Magnetar Financial LLC Sells 571,096 Shares of Medtronic PLC $MDT

Key Points

• Magnetar Financial LLC significantly reduced its holdings in Medtronic PLC by 82.4%, selling 571,096 shares and holding only 122,023 shares worth approximately $10.97 million.
• Medtronic reported better-than-expected quarterly earnings of $1.26 EPS, surpassing analysts' estimates, with a revenue of $8.58 billion for the quarter, marking a 7.7% year-over-year increase.
• The company announced a quarterly dividend of $0.71 per share, resulting in an annualized payout of $2.84 and a dividend yield of 3.1%.

Magnetar Financial LLC decreased its position in Medtronic PLC (NYSE:MDT - Free Report) by 82.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 122,023 shares of the medical technology company's stock after selling 571,096 shares during the quarter. Magnetar Financial LLC's holdings in Medtronic were worth $10,965,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of MDT. GKV Capital Management Co. Inc. purchased a new position in Medtronic in the 1st quarter worth approximately $178,000. WPG Advisers LLC purchased a new position in Medtronic in the 1st quarter worth approximately $96,000. Trexquant Investment LP purchased a new position in Medtronic in the 1st quarter worth approximately $3,006,000. Northstar Financial Companies Inc. purchased a new position in Medtronic in the 1st quarter worth approximately $211,000. Finally, Oarsman Capital Inc. increased its stake in Medtronic by 9.6% in the 1st quarter. Oarsman Capital Inc. now owns 33,333 shares of the medical technology company's stock worth $2,995,000 after purchasing an additional 2,933 shares during the period. Institutional investors own 82.06% of the company's stock.

Medtronic Stock Down 1.9%

Shares of NYSE MDT traded down $1.80 during mid-day trading on Wednesday, hitting $91.53. 2,315,753 shares of the stock traded hands, compared to its average volume of 7,628,353. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.42 and a current ratio of 2.01. The stock has a fifty day moving average price of $90.59 and a 200-day moving average price of $88.06. Medtronic PLC has a 52 week low of $79.29 and a 52 week high of $96.25. The company has a market cap of $117.40 billion, a price-to-earnings ratio of 25.20, a PEG ratio of 2.36 and a beta of 0.77.

Medtronic (NYSE:MDT - Get Free Report) last released its earnings results on Tuesday, August 19th. The medical technology company reported $1.26 EPS for the quarter, topping 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 business had revenue of $8.58 billion for the quarter, compared to the consensus estimate of $8.37 billion. During the same period in the previous year, the company posted $1.23 earnings per share. The company's revenue for the quarter was up 7.7% compared to the same quarter last year. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. Research analysts anticipate that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 17th. Shareholders of record on Friday, September 26th will be issued a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Friday, September 26th. Medtronic's payout ratio is 78.24%.

Insider Buying and Selling

In related news, Director William R. Jellison bought 2,500 shares of the company's stock in a transaction on Monday, August 25th. The shares were acquired at an average cost of $92.37 per share, with a total value of $230,925.00. Following the completion of the acquisition, the director owned 5,000 shares of the company's stock, valued at $461,850. The trade was a 100.00% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.26% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on MDT. Royal Bank Of Canada decreased their price target on Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a research note on Thursday, May 22nd. Wolfe Research raised Medtronic from an "underperform" rating to a "peer perform" rating in a research note on Monday, June 30th. Wells Fargo & Company boosted their target price on Medtronic from $98.00 to $100.00 and gave the company an "overweight" rating in a research note on Wednesday, August 20th. Sanford C. Bernstein lifted their price target on Medtronic from $97.00 to $98.00 and gave the company an "outperform" rating in a research report on Wednesday, August 20th. Finally, Leerink Partners began coverage on Medtronic in a research report on Monday, June 16th. They set an "outperform" rating and a $110.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $102.14.

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.