Logan Capital Management Inc. Lowers Holdings in Medtronic PLC $MDT

Key Points

• Logan Capital Management Inc. has reduced its position in Medtronic PLC by 79%, selling 87,990 shares and now owning 23,432 shares valued at $2.1 million.
• Several analysts have upgraded their ratings for Medtronic, with Leerink Partners and Wells Fargo setting price targets between $100 and $110.
• Medtronic recently declared a quarterly dividend of $0.71 per share, translating to an annualized yield of 3.0% based on a payout ratio of 78.24%.

Logan Capital Management Inc. lessened its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 79.0% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 23,432 shares of the medical technology company's stock after selling 87,990 shares during the quarter. Logan Capital Management Inc.'s holdings in Medtronic were worth $2,106,000 as of its most recent filing with the SEC.

A number of other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Medtronic by 0.7% during the first quarter. Vanguard Group Inc. now owns 125,014,241 shares of the medical technology company's stock worth $11,233,780,000 after buying an additional 810,854 shares during the period. Massachusetts Financial Services Co. MA increased its stake in shares of Medtronic by 7.0% during the first quarter. Massachusetts Financial Services Co. MA now owns 22,278,023 shares of the medical technology company's stock worth $2,001,903,000 after buying an additional 1,461,841 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Medtronic by 3.8% during the first quarter. Bank of New York Mellon Corp now owns 20,680,301 shares of the medical technology company's stock worth $1,858,332,000 after buying an additional 756,192 shares during the period. Deutsche Bank AG increased its stake in shares of Medtronic by 3.1% during the first quarter. Deutsche Bank AG now owns 19,009,795 shares of the medical technology company's stock worth $1,708,220,000 after buying an additional 566,155 shares during the period. Finally, Invesco Ltd. increased its stake in shares of Medtronic by 9.9% during the first quarter. Invesco Ltd. now owns 16,980,592 shares of the medical technology company's stock worth $1,525,876,000 after buying an additional 1,535,308 shares during the period. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, EVP Harry Skip Kiil sold 8,605 shares of the firm's 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 transaction, the executive vice president directly owned 35,615 shares in the company, valued at approximately $3,261,621.70. This trade represents a 19.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director William R. Jellison bought 2,500 shares of the stock in a transaction dated 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 completion of the transaction, the director owned 5,000 shares of the company's stock, valued at approximately $461,850. The trade was a 100.00% increase in their position. The disclosure for this purchase can be found here. Company insiders own 0.26% of the company's stock.

Medtronic Stock Performance

Shares of MDT traded down $0.20 during mid-day trading on Friday, reaching $94.05. 7,334,188 shares of the company's stock were exchanged, compared to its average volume of 6,888,095. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.01 and a quick ratio of 1.50. The stock has a market capitalization of $120.64 billion, a PE ratio of 25.91, a price-to-earnings-growth ratio of 2.48 and a beta of 0.77. The business's fifty day simple moving average is $91.50 and its 200-day simple moving average is $88.28. Medtronic PLC has a 52-week low of $79.29 and a 52-week high of $96.25.

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 (EPS) for the quarter, topping 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 net margin of 13.63% and a return on equity of 14.61%. The company's revenue for the quarter was up 7.7% compared to the same quarter last year. During the same period last year, the firm posted $1.23 earnings per share. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. On average, equities research analysts expect that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 17th. Stockholders of record on Friday, September 26th will be given 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 3.0%. Medtronic's dividend payout ratio (DPR) is 78.24%.

Analysts Set New Price Targets

A number of analysts recently weighed in on MDT shares. Wells Fargo & Company upped 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. Truist Financial increased their price target on shares of Medtronic from $92.00 to $96.00 and gave the company a "hold" rating in a research note on Thursday, August 21st. William Blair upgraded shares of Medtronic to a "hold" rating in a research note on Friday, July 11th. Robert W. Baird increased their price target on shares of Medtronic from $94.00 to $96.00 and gave the company a "neutral" rating in a research note on Wednesday, August 20th. Finally, Wall Street Zen upgraded shares of Medtronic from a "hold" rating to a "buy" rating in a research note on Saturday, August 30th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat, Medtronic has an average rating of "Moderate Buy" and a consensus price target of $102.14.

Medtronic Company 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.