Medtronic PLC $MDT Shares Purchased by K.J. Harrison & Partners Inc

Key Points

• K.J. Harrison & Partners increased its Medtronic stake by 456% in the second quarter, purchasing 62,000 additional shares and bringing its holdings to 75,596 shares valued at approximately $5.9 million. Institutional investors collectively own 82.06% of the company.
• Analysts maintain a generally positive outlook, with Medtronic carrying a consensus “Moderate Buy” rating and an average price target of $98.83. Eighteen analysts rate the stock Buy, while nine rate it Hold.
• Medtronic reported quarterly revenue of $9.81 billion and adjusted earnings of $1.55 per share, exceeding expectations, while revenue rose 9.9% year over year. The company also announced a quarterly dividend of $0.72 per share, representing a 3.1% annualized yield.

K.J. Harrison & Partners Inc boosted its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 456.0% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 75,596 shares of the medical technology company's stock after purchasing an additional 62,000 shares during the quarter. K.J. Harrison & Partners Inc's holdings in Medtronic were worth $5,914,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Brighton Jones LLC lifted its holdings in shares of Medtronic by 1,368.0% in the fourth quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock valued at $3,194,000 after purchasing an additional 37,265 shares in the last quarter. Sivia Capital Partners LLC grew its position in shares of Medtronic by 9.6% in the second quarter. Sivia Capital Partners LLC now owns 4,356 shares of the medical technology company's stock valued at $380,000 after purchasing an additional 381 shares during the last quarter. Jump Financial LLC purchased a new position in shares of Medtronic during the 2nd quarter worth approximately $299,000. Main Street Financial Solutions LLC increased its stake in shares of Medtronic by 28.9% during the 2nd quarter. Main Street Financial Solutions LLC now owns 14,356 shares of the medical technology company's stock worth $1,251,000 after purchasing an additional 3,218 shares in the last quarter. Finally, HUB Investment Partners LLC increased its stake in shares of Medtronic by 21.3% during the 2nd quarter. HUB Investment Partners LLC now owns 19,226 shares of the medical technology company's stock worth $1,676,000 after purchasing an additional 3,376 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on MDT. BTIG Research reaffirmed a "buy" rating and issued a $91.00 target price on shares of Medtronic in a research note on Tuesday. Piper Sandler reissued a "neutral" rating on shares of Medtronic in a research report on Monday, August 10th. Royal Bank Of Canada reissued an "outperform" rating and issued a $118.00 price target on shares of Medtronic in a report on Thursday, June 4th. Wall Street Zen upgraded Medtronic from a "hold" rating to a "buy" rating in a research report on Saturday, July 18th. Finally, Leerink Partners decreased their price objective on Medtronic from $117.00 to $104.00 and set an "outperform" rating on the stock in a research note on Thursday, June 4th. Eighteen equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat.com, Medtronic has a consensus rating of "Moderate Buy" and a consensus target price of $98.83.

Insiders Place Their Bets

In related news, EVP Harry Skip Kiil sold 4,189 shares of the stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $80.44, for a total transaction of $336,963.16. Following the transaction, the executive vice president directly owned 37,227 shares in the company, valued at approximately $2,994,539.88. This represents a 10.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.26% of the company's stock.

Medtronic Stock Up 1.2%

Shares of NYSE MDT opened at $93.44 on Friday. The firm has a market cap of $119.60 billion, a P/E ratio of 25.05, a price-to-earnings-growth ratio of 2.47 and a beta of 0.55. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.62 and a current ratio of 2.13. Medtronic PLC has a 1 year low of $73.31 and a 1 year high of $106.33. The firm's 50 day moving average price is $84.39 and its 200 day moving average price is $86.06.

Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share for the quarter, beating the consensus estimate of $1.54 by $0.01. Medtronic had a return on equity of 14.51% and a net margin of 13.20%.The company had revenue of $9.81 billion during the quarter, compared to the consensus estimate of $9.62 billion. During the same period in the previous year, the firm posted $1.62 EPS. Medtronic's revenue was up 9.9% on a year-over-year basis. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. As a group, sell-side analysts anticipate that Medtronic PLC will post 5.94 earnings per share for the current year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 16th. Investors of record on Friday, September 25th will be paid a $0.72 dividend. This represents a $2.88 annualized dividend and a yield of 3.1%. The ex-dividend date is Friday, September 25th. Medtronic's dividend payout ratio is presently 77.21%.

Medtronic Company Profile

Medtronic plc is a global medical technology company that develops and manufactures a broad range of therapeutic devices and health care solutions. Headquartered legally in Ireland with principal operational offices in the United States, the company markets products to hospitals, physicians and health systems worldwide and has grown from its founding in 1949 into one of the largest medical-device manufacturers serving global health-care markets.

Medtronic's offerings span several clinical areas, including cardiac rhythm and heart failure (pacemakers, implantable cardioverter‑defibrillators and related cardiac therapies), minimally invasive and surgical technologies (laparoscopic and advanced energy devices, visualization systems and surgical innovations), restorative therapies (spine and orthopedics, neuromodulation and neurovascular treatments) and diabetes management (insulin-delivery systems and glucose monitoring solutions).

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