Medtronic PLC $MDT Shares Purchased by Sonora Investment Management Group LLC

Key Points

• Sonora Investment Management Group LLC increased its holdings in Medtronic PLC by 5.9%, owning 144,783 shares worth approximately $12.6 million at the end of the second quarter.
• Medtronic's recent earnings report showed a net margin of 13.63% and revenue of $8.58 billion, exceeding analysts' estimates.
• The company declared a quarterly dividend of $0.71 per share, which corresponds to an annualized yield of 3.0% and will be paid on October 17th.

Sonora Investment Management Group LLC grew its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 5.9% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 144,783 shares of the medical technology company's stock after acquiring an additional 8,046 shares during the quarter. Sonora Investment Management Group LLC's holdings in Medtronic were worth $12,621,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. 1248 Management LLC purchased a new stake in shares of Medtronic during the 1st quarter worth approximately $26,000. Burkett Financial Services LLC raised its stake in Medtronic by 185.0% during the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock worth $26,000 after acquiring an additional 185 shares in the last quarter. Columbia River Financial Group LLC purchased a new stake in Medtronic in the first quarter valued at $28,000. Twin Tree Management LP purchased a new stake in Medtronic in the first quarter valued at $29,000. Finally, Activest Wealth Management boosted its stake in Medtronic by 3,577.8% in the first quarter. Activest Wealth Management now owns 331 shares of the medical technology company's stock valued at $30,000 after acquiring an additional 322 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company's stock.

Analyst Ratings Changes

A number of analysts recently issued reports on MDT shares. Wall Street Zen raised Medtronic from a "hold" rating to a "buy" rating in a research report on Saturday, August 30th. Evercore ISI increased their price objective on Medtronic from $103.00 to $106.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. Truist Financial lifted 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. Morgan Stanley reiterated an "overweight" rating and issued a $107.00 price target (up previously from $98.00) on shares of Medtronic in a research report on Tuesday, July 15th. Finally, UBS Group raised their price objective on shares of Medtronic from $94.00 to $95.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 20th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $102.27.

Medtronic Stock Performance

Shares of MDT opened at $94.34 on Friday. Medtronic PLC has a 12-month low of $79.29 and a 12-month high of $96.25. The stock has a market cap of $121.01 billion, a P/E ratio of 25.99, a PEG ratio of 2.48 and a beta of 0.77. 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 company has a 50-day moving average of $92.57 and a two-hundred day moving average of $88.38.

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 for the quarter, beating the consensus estimate of $1.23 by $0.03. The firm had revenue of $8.58 billion during the quarter, compared to the consensus estimate of $8.37 billion. Medtronic had a net margin of 13.63% and a return on equity of 14.61%. The firm's revenue for the quarter was up 7.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.23 EPS. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. As a group, research analysts predict that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 17th. Shareholders of record on Friday, September 26th will be given a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend is Friday, September 26th. Medtronic's payout ratio is 78.24%.

Insider Activity at Medtronic

In other Medtronic news, Director William R. Jellison bought 2,500 shares of Medtronic stock in a transaction that occurred on Monday, August 25th. The shares were acquired at an average price of $92.37 per share, for a total transaction of $230,925.00. Following the acquisition, 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 acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Harry Skip Kiil sold 8,605 shares of the firm's stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $91.58, for a total value of $788,045.90. Following the sale, the executive vice president owned 35,615 shares in the company, valued at approximately $3,261,621.70. The trade was a 19.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.26% of the stock is owned by insiders.

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.

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