Medtronic PLC $MDT Shares Purchased by Simplicity Wealth LLC

Key Points

• Simplicity Wealth LLC increased its investment in Medtronic PLC by 77.5% during the second quarter, now holding shares worth $3.4 million.
• Medtronic's quarterly earnings beat expectations with an EPS of $1.26, exceeding the forecast of $1.23, and revenue reached $8.58 billion.
• The company announced a quarterly dividend of $0.71 per share, which translates to an annual yield of 2.9%.

Simplicity Wealth LLC boosted its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 77.5% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 39,097 shares of the medical technology company's stock after buying an additional 17,070 shares during the quarter. Simplicity Wealth LLC's holdings in Medtronic were worth $3,408,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of MDT. Boston Partners raised its holdings in shares of Medtronic by 122.8% in the 1st quarter. Boston Partners now owns 6,912,055 shares of the medical technology company's stock valued at $619,460,000 after purchasing an additional 3,809,450 shares in the last quarter. Ameriprise Financial Inc. raised its stake in Medtronic by 28.8% in the first quarter. Ameriprise Financial Inc. now owns 15,481,028 shares of the medical technology company's stock valued at $1,391,141,000 after buying an additional 3,461,221 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Medtronic by 42.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 10,059,135 shares of the medical technology company's stock worth $903,915,000 after buying an additional 3,017,849 shares during the last quarter. Nuveen LLC acquired a new position in shares of Medtronic during the 1st quarter worth about $260,649,000. Finally, Mackenzie Financial Corp increased its holdings in shares of Medtronic by 220.9% in the 1st quarter. Mackenzie Financial Corp now owns 2,412,115 shares of the medical technology company's stock valued at $216,753,000 after acquiring an additional 1,660,357 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company's stock.

Analyst Ratings Changes

MDT has been the subject of a number of research analyst reports. Sanford C. Bernstein upped their price target on Medtronic from $97.00 to $98.00 and gave the company an "outperform" rating in a report on Wednesday, August 20th. Needham & Company LLC reaffirmed a "hold" rating on shares of Medtronic in a research report on Thursday, August 14th. Wells Fargo & Company increased their target price on shares of Medtronic from $98.00 to $100.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 20th. Daiwa Capital Markets boosted their price objective on shares of Medtronic from $101.00 to $104.00 and gave the company a "buy" rating in a research note on Friday, September 12th. Finally, UBS Group raised 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. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $100.94.

Insiders Place Their Bets

In related news, Director William R. Jellison acquired 2,500 shares of Medtronic stock in a transaction on Monday, August 25th. The shares were bought at an average price of $92.37 per share, for a total transaction of $230,925.00. Following the completion of the purchase, the director directly owned 5,000 shares in the company, valued at $461,850. This trade represents a 100.00% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Harry Skip Kiil sold 8,605 shares of the company's stock in a transaction dated 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 sale, the executive vice president directly 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. Company insiders own 0.26% of the company's stock.

Medtronic Trading Up 2.3%

Medtronic stock opened at $97.63 on Monday. The stock has a 50-day moving average price of $92.94 and a 200 day moving average price of $88.46. Medtronic PLC has a 52 week low of $79.29 and a 52 week high of $97.94. The stock has a market cap 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 company has a current ratio of 2.01, a quick ratio of 1.50 and a debt-to-equity ratio of 0.54.

Medtronic (NYSE:MDT - Get Free Report) last announced 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 company had revenue of $8.58 billion during the quarter, compared to analyst estimates of $8.37 billion. Medtronic had a return on equity of 14.61% and a net margin of 13.63%.The firm's revenue was up 7.7% on a year-over-year basis. During the same period in the prior year, the firm posted $1.23 earnings per share. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. Equities research analysts predict that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

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 paid a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 2.9%. The ex-dividend date is Friday, September 26th. Medtronic's payout ratio is currently 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.

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