per share, payable on October 17th, representing an annualized total of $2.84 and a dividend yield of 3.1%.
• Analysts' consensus rating for Medtronic is a Moderate Buy with a price target of $102.14, as some firms have raised their target prices following recent earnings reports.

Gotham Asset Management LLC reduced its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 12.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 146,268 shares of the medical technology company's stock after selling 20,456 shares during the quarter. Gotham Asset Management LLC's holdings in Medtronic were worth $13,144,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in MDT. Burkett Financial Services LLC boosted its holdings in Medtronic by 185.0% during the first quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock worth $26,000 after purchasing an additional 185 shares during the last quarter. 1248 Management LLC purchased a new position in Medtronic in the first quarter valued at about $26,000. Wood Tarver Financial Group LLC purchased a new position in Medtronic in the fourth quarter valued at about $27,000. Columbia River Financial Group LLC purchased a new position in Medtronic in the first quarter valued at about $28,000. Finally, Twin Tree Management LP purchased a new position in Medtronic in the first quarter valued at about $29,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently issued reports on MDT shares. Leerink Partnrs raised shares of Medtronic to a "strong-buy" rating in a research report on Monday, June 16th. Mizuho increased their price target on shares of Medtronic from $98.00 to $100.00 and gave the stock an "outperform" rating in a report on Wednesday, July 16th. Wells Fargo & Company increased their target price on shares of Medtronic from $98.00 to $100.00 and gave the company an "overweight" rating in a report on Wednesday, August 20th. Argus raised their price target on shares of Medtronic from $105.00 to $115.00 and gave the stock a "buy" rating in a report on Tuesday, August 26th. Finally, BTIG Research reaffirmed a "neutral" rating on shares of Medtronic in a research note on Friday, July 11th. One research 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 stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $102.14.

Insider Activity at Medtronic

In other Medtronic news, EVP Harry Skip Kiil sold 8,605 shares of the company'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 completion of the transaction, the executive vice president directly owned 35,615 shares in the company, valued at $3,261,621.70. This represents a 19.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director William R. Jellison purchased 2,500 shares of the company's 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 completion of the transaction, the director owned 5,000 shares of the company's stock, valued at approximately $461,850. This trade represents a 100.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.26% of the company's stock.

Medtronic Stock Up 1.1%

NYSE MDT traded up $1.05 during trading hours on Tuesday, reaching $94.04. 7,032,350 shares of the company's stock traded hands, compared to its average volume of 6,852,776. Medtronic PLC has a 52-week low of $79.29 and a 52-week high of $96.25. The firm has a market cap of $120.62 billion, a PE ratio of 25.91, a PEG ratio of 2.36 and a beta of 0.77. The firm has a 50-day simple moving average of $91.19 and a 200 day simple moving average of $88.20. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.01 and a quick ratio of 1.50.

Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly 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. The company had revenue of $8.58 billion during the quarter, compared to analysts' expectations of $8.37 billion. Medtronic had a net margin of 13.63% and a return on equity of 14.61%. Medtronic's revenue was up 7.7% on a year-over-year basis. During the same period last year, the company posted $1.23 EPS. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. Sell-side analysts anticipate that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Announces Dividend

The firm 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 annualized dividend and a yield of 3.0%. The ex-dividend date is Friday, September 26th. 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.