Medtronic PLC $MDT Shares Sold by DAVENPORT & Co LLC

Key Points

• DAVENPORT & Co LLC reduced its holdings in Medtronic PLC by 1.2%, now owning approximately 1,081,448 shares worth around $93.93 million.
• Several institutional investors, including Brighton Jones LLC and UMB Bank n.a., have significantly increased their positions in Medtronic, showcasing a strong interest in the company's stock.
• Medtronic recently reported a quarterly earnings per share of $1.26, beating estimates, and declared a quarterly dividend of $0.71 per share with a yield of 2.9%.

DAVENPORT & Co LLC lowered its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 1.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,081,448 shares of the medical technology company's stock after selling 13,083 shares during the quarter. DAVENPORT & Co LLC owned approximately 0.08% of Medtronic worth $93,934,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in MDT. Brighton Jones LLC increased its holdings in Medtronic by 1,368.0% in the 4th quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock worth $3,194,000 after acquiring an additional 37,265 shares in the last quarter. Hennion & Walsh Asset Management Inc. grew its position in shares of Medtronic by 128.6% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 8,013 shares of the medical technology company's stock valued at $720,000 after purchasing an additional 4,507 shares during the period. Gateway Investment Advisers LLC grew its position in shares of Medtronic by 0.6% in the first quarter. Gateway Investment Advisers LLC now owns 101,408 shares of the medical technology company's stock valued at $9,112,000 after purchasing an additional 608 shares during the period. Sivia Capital Partners LLC increased its stake in shares of Medtronic by 13.4% during the first quarter. Sivia Capital Partners LLC now owns 3,975 shares of the medical technology company's stock worth $357,000 after purchasing an additional 471 shares in the last quarter. Finally, UMB Bank n.a. raised its position in shares of Medtronic by 479.0% during the 1st quarter. UMB Bank n.a. now owns 74,076 shares of the medical technology company's stock worth $6,656,000 after purchasing an additional 61,283 shares during the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MDT has been the topic of several research analyst reports. Leerink Partnrs upgraded Medtronic to a "strong-buy" rating in a report on Monday, June 16th. Needham & Company LLC reaffirmed a "hold" rating on shares of Medtronic in a research note on Thursday, August 14th. Mizuho boosted their price target on Medtronic from $98.00 to $100.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 16th. Sanford C. Bernstein raised their price objective on Medtronic from $97.00 to $98.00 and gave the company an "outperform" rating in a report on Wednesday, August 20th. Finally, The Goldman Sachs Group lowered their target price on shares of Medtronic from $82.00 to $81.00 and set a "sell" rating on the stock in a research note on Wednesday, October 1st. One investment 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 issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $100.94.

Insider Activity at Medtronic

In other news, Director William R. Jellison purchased 2,500 shares of Medtronic stock in a transaction dated Monday, August 25th. The shares were purchased at an average price of $92.37 per share, with a total value of $230,925.00. Following the transaction, the director owned 5,000 shares in the company, valued at $461,850. This represents a 100.00% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Harry Skip Kiil sold 8,605 shares of the stock in a transaction that occurred on 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 transaction, the executive vice president owned 35,615 shares of the company's stock, valued at $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 currently owned by insiders.

Medtronic Stock Up 2.3%

Shares of MDT opened at $97.63 on Monday. Medtronic PLC has a 52-week low of $79.29 and a 52-week high of $97.94. The company has a quick ratio of 1.50, a current ratio of 2.01 and a debt-to-equity ratio of 0.54. The stock has a fifty day simple moving average of $92.94 and a two-hundred day simple moving average of $88.46. The company has a market capitalization of $125.23 billion, a PE ratio of 26.90, a price-to-earnings-growth ratio of 2.57 and a beta of 0.78.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly 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. Medtronic had a net margin of 13.63% and a return on equity of 14.61%. The firm had revenue of $8.58 billion for the quarter, compared to analysts' expectations of $8.37 billion. During the same quarter in the previous year, the company posted $1.23 EPS. The company's revenue was up 7.7% compared to the same quarter last year. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. As a group, equities analysts forecast that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 17th. Stockholders of record on Friday, September 26th will be issued a dividend of $0.71 per share. The ex-dividend date is Friday, September 26th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 2.9%. Medtronic's dividend payout ratio (DPR) 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.

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.