Harvest Portfolios Group Inc. Trims Stake in Medtronic PLC $MDT

Key Points

• Harvest Portfolios Group Inc. reduced its stake in Medtronic PLC by 4.9%, holding a total of 613,690 shares valued at approximately $55.15 million, making it 18th in their holdings.
• Medtronic's recent earnings report exceeded expectations, showing earnings of $1.26 per share and a revenue increase of 7.7% year-over-year to $8.58 billion.
• The company announced a quarterly dividend of $0.71 per share, with a dividend yield of 3.1%, to be paid on October 17th to stockholders recorded as of September 26th.

Harvest Portfolios Group Inc. trimmed its position in Medtronic PLC (NYSE:MDT - Free Report) by 4.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 613,690 shares of the medical technology company's stock after selling 31,355 shares during the quarter. Medtronic accounts for 1.6% of Harvest Portfolios Group Inc.'s holdings, making the stock its 18th largest holding. Harvest Portfolios Group Inc.'s holdings in Medtronic were worth $55,146,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MDT. Boston Partners lifted its stake in Medtronic by 122.8% during the first quarter. Boston Partners now owns 6,912,055 shares of the medical technology company's stock worth $619,460,000 after purchasing an additional 3,809,450 shares during the last quarter. Ameriprise Financial Inc. lifted its stake in Medtronic by 28.8% during the first quarter. Ameriprise Financial Inc. now owns 15,481,028 shares of the medical technology company's stock worth $1,391,141,000 after purchasing an additional 3,461,221 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Medtronic by 42.9% during the first 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 purchasing an additional 3,017,849 shares during the last quarter. Nuveen LLC bought a new stake in Medtronic during the first quarter worth $260,649,000. Finally, Burgundy Asset Management Ltd. bought a new position in shares of Medtronic in the fourth quarter worth about $174,329,000. 82.06% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

MDT has been the subject of several research analyst reports. Royal Bank Of Canada lowered their price target on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a report on Thursday, May 22nd. Wells Fargo & Company lifted their price target on Medtronic from $98.00 to $100.00 and gave the company an "overweight" rating in a research note on Wednesday, August 20th. Needham & Company LLC reaffirmed a "hold" rating on shares of Medtronic in a research note on Thursday, August 14th. BTIG Research reiterated a "neutral" rating on shares of Medtronic in a report on Friday, July 11th. Finally, William Blair upgraded shares of Medtronic to a "hold" rating in a report on Friday, July 11th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and eight have issued a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $102.14.

Insider Transactions at Medtronic

In other Medtronic news, Director William R. Jellison acquired 2,500 shares of the company's stock in a transaction that occurred on Monday, August 25th. The stock was bought 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 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 transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.20% of the stock is owned by insiders.

Medtronic Trading Up 0.8%

Medtronic stock traded up $0.76 during trading hours on Friday, reaching $92.72. 5,174,507 shares of the company's stock were exchanged, compared to its average volume of 7,664,636. Medtronic PLC has a twelve month low of $79.29 and a twelve month high of $96.25. The company has a quick ratio of 1.42, a current ratio of 2.01 and a debt-to-equity ratio of 0.54. The firm's 50 day simple moving average is $90.18 and its 200 day simple moving average is $88.07. The firm has a market capitalization of $118.93 billion, a PE ratio of 25.54, a PEG ratio of 2.34 and a beta of 0.80.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings data on Tuesday, August 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping 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 analysts' expectations of $8.37 billion. During the same quarter in the prior year, the firm earned $1.23 EPS. The business'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. Research analysts predict that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 17th. Stockholders of record on Friday, September 26th will be paid a dividend of $0.71 per share. The ex-dividend date is Friday, September 26th. This represents a $2.84 annualized dividend and a dividend yield of 3.1%. Medtronic's dividend payout ratio is presently 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.