Medtronic PLC $MDT Stake Reduced by DnB Asset Management AS

Key Points

• DnB Asset Management AS reduced its stake in Medtronic PLC by 1.9%, now owning approximately 950,614 shares valued at $85.4 million.
• Medtronic reported a quarterly EPS of $1.26, beating estimates of $1.23, with revenues of $8.58 billion, representing a 7.7% year-over-year increase.
• The company plans to pay a quarterly dividend of $0.71 on October 17th, which equates to an annualized yield of 3.1% with a payout ratio of 78.24%.

DnB Asset Management AS lowered its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 1.9% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 950,614 shares of the medical technology company's stock after selling 18,671 shares during the period. DnB Asset Management AS owned approximately 0.07% of Medtronic worth $85,422,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in MDT. Burkett Financial Services LLC raised its stake in shares of Medtronic by 185.0% during the first quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock valued at $26,000 after purchasing an additional 185 shares during the period. 1248 Management LLC purchased a new stake in shares of Medtronic during the first quarter valued at approximately $26,000. Wood Tarver Financial Group LLC purchased a new stake in shares of Medtronic during the fourth quarter valued at approximately $27,000. Columbia River Financial Group LLC purchased a new stake in shares of Medtronic during the first quarter valued at approximately $28,000. Finally, Twin Tree Management LP purchased a new stake in shares of Medtronic during the first quarter valued at approximately $29,000. Hedge funds and other institutional investors own 82.06% of the company's stock.

Insider Activity

In related news, Director William R. Jellison purchased 2,500 shares of the company's stock in a transaction on Monday, August 25th. The shares were bought at an average cost of $92.37 per share, for a total transaction of $230,925.00. Following the transaction, the director owned 5,000 shares of the company's stock, valued at $461,850. This represents a 100.00% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Harry Skip Kiil sold 8,605 shares of the stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $91.58, for a total transaction 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. This trade represents 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 company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on MDT shares. William Blair upgraded shares of Medtronic to a "hold" rating in a research note on Friday, July 11th. UBS Group lifted their price target on shares of Medtronic from $94.00 to $95.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 20th. BTIG Research restated a "neutral" rating on shares of Medtronic in a research note on Friday, July 11th. Leerink Partners assumed coverage on shares of Medtronic in a research note on Monday, June 16th. They issued an "outperform" rating and a $110.00 price target for the company. Finally, Evercore ISI lifted their price target on shares of Medtronic from $103.00 to $106.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and eight have issued a Hold rating to the company's stock. According to data from MarketBeat, Medtronic has an average rating of "Moderate Buy" and an average target price of $102.14.

Medtronic Stock Performance

Shares of Medtronic stock traded up $0.08 during trading hours on Friday, reaching $92.93. The company's stock had a trading volume of 4,856,702 shares, compared to its average volume of 7,029,722. The company's 50 day simple moving average is $90.97 and its 200 day simple moving average is $88.14. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.50 and a current ratio of 2.01. Medtronic PLC has a one year low of $79.29 and a one year high of $96.25. The stock has a market cap of $119.20 billion, a P/E ratio of 25.60, a price-to-earnings-growth ratio of 2.36 and a beta of 0.77.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings results on Tuesday, August 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.23 by $0.03. Medtronic had a net margin of 13.63% and a return on equity of 14.61%. The company had revenue of $8.58 billion for the quarter, compared to the consensus estimate of $8.37 billion. During the same period last year, the firm posted $1.23 EPS. The company's revenue for the quarter was up 7.7% on a year-over-year basis. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. As a group, analysts expect that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 17th. Investors of record on Friday, September 26th will be given a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date is Friday, September 26th. Medtronic's dividend 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.