Medtronic PLC $MDT Shares Acquired by Sumitomo Mitsui Trust Group Inc.

Key Points

• Sumitomo Mitsui Trust Group Inc. increased its stake in Medtronic PLC by 5.5% during the 2nd quarter, holding over 3.2 million shares valued at approximately $280.6 million.
• Medtronic reported a 7.7% year-over-year revenue increase for the quarter, with $8.58 billion in revenue and earnings per share of $1.26, beating analyst expectations.
• The company announced a quarterly dividend of $0.71 per share, reflecting an annualized dividend yield of 3.0% and a payout ratio of 78.24%.

Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 5.5% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,219,006 shares of the medical technology company's stock after purchasing an additional 167,709 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.25% of Medtronic worth $280,601,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Legacy Advisory Services LLC acquired a new stake in shares of Medtronic during the first quarter worth $541,000. GC Wealth Management RIA LLC raised its position in Medtronic by 20.6% in the second quarter. GC Wealth Management RIA LLC now owns 33,569 shares of the medical technology company's stock valued at $2,926,000 after purchasing an additional 5,734 shares during the period. Verdence Capital Advisors LLC raised its position in Medtronic by 22.0% in the second quarter. Verdence Capital Advisors LLC now owns 29,396 shares of the medical technology company's stock valued at $2,562,000 after purchasing an additional 5,296 shares during the period. RNC Capital Management LLC raised its position in Medtronic by 8.8% in the first quarter. RNC Capital Management LLC now owns 417,021 shares of the medical technology company's stock valued at $37,474,000 after purchasing an additional 33,729 shares during the period. Finally, Sivik Global Healthcare LLC raised its position in Medtronic by 6.7% in the second quarter. Sivik Global Healthcare LLC now owns 80,000 shares of the medical technology company's stock valued at $6,974,000 after purchasing an additional 5,000 shares during the period. Institutional investors and hedge funds own 82.06% of the company's stock.

Insider Activity at Medtronic

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

Medtronic Stock Performance

Shares of MDT stock opened at $94.36 on Friday. The business has a 50 day moving average of $94.31 and a two-hundred day moving average of $89.25. The company has a market cap of $121.03 billion, a P/E ratio of 26.01, a PEG ratio of 2.53 and a beta of 0.78. 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 52 week low of $79.29 and a 52 week high of $99.37.

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 for the quarter, beating analysts' consensus estimates of $1.23 by $0.03. The company had revenue of $8.58 billion for the quarter, compared to analysts' expectations of $8.37 billion. Medtronic had a return on equity of 14.61% and a net margin of 13.63%.The business's revenue for the quarter was up 7.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.23 earnings per share. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. As a group, analysts anticipate that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 17th. Investors of record on Friday, September 26th were issued a dividend of $0.71 per share. The ex-dividend date of this dividend was Friday, September 26th. This represents a $2.84 annualized dividend and a yield of 3.0%. Medtronic's payout ratio is presently 78.24%.

Analyst Ratings Changes

Several analysts have recently weighed in on MDT shares. The Goldman Sachs Group lowered their target price on Medtronic from $82.00 to $81.00 and set a "sell" rating for the company in a research note on Wednesday, October 1st. Argus raised their target price on Medtronic from $105.00 to $115.00 and gave the company a "buy" rating in a research note on Tuesday, August 26th. Needham & Company LLC restated a "hold" rating on shares of Medtronic in a research note on Thursday, August 14th. Citigroup raised their target price on Medtronic from $101.00 to $112.00 and gave the company a "buy" rating in a research note on Tuesday, October 7th. Finally, Wall Street Zen downgraded Medtronic from a "buy" rating to a "hold" rating in a research note on Friday, October 3rd. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, Medtronic presently has a consensus rating of "Moderate Buy" and an average target price of $102.82.

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.

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.