Adage Capital Partners GP L.L.C. Increases Stock Holdings in Medtronic PLC $MDT

Key Points

• Adage Capital Partners GP L.L.C. increased its stake in Medtronic PLC by 4.3%, acquiring an additional 70,371 shares, bringing its total ownership to approximately 1,726,158 shares valued at $155.11 million.
• Medtronic recently reported quarterly earnings of $1.26 EPS, surpassing analyst estimates of $1.23, with revenues reaching $8.58 billion, a 7.7% increase from the previous year.
• The company announced a quarterly dividend of $0.71 per share, with an ex-dividend date set for September 26th, resulting in an annualized yield of 3.1%.

Adage Capital Partners GP L.L.C. boosted its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 4.3% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,726,158 shares of the medical technology company's stock after purchasing an additional 70,371 shares during the quarter. Adage Capital Partners GP L.L.C. owned about 0.13% of Medtronic worth $155,113,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Burkett Financial Services LLC boosted its holdings in Medtronic by 185.0% in the first quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock valued at $26,000 after purchasing an additional 185 shares in the last quarter. 1248 Management LLC acquired a new position in Medtronic in the first quarter valued at approximately $26,000. Wood Tarver Financial Group LLC acquired a new position in Medtronic in the fourth quarter valued at approximately $27,000. Columbia River Financial Group LLC acquired a new position in Medtronic in the first quarter valued at approximately $28,000. Finally, Twin Tree Management LP acquired a new stake in shares of Medtronic in the first quarter valued at approximately $29,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

MDT has been the subject of several research analyst reports. Robert W. Baird increased their price objective on Medtronic from $94.00 to $96.00 and gave the company a "neutral" rating in a report on Wednesday, August 20th. Leerink Partnrs raised Medtronic to a "strong-buy" rating in a report on Monday, June 16th. Leerink Partners initiated coverage on Medtronic in a report on Monday, June 16th. They issued an "outperform" rating and a $110.00 price objective for the company. Royal Bank Of Canada decreased their price objective on Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a report on Thursday, May 22nd. Finally, UBS Group increased their price objective on Medtronic from $94.00 to $95.00 and gave the company a "neutral" rating in a report on Wednesday, August 20th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and eight have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $102.14.

Medtronic Stock Performance

Shares of Medtronic stock traded up $0.08 during trading hours on Friday, hitting $92.93. 4,856,702 shares of the company were exchanged, compared to its average volume of 7,029,722. Medtronic PLC has a 1 year low of $79.29 and a 1 year high of $96.25. The company has a current ratio of 2.01, a quick ratio of 1.50 and a debt-to-equity ratio of 0.54. The business has a 50-day moving average of $90.97 and a 200-day moving average of $88.13. The stock has a market capitalization of $119.20 billion, a price-to-earnings ratio of 25.60, a P/E/G ratio of 2.36 and a beta of 0.77.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings results on Tuesday, August 19th. The medical technology company reported $1.26 EPS for the quarter, topping the consensus estimate of $1.23 by $0.03. The business had revenue of $8.58 billion during 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 company's quarterly revenue was up 7.7% compared to the same quarter last year. 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. As a group, analysts expect that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

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

Insider Buying and Selling at Medtronic

In other Medtronic news, Director William R. Jellison acquired 2,500 shares of the business's stock in a transaction on Monday, August 25th. The stock was purchased at an average price of $92.37 per share, for a total transaction of $230,925.00. Following the completion of the transaction, the director owned 5,000 shares of the company's stock, valued at $461,850. The trade was a 100.00% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Harry Skip Kiil sold 8,605 shares of the stock in a transaction 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 $3,261,621.70. The trade was a 19.46% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.26% of the company's stock.

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.