Medtronic PLC $MDT Shares Acquired by Cullinan Associates Inc.

Key Points

• Cullinan Associates Inc. increased its stake in Medtronic PLC by 6.0% during the second quarter, now owning 49,106 shares valued at approximately $4.28 million.
• Medtronic recently announced a quarterly dividend of $0.71, which will be paid on October 17th, representing an annualized dividend of $2.84 and a yield of 2.9%.
• The company reported better-than-expected earnings of $1.26 per share for the last quarter, surpassing analyst expectations of $1.23, along with a revenue of $8.58 billion.

Cullinan Associates Inc. increased its stake in Medtronic PLC (NYSE:MDT - Free Report) by 6.0% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 49,106 shares of the medical technology company's stock after acquiring an additional 2,780 shares during the quarter. Cullinan Associates Inc.'s holdings in Medtronic were worth $4,281,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the stock. Red Spruce Capital LLC grew its holdings in shares of Medtronic by 0.5% during the second quarter. Red Spruce Capital LLC now owns 23,707 shares of the medical technology company's stock valued at $2,067,000 after buying an additional 118 shares in the last quarter. Certior Financial Group LLC grew its holdings in shares of Medtronic by 3.7% during the first quarter. Certior Financial Group LLC now owns 3,450 shares of the medical technology company's stock valued at $310,000 after buying an additional 122 shares in the last quarter. Dunhill Financial LLC grew its holdings 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 in the last quarter. Cidel Asset Management Inc. grew its holdings 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 in the last quarter. Finally, Petros Family Wealth LLC grew its holdings 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 in the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on MDT shares. UBS Group lifted their price target on Medtronic from $94.00 to $95.00 and gave the company a "neutral" rating in a report on Wednesday, August 20th. The Goldman Sachs Group lowered their target price on Medtronic from $82.00 to $81.00 and set a "sell" rating on the stock in a research note on Wednesday, October 1st. Leerink Partnrs upgraded Medtronic to a "strong-buy" rating in a research note on Monday, June 16th. Wolfe Research upgraded Medtronic from an "underperform" rating to a "peer perform" rating in a research note on Monday, June 30th. Finally, Needham & Company LLC restated a "hold" rating on shares of Medtronic in a research note on Thursday, August 14th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $100.94.

Insider Buying and Selling

In other Medtronic news, Director William R. Jellison purchased 2,500 shares of the company's stock in a transaction that occurred on 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 acquisition, the director directly owned 5,000 shares of the company's stock, valued at approximately $461,850. This trade represents a 100.00% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, EVP Harry Skip Kiil sold 8,605 shares of Medtronic stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $91.58, for a total value of $788,045.90. Following the completion of the sale, the executive vice president directly owned 35,615 shares of the company's stock, valued at $3,261,621.70. This trade represents a 19.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.26% of the company's stock.

Medtronic Price Performance

NYSE MDT opened at $97.63 on Monday. Medtronic PLC has a twelve month low of $79.29 and a twelve month high of $97.94. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.50 and a current ratio of 2.01. The stock has a market capitalization of $125.23 billion, a PE ratio of 26.90, a P/E/G ratio of 2.57 and a beta of 0.78. The stock has a 50-day simple moving average of $92.94 and a 200 day simple moving average of $88.46.

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 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 during the quarter, compared to analysts' expectations of $8.37 billion. During the same quarter in the previous year, the firm earned $1.23 EPS. The firm's revenue 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 Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 17th. Stockholders of record on Friday, September 26th will be issued a $0.71 dividend. 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 2.9%. Medtronic's dividend payout ratio is presently 78.24%.

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.

Want to see what other hedge funds are holding MDT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Medtronic PLC (NYSE:MDT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.