Martin Capital Partners LLC Boosts Stock Holdings in Medtronic PLC $MDT

Key Points

• Martin Capital Partners LLC increased its stake in Medtronic by 225.5%, owning 69,575 shares worth approximately $6.07 million, making Medtronic its 15th largest investment.
• Analysts have raised their price targets on Medtronic, with Argus increasing it from $105 to $115, and the stock currently holds a consensus rating of Moderate Buy.
• Medtronic has announced a quarterly dividend of $0.71 per share, representing a 3.0% dividend yield, with an ex-dividend date set for September 26th.

Martin Capital Partners LLC lifted its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 225.5% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 69,575 shares of the medical technology company's stock after acquiring an additional 48,201 shares during the period. Medtronic makes up approximately 2.4% of Martin Capital Partners LLC's portfolio, making the stock its 15th biggest position. Martin Capital Partners LLC's holdings in Medtronic were worth $6,065,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Allen Mooney & Barnes Investment Advisors LLC raised its position in shares of Medtronic by 1.1% in the 2nd quarter. Allen Mooney & Barnes Investment Advisors LLC now owns 135,812 shares of the medical technology company's stock worth $11,839,000 after acquiring an additional 1,504 shares in the last quarter. Paladin Wealth LLC grew its stake in shares of Medtronic by 5.1% in the 2nd quarter. Paladin Wealth LLC now owns 11,575 shares of the medical technology company's stock valued at $1,009,000 after buying an additional 560 shares during the period. Goldstone Financial Group LLC grew its stake in shares of Medtronic by 64.4% in the 2nd quarter. Goldstone Financial Group LLC now owns 5,252 shares of the medical technology company's stock valued at $464,000 after buying an additional 2,057 shares during the period. NBC Securities Inc. grew its stake in shares of Medtronic by 9.3% in the 2nd quarter. NBC Securities Inc. now owns 42,273 shares of the medical technology company's stock valued at $3,684,000 after buying an additional 3,614 shares during the period. Finally, Bard Financial Services Inc. grew its stake in shares of Medtronic by 8.8% in the 2nd quarter. Bard Financial Services Inc. now owns 37,260 shares of the medical technology company's stock valued at $3,248,000 after buying an additional 3,025 shares during the period. 82.06% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, EVP Harry Skip Kiil sold 8,605 shares of the business's stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $91.58, for a total value of $788,045.90. Following the transaction, the executive vice president owned 35,615 shares in the company, valued at $3,261,621.70. The trade was a 19.46% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William R. Jellison bought 2,500 shares of the business's stock in a transaction dated Monday, August 25th. The stock was acquired at an average price of $92.37 per share, for a total transaction of $230,925.00. Following the purchase, the director directly owned 5,000 shares in the company, valued at approximately $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 insiders.

Wall Street Analyst Weigh In

MDT has been the subject of several research reports. Mizuho raised their target price on Medtronic from $98.00 to $100.00 and gave the company an "outperform" rating in a research note on Wednesday, July 16th. Leerink Partnrs upgraded Medtronic to a "strong-buy" rating in a research note on Monday, June 16th. Wells Fargo & Company raised 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 raised their target price on Medtronic from $97.00 to $98.00 and gave the company an "outperform" rating in a research note on Wednesday, August 20th. Finally, Morgan Stanley restated an "overweight" rating and issued a $107.00 target price (up from $98.00) on shares of Medtronic in a research note on Tuesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and eight have given a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $102.27.

Medtronic Stock Down 0.1%

MDT stock traded down $0.14 during mid-day trading on Friday, reaching $95.45. 6,504,695 shares of the company traded hands, compared to its average volume of 7,586,122. The stock has a market cap of $122.43 billion, a price-to-earnings ratio of 26.27, a P/E/G ratio of 2.49 and a beta of 0.77. The company has a quick ratio of 1.50, a current ratio of 2.01 and a debt-to-equity ratio of 0.54. Medtronic PLC has a fifty-two week low of $79.29 and a fifty-two week high of $96.25. The firm's 50 day moving average price is $91.96 and its 200 day moving average price is $88.35.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings results on Tuesday, August 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $8.37 billion. During the same quarter in the previous year, the business earned $1.23 EPS. The company's quarterly revenue was up 7.7% on a year-over-year basis. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. As a group, equities research analysts predict that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 17th. Stockholders 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 dividend yield of 3.0%. The ex-dividend date is Friday, September 26th. Medtronic's payout ratio is presently 78.24%.

Medtronic Company Profile

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.