Medtronic PLC $MDT Shares Purchased by Martingale Asset Management L P

Key Points

• Martingale Asset Management L P boosted its stake in Medtronic PLC by 674.9%, acquiring 32,889 additional shares in the first quarter, bringing their total to 37,762 shares valued at approximately $3.39 million.
• Analysts have set new price targets for Medtronic, with recommendations ranging from an "overweight" rating at $107.00 to a "hold" rating, affecting the stock's consensus rating to a "Moderate Buy."
• Medtronic recently announced a quarterly dividend of $0.71 per share, with a 3.1% yield, to be paid on October 17th for stockholders of record as of September 26th.

Martingale Asset Management L P raised its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 674.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 37,762 shares of the medical technology company's stock after buying an additional 32,889 shares during the period. Martingale Asset Management L P's holdings in Medtronic were worth $3,393,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. Dunhill Financial LLC boosted its position in shares of Medtronic by 17.2% during the first quarter. Dunhill Financial LLC now owns 847 shares of the medical technology company's stock valued at $76,000 after buying an additional 124 shares during the period. Cidel Asset Management Inc. boosted its position in shares of Medtronic by 1.3% during the first quarter. Cidel Asset Management Inc. now owns 9,531 shares of the medical technology company's stock valued at $856,000 after buying an additional 126 shares during the period. Petros Family Wealth LLC boosted its position in shares of Medtronic by 4.3% during the first quarter. Petros Family Wealth LLC now owns 3,111 shares of the medical technology company's stock valued at $280,000 after buying an additional 127 shares during the period. Motco boosted its position in shares of Medtronic by 27.0% during the first quarter. Motco now owns 635 shares of the medical technology company's stock valued at $57,000 after buying an additional 135 shares during the period. Finally, Baker Avenue Asset Management LP boosted its position in shares of Medtronic by 3.1% during the first quarter. Baker Avenue Asset Management LP now owns 4,558 shares of the medical technology company's stock valued at $410,000 after buying an additional 136 shares during the period. Hedge funds and other institutional investors own 82.06% of the company's stock.

Wall Street Analysts Forecast Growth

MDT has been the subject of a number of research reports. Citigroup boosted their price target on Medtronic from $99.00 to $101.00 and gave the company a "buy" rating in a report on Thursday. William Blair upgraded Medtronic to a "hold" rating in a report on Friday, July 11th. Morgan Stanley reiterated an "overweight" rating and issued a $107.00 price target (up previously from $98.00) on shares of Medtronic in a report on Tuesday, July 15th. Wall Street Zen lowered Medtronic from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Finally, Truist Financial boosted their price target on Medtronic from $92.00 to $96.00 and gave the company a "hold" rating in a report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $101.15.

Medtronic Stock Down 0.7%

Medtronic stock traded down $0.69 during mid-day trading on Monday, reaching $92.02. 4,763,821 shares of the company were exchanged, compared to its average volume of 7,720,845. The business has a fifty day moving average of $89.73 and a 200 day moving average of $87.99. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85. The firm has a market cap of $117.95 billion, a P/E ratio of 25.35, a PEG ratio of 2.35 and a beta of 0.80. Medtronic PLC has a 12-month low of $79.29 and a 12-month high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last posted 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 company had revenue of $8.58 billion during the quarter, compared to analyst estimates of $8.37 billion. Medtronic had a return on equity of 14.56% and a net margin of 13.63%.Medtronic's revenue was up 7.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.23 earnings per share. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. Research analysts anticipate that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 17th. Stockholders of record on Friday, September 26th will be given a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, September 26th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.1%. Medtronic's dividend payout ratio is presently 78.24%.

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.