CX Institutional Purchases 60,965 Shares of Medtronic PLC $MDT

Key Points

• CX Institutional significantly increased its holdings in Medtronic by 791.5% during the second quarter, owning a total of 68,667 shares worth approximately $5.986 million.
• Multiple institutional investors, including Boston Partners and Ameriprise Financial, have raised their positions in Medtronic, resulting in institutional ownership reaching 82.06%.
• Medtronic's recent earnings report showed an EPS of $1.26, exceeding estimates, and the company announced a quarterly dividend of $0.71, reflecting an annualized yield of 3.0%.

CX Institutional boosted its position in Medtronic PLC (NYSE:MDT - Free Report) by 791.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 68,667 shares of the medical technology company's stock after buying an additional 60,965 shares during the quarter. CX Institutional's holdings in Medtronic were worth $5,986,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of MDT. Boston Partners increased its position in Medtronic by 122.8% in the first quarter. Boston Partners now owns 6,912,055 shares of the medical technology company's stock worth $619,460,000 after buying an additional 3,809,450 shares during the last quarter. Ameriprise Financial Inc. increased its position in Medtronic by 28.8% in the first quarter. Ameriprise Financial Inc. now owns 15,481,028 shares of the medical technology company's stock worth $1,391,141,000 after buying an additional 3,461,221 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in Medtronic by 42.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 10,059,135 shares of the medical technology company's stock worth $903,915,000 after buying an additional 3,017,849 shares during the last quarter. Nuveen LLC purchased a new stake in Medtronic in the first quarter worth $260,649,000. Finally, Burgundy Asset Management Ltd. purchased a new stake in Medtronic in the fourth quarter worth $174,329,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Price Performance

NYSE MDT traded up $0.57 during trading on Tuesday, reaching $95.19. The company's stock had a trading volume of 2,607,785 shares, compared to its average volume of 7,609,450. The firm has a fifty day moving average of $92.15 and a 200 day moving average of $88.29. Medtronic PLC has a one year low of $79.29 and a one year high of $96.25. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.01 and a quick ratio of 1.50. The stock has a market capitalization of $122.10 billion, a PE ratio of 26.22, a P/E/G ratio of 2.50 and a beta of 0.77.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings data on Tuesday, August 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $8.58 billion during the quarter, compared to analysts' expectations of $8.37 billion. During the same period in the prior year, the business earned $1.23 EPS. 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. Analysts expect that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 17th. Shareholders 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 yield of 3.0%. Medtronic's dividend payout ratio is presently 78.24%.

Insider Buying and Selling

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

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Truist Financial lifted their price target on Medtronic from $92.00 to $96.00 and gave the company a "hold" rating in a research report on Thursday, August 21st. Evercore ISI lifted their price target on Medtronic from $103.00 to $106.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. Wall Street Zen upgraded Medtronic from a "hold" rating to a "buy" rating in a research report on Saturday, August 30th. Morgan Stanley reiterated an "overweight" rating and issued a $107.00 price target (up from $98.00) on shares of Medtronic in a research report on Tuesday, July 15th. Finally, Wells Fargo & Company lifted their price target on Medtronic from $98.00 to $100.00 and gave the company an "overweight" rating in a research report on Wednesday, August 20th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat.com, Medtronic presently has a consensus rating of "Moderate Buy" and a consensus price target of $102.27.

Medtronic 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.