Manning & Napier Advisors LLC Purchases New Position in Medtronic PLC $MDT

Key Points

• Manning & Napier Advisors acquired 83,027 Medtronic shares in the second quarter, valued at approximately $6.7 million. Institutional investors collectively own 82.06% of the company.
• Medtronic exceeded quarterly earnings and revenue expectations, reporting $1.55 in EPS and $9.81 billion in revenue, with revenue up 9.9% year over year.
• The company declared a quarterly dividend of $0.72, equivalent to a $2.88 annualized payout and a 3.1% yield. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $98.83.

Manning & Napier Advisors LLC acquired a new stake in shares of Medtronic PLC (NYSE:MDT - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 83,027 shares of the medical technology company's stock, valued at approximately $6,719,000.

Several other large investors have also recently bought and sold shares of MDT. Brighton Jones LLC increased its holdings in shares of Medtronic by 1,368.0% in the fourth quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock worth $3,194,000 after acquiring an additional 37,265 shares in the last quarter. Sivia Capital Partners LLC lifted its holdings in shares of Medtronic by 9.6% during the 2nd quarter. Sivia Capital Partners LLC now owns 4,356 shares of the medical technology company's stock valued at $380,000 after purchasing an additional 381 shares in the last quarter. Jump Financial LLC acquired a new position in shares of Medtronic in the 2nd quarter valued at approximately $299,000. Main Street Financial Solutions LLC grew its position in shares of Medtronic by 28.9% in the 2nd quarter. Main Street Financial Solutions LLC now owns 14,356 shares of the medical technology company's stock valued at $1,251,000 after purchasing an additional 3,218 shares during the period. Finally, HUB Investment Partners LLC increased its stake in Medtronic by 21.3% during the 2nd quarter. HUB Investment Partners LLC now owns 19,226 shares of the medical technology company's stock worth $1,676,000 after purchasing an additional 3,376 shares in the last quarter. Institutional investors own 82.06% of the company's stock.

Insider Activity

In related news, EVP Harry Skip Kiil sold 4,189 shares of the company's stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $80.44, for a total transaction of $336,963.16. Following the sale, the executive vice president owned 37,227 shares in the company, valued at approximately $2,994,539.88. This represents a 10.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.26% of the company's stock.

Medtronic Trading Down 0.5%

NYSE:MDT opened at $92.92 on Tuesday. The company has a market cap of $118.94 billion, a P/E ratio of 24.91, a price-to-earnings-growth ratio of 2.50 and a beta of 0.55. Medtronic PLC has a twelve month low of $73.31 and a twelve month high of $106.33. The business has a 50 day moving average price of $84.64 and a two-hundred day moving average price of $85.87. The company has a quick ratio of 1.62, a current ratio of 2.13 and a debt-to-equity ratio of 0.52.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings data on Wednesday, June 3rd. The medical technology company reported $1.55 EPS for the quarter, topping analysts' consensus estimates of $1.54 by $0.01. Medtronic had a net margin of 13.20% and a return on equity of 14.51%. The business had revenue of $9.81 billion for the quarter, compared to analyst estimates of $9.62 billion. During the same quarter in the previous year, the firm posted $1.62 earnings per share. The firm's revenue for the quarter was up 9.9% on a year-over-year basis. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. As a group, analysts expect that Medtronic PLC will post 5.94 EPS for the current fiscal year.

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 16th. Stockholders of record on Friday, September 25th will be issued a $0.72 dividend. The ex-dividend date is Friday, September 25th. This represents a $2.88 annualized dividend and a dividend yield of 3.1%. Medtronic's dividend payout ratio (DPR) is presently 77.21%.

Analyst Ratings Changes

MDT has been the topic of several research analyst reports. Evercore set a $105.00 target price on shares of Medtronic in a report on Monday, July 6th. Stifel Nicolaus set a $80.00 price objective on shares of Medtronic in a research report on Wednesday, June 3rd. JPMorgan Chase & Co. dropped their price objective on shares of Medtronic from $100.00 to $86.00 and set a "neutral" rating on the stock in a report on Thursday, June 4th. Mizuho cut their price objective on shares of Medtronic from $120.00 to $100.00 and set an "outperform" rating on the stock in a research report on Wednesday, June 3rd. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Medtronic in a research note on Tuesday, August 18th. Eighteen investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $98.83.

Medtronic Company Profile

Medtronic plc is a global medical technology company that develops and manufactures a broad range of therapeutic devices and health care solutions. Headquartered legally in Ireland with principal operational offices in the United States, the company markets products to hospitals, physicians and health systems worldwide and has grown from its founding in 1949 into one of the largest medical-device manufacturers serving global health-care markets.

Medtronic's offerings span several clinical areas, including cardiac rhythm and heart failure (pacemakers, implantable cardioverter‑defibrillators and related cardiac therapies), minimally invasive and surgical technologies (laparoscopic and advanced energy devices, visualization systems and surgical innovations), restorative therapies (spine and orthopedics, neuromodulation and neurovascular treatments) and diabetes management (insulin-delivery systems and glucose monitoring solutions).

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