Medtronic PLC $MDT Shares Sold by Coho Partners Ltd.

Key Points

• Coho Partners Ltd. reduced its stake in Medtronic PLC by 15.3%, owning 518,883 shares valued at approximately $45.2 million after selling 93,711 shares in Q2.
• Medtronic reported an earnings per share (EPS) of $1.26 for the most recent quarter, exceeding analysts' expectations of $1.23, with revenue of $8.58 billion.
• The company announced a quarterly dividend of $0.71 per share, equating to an annualized yield of 3.0%, payable on October 17th.

Coho Partners Ltd. cut its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 15.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 518,883 shares of the medical technology company's stock after selling 93,711 shares during the period. Medtronic comprises about 3.4% of Coho Partners Ltd.'s holdings, making the stock its 18th largest position. Coho Partners Ltd.'s holdings in Medtronic were worth $45,231,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Legacy Advisory Services LLC acquired a new stake in shares of Medtronic during the 1st quarter worth about $541,000. GC Wealth Management RIA LLC raised its holdings in Medtronic by 20.6% during the second quarter. GC Wealth Management RIA LLC now owns 33,569 shares of the medical technology company's stock worth $2,926,000 after purchasing an additional 5,734 shares in the last quarter. Verdence Capital Advisors LLC raised its holdings in Medtronic by 22.0% during the second quarter. Verdence Capital Advisors LLC now owns 29,396 shares of the medical technology company's stock worth $2,562,000 after purchasing an additional 5,296 shares in the last quarter. RNC Capital Management LLC raised its holdings in Medtronic by 8.8% during the first quarter. RNC Capital Management LLC now owns 417,021 shares of the medical technology company's stock worth $37,474,000 after purchasing an additional 33,729 shares in the last quarter. Finally, Commerce Bank raised its holdings in Medtronic by 1.7% during the first quarter. Commerce Bank now owns 145,984 shares of the medical technology company's stock worth $13,118,000 after purchasing an additional 2,429 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company's stock.

Medtronic Stock Performance

Shares of MDT stock opened at $94.98 on Friday. The stock has a market capitalization of $121.83 billion, a PE ratio of 26.17, a price-to-earnings-growth ratio of 2.51 and a beta of 0.78. Medtronic PLC has a 52-week low of $79.29 and a 52-week high of $99.37. The stock's 50-day moving average price is $94.01 and its 200 day moving average price is $88.93. The company has a quick ratio of 1.50, a current ratio of 2.01 and a debt-to-equity ratio of 0.54.

Medtronic (NYSE:MDT - Get Free Report) last released its earnings results on Tuesday, August 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.23 by $0.03. The business had revenue of $8.58 billion for 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 company's revenue for the quarter was up 7.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.23 earnings per share. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. As a group, equities research analysts forecast that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The company 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 $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend is Friday, September 26th. Medtronic's payout ratio is currently 78.24%.

Insider Buying and Selling at Medtronic

In other news, EVP Harry Skip Kiil sold 8,605 shares of the business's stock in a transaction dated Wednesday, September 3rd. The shares were 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 $3,261,621.70. The trade was a 19.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director William R. Jellison purchased 2,500 shares of the company's stock in a transaction dated Monday, August 25th. The shares were purchased 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 owned 5,000 shares of the company's stock, valued at approximately $461,850. This trade represents a 100.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.26% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on MDT. Argus lifted their price target on shares of Medtronic from $105.00 to $115.00 and gave the stock a "buy" rating in a research note on Tuesday, August 26th. Wolfe Research upgraded Medtronic from an "underperform" rating to a "peer perform" rating in a research report on Monday, June 30th. Robert W. Baird lifted their target price on Medtronic from $94.00 to $96.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 20th. Mizuho lifted their target price on Medtronic from $98.00 to $100.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 16th. Finally, Citigroup lifted their price target on Medtronic from $101.00 to $112.00 and gave the stock a "buy" rating in a research report on Tuesday, October 7th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $102.82.

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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