Medtronic PLC $MDT Shares Bought by KLP Kapitalforvaltning AS

Key Points

• KLP Kapitalforvaltning AS increased its stake in Medtronic PLC by 3.5%, now holding 506,587 shares valued at approximately $44.5 million.
• Medtronic reported earnings of $1.26 per share for the last quarter, exceeding analyst expectations, with revenues of $8.58 billion, up 7.7% year-over-year.
• The company declared a quarterly dividend of $0.71, presenting an annual yield of 2.9%, with the payment scheduled for October 17th.

KLP Kapitalforvaltning AS lifted its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 3.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 506,587 shares of the medical technology company's stock after acquiring an additional 17,300 shares during the quarter. KLP Kapitalforvaltning AS's holdings in Medtronic were worth $44,517,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. 1248 Management LLC purchased a new stake in Medtronic during the first quarter worth $26,000. Columbia River Financial Group LLC purchased a new position in shares of Medtronic in the first quarter valued at $28,000. Twin Tree Management LP acquired a new position in shares of Medtronic during the 1st quarter worth $29,000. Activest Wealth Management raised its stake in shares of Medtronic by 3,577.8% during the 1st quarter. Activest Wealth Management now owns 331 shares of the medical technology company's stock worth $30,000 after buying an additional 322 shares during the last quarter. Finally, Hughes Financial Services LLC purchased a new stake in shares of Medtronic in the 1st quarter worth about $32,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Medtronic

In related news, EVP Harry Skip Kiil sold 8,605 shares of the stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $91.58, for a total transaction of $788,045.90. Following the transaction, the executive vice president directly owned 35,615 shares in the company, valued at approximately $3,261,621.70. This represents a 19.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director William R. Jellison purchased 2,500 shares of the firm's stock in a transaction on Monday, August 25th. The stock was acquired at an average cost of $92.37 per share, for a total transaction of $230,925.00. Following the completion of the purchase, the director owned 5,000 shares in the company, valued at $461,850. The trade was 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.

Analyst Ratings Changes

MDT has been the subject of several recent research reports. Truist Financial raised their target price on shares of Medtronic from $92.00 to $96.00 and gave the company a "hold" rating in a report on Thursday, August 21st. William Blair upgraded shares of Medtronic to a "hold" rating in a research report on Friday, July 11th. Leerink Partnrs raised shares of Medtronic to a "strong-buy" rating in a research note on Monday, June 16th. UBS Group lifted their price objective on Medtronic from $94.00 to $95.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 20th. Finally, Wolfe Research raised Medtronic from an "underperform" rating to a "peer perform" rating in a research note on Monday, June 30th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Medtronic currently has an average rating of "Moderate Buy" and an average target price of $100.94.

Medtronic Stock Performance

NYSE:MDT opened at $98.46 on Tuesday. 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 firm has a market cap of $126.29 billion, a PE ratio of 27.12, a P/E/G ratio of 2.57 and a beta of 0.78. The firm has a 50 day simple moving average of $93.07 and a 200-day simple moving average of $88.52. Medtronic PLC has a 1-year low of $79.29 and a 1-year high of $98.66.

Medtronic (NYSE:MDT - Get Free Report) last announced its earnings results 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. The firm had revenue of $8.58 billion for the quarter, compared to analyst estimates of $8.37 billion. Medtronic had a net margin of 13.63% and a return on equity of 14.61%. Medtronic's revenue was up 7.7% compared to the same quarter last year. During the same quarter last year, the business earned $1.23 earnings per share. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. On average, equities analysts expect that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 17th. Stockholders of record on Friday, September 26th will be given 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 payout ratio is currently 78.24%.

About Medtronic

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.