Kestra Investment Management LLC Boosts Holdings in Medtronic PLC $MDT

Key Points

• Kestra Investment Management LLC significantly increased its stake in Medtronic PLC by 248.7%, now owning $2.09 million worth of shares with a total of 23,239 shares.
• Medtronic reported strong earnings, with $1.26 earnings per share, exceeding expectations, alongside a 7.7% year-over-year revenue increase to $8.58 billion.
• The company will pay a quarterly dividend of $0.71 on October 17th, reflecting an annualized dividend yield of 3.1%.

Kestra Investment Management LLC grew its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 248.7% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 23,239 shares of the medical technology company's stock after acquiring an additional 16,575 shares during the period. Kestra Investment Management LLC's holdings in Medtronic were worth $2,088,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Commerce Bank lifted its position in shares of Medtronic by 1.7% during the 1st quarter. Commerce Bank now owns 145,984 shares of the medical technology company's stock valued at $13,118,000 after buying an additional 2,429 shares during the last quarter. Brighton Jones LLC lifted its holdings in Medtronic by 1,368.0% during the fourth quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock valued at $3,194,000 after purchasing an additional 37,265 shares during the last quarter. Insight Inv LLC lifted its holdings in Medtronic by 84.2% during the first quarter. Insight Inv LLC now owns 27,456 shares of the medical technology company's stock valued at $2,467,000 after purchasing an additional 12,550 shares during the last quarter. Korea Investment CORP boosted its position in Medtronic by 24.1% during the first quarter. Korea Investment CORP now owns 1,141,565 shares of the medical technology company's stock worth $102,581,000 after purchasing an additional 221,568 shares during the period. Finally, D Orazio & Associates Inc. purchased a new position in shares of Medtronic in the first quarter worth about $357,000. 82.06% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Leerink Partnrs upgraded shares of Medtronic to a "strong-buy" rating in a research note on Monday, June 16th. Wells Fargo & Company raised their price target on Medtronic from $98.00 to $100.00 and gave the stock an "overweight" rating in a report on Wednesday, August 20th. BTIG Research reiterated a "neutral" rating on shares of Medtronic in a research note on Friday, July 11th. Morgan Stanley restated an "overweight" rating and issued a $107.00 target price (up previously from $98.00) on shares of Medtronic in a research note on Tuesday, July 15th. Finally, Sanford C. Bernstein lifted their target price on Medtronic from $97.00 to $98.00 and gave the company an "outperform" rating in a report on Wednesday, August 20th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and eight have given a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $102.14.

Medtronic Price Performance

NYSE:MDT traded up $1.05 during trading hours on Tuesday, hitting $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 business's fifty day simple moving average is $91.19 and its two-hundred day simple moving average is $88.20. 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 firm has a market cap of $120.62 billion, a P/E ratio of 25.91, a P/E/G ratio of 2.36 and a beta of 0.77.

Medtronic (NYSE:MDT - Get Free Report) last announced its earnings results on Tuesday, August 19th. The medical technology company reported $1.26 earnings per share for the quarter, topping analysts' consensus estimates of $1.23 by $0.03. The business had revenue of $8.58 billion for the quarter, compared to analyst estimates of $8.37 billion. Medtronic had a return on equity of 14.61% and a net margin of 13.63%.The company's quarterly revenue was up 7.7% compared to the same quarter last year. During the same period in the prior year, the company earned $1.23 EPS. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. On average, research analysts anticipate that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

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

Insiders Place Their Bets

In other news, EVP Harry Skip Kiil sold 8,605 shares of the firm'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 sale, the executive vice president owned 35,615 shares in the company, valued at approximately $3,261,621.70. This trade represents a 19.46% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director William R. Jellison bought 2,500 shares of Medtronic stock in a transaction that occurred on Monday, August 25th. The stock was purchased at an average cost of $92.37 per share, for a total transaction of $230,925.00. Following the purchase, the director owned 5,000 shares of the company's stock, valued at $461,850. The trade was a 100.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.26% of the stock is owned by corporate insiders.

About Medtronic

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.