Hennessy Advisors Inc. Sells 31,426 Shares of Medtronic PLC $MDT

Key Points

• Hennessy Advisors cut its Medtronic stake by 34.8% in the third quarter, selling 31,426 shares and retaining 58,900 shares valued at approximately $5.08 million. Institutional investors collectively own 82.06% of the company.
• Medtronic reported quarterly adjusted earnings of $1.45 per share and revenue of $9.76 billion, exceeding analyst expectations, while revenue increased 13.7% year over year.
• Medtronic’s shares were up 2.9% at $99.34, and the company maintains a quarterly dividend of $0.72 per share, representing a 2.9% annualized yield. Analysts collectively hold a “Moderate Buy” rating with a consensus price target of $102.88.

Hennessy Advisors Inc. trimmed its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 34.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 58,900 shares of the medical technology company's stock after selling 31,426 shares during the quarter. Hennessy Advisors Inc.'s holdings in Medtronic were worth $5,082,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Activest Wealth Management boosted its holdings in Medtronic by 470.9% in the 3rd quarter. Activest Wealth Management now owns 314 shares of the medical technology company's stock valued at $27,000 after purchasing an additional 259 shares during the period. IAG Wealth Partners LLC acquired a new stake in Medtronic in the 2nd quarter worth $30,000. Pin Oak Investment Advisors Inc. acquired a new stake in Medtronic in the 2nd quarter worth $32,000. Community Bank N.A. bought a new position in shares of Medtronic during the 2nd quarter worth about $33,000. Finally, Core Capital Management & Research inc. bought a new position in shares of Medtronic during the 2nd quarter worth about $33,000. Institutional investors and hedge funds own 82.06% of the company's stock.

Medtronic Stock Up 2.9%

Shares of MDT opened at $99.34 on Tuesday. The stock has a market cap of $127.08 billion, a price-to-earnings ratio of 24.47, a P/E/G ratio of 2.22 and a beta of 0.55. The company has a quick ratio of 1.54, a current ratio of 2.07 and a debt-to-equity ratio of 0.50. Medtronic PLC has a 12 month low of $73.31 and a 12 month high of $106.33. The company has a 50-day moving average price of $91.82 and a two-hundred day moving average price of $88.36.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings data on Tuesday, September 1st. The medical technology company reported $1.45 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.06. The company had revenue of $9.76 billion for the quarter, compared to analyst estimates of $9.55 billion. Medtronic had a return on equity of 14.78% and a net margin of 13.93%. The company's revenue was up 13.7% compared to the same quarter last year. During the same period in the prior year, the company posted $1.26 EPS. Medtronic has set its Q2 2027 guidance at 1.320-1.340 EPS and its FY 2027 guidance at 5.940-6.000 EPS. Equities analysts predict that Medtronic PLC will post 5.98 EPS for the current fiscal year.

Medtronic Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 16th. Investors of record on Friday, September 25th were issued a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend was Friday, September 25th. Medtronic's dividend payout ratio (DPR) is currently 70.94%.

Insider Buying and Selling at Medtronic

In other Medtronic news, CEO Geoffrey Martha sold 50,000 shares of the company's stock in a transaction dated Thursday, October 15th. The shares were sold at an average price of $95.00, for a total transaction of $4,750,000.00. Following the sale, the chief executive officer directly owned 277,866 shares of the company's stock, valued at approximately $26,397,270. This represents a 15.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael Marinaro sold 10,420 shares of the firm's stock in a transaction that occurred on Thursday, October 15th. The stock was sold at an average price of $96.00, for a total transaction of $1,000,320.00. Following the sale, the executive vice president directly owned 105,916 shares of the company's stock, valued at approximately $10,167,936. The trade was a 8.96% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 61,903 shares of company stock worth $5,889,203 over the last ninety days. Corporate insiders own 0.27% of the company's stock.

Analyst Ratings Changes

MDT has been the subject of a number of research analyst reports. BTIG Research cut their price objective on shares of Medtronic from $100.00 to $99.00 and set a "buy" rating for the company in a research report on Monday, October 12th. TD Cowen reissued a "buy" rating and set a $110.00 target price on shares of Medtronic in a research report on Wednesday, September 30th. Stifel Nicolaus boosted their price target on Medtronic from $80.00 to $95.00 and gave the company a "hold" rating in a research note on Wednesday, September 2nd. Piper Sandler reaffirmed a "neutral" rating on shares of Medtronic in a report on Wednesday, October 14th. Finally, Wells Fargo & Company raised their price objective on Medtronic from $102.00 to $104.00 and gave the stock an "overweight" rating in a research report on Wednesday, September 2nd. Eighteen investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Medtronic currently has a consensus rating of "Moderate Buy" and a consensus target price of $102.88.

About Medtronic

Medtronic plc NYSE: MDT is a global medical technology company that develops, manufactures and distributes devices and therapies used to diagnose, treat and manage a broad range of medical conditions. Its products support healthcare providers in areas including cardiac and vascular care, diabetes, neuroscience, surgical procedures and patient monitoring.

The company's offerings include pacemakers, implantable defibrillators, heart valves and other structural heart products; insulin pumps and continuous glucose monitoring technologies; spinal and neurosurgical systems; deep-brain and spinal cord stimulation devices; surgical instruments and robotic-assisted technologies; and respiratory and patient-monitoring equipment.

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