Medtronic PLC $MDT Shares Sold by New England Research & Management Inc.

Key Points

• New England Research & Management Inc. reduced its holdings in Medtronic PLC by 31.9% during the second quarter, owning 6,788 shares worth approximately $592,000 as of its latest SEC filing.
• Medtronic reported $1.26 earnings per share for the latest quarter, exceeding analysts' expectations, with revenue reaching $8.58 billion, which reflects a 7.7% increase compared to the previous year.
• The company also announced a quarterly dividend of $0.71 per share, representing a 3.0% yield, to be paid out on October 17th to shareholders on record as of September 26th.

New England Research & Management Inc. trimmed its position in Medtronic PLC (NYSE:MDT - Free Report) by 31.9% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,788 shares of the medical technology company's stock after selling 3,183 shares during the period. New England Research & Management Inc.'s holdings in Medtronic were worth $592,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of MDT. Boston Partners grew its position in shares of Medtronic by 122.8% in the first quarter. Boston Partners now owns 6,912,055 shares of the medical technology company's stock valued at $619,460,000 after purchasing an additional 3,809,450 shares during the last quarter. Ameriprise Financial Inc. increased its holdings in shares of Medtronic by 28.8% in the first quarter. Ameriprise Financial Inc. now owns 15,481,028 shares of the medical technology company's stock valued at $1,391,141,000 after purchasing an additional 3,461,221 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Medtronic by 42.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 10,059,135 shares of the medical technology company's stock worth $903,915,000 after acquiring an additional 3,017,849 shares during the period. Nuveen LLC bought a new position in shares of Medtronic during the first quarter worth $260,649,000. Finally, Burgundy Asset Management Ltd. bought a new stake in Medtronic in the 4th quarter valued at $174,329,000. Hedge funds and other institutional investors own 82.06% of the company's stock.

Medtronic Stock Down 0.6%

NYSE:MDT opened at $93.48 on Tuesday. Medtronic PLC has a fifty-two week low of $79.29 and a fifty-two week high of $96.25. The stock has a market capitalization of $119.90 billion, a P/E ratio of 25.75, a P/E/G ratio of 2.48 and a beta of 0.77. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.50 and a current ratio of 2.01. The company's 50-day simple moving average is $91.61 and its 200-day simple moving average is $88.26.

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. The company had revenue of $8.58 billion during 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%. Medtronic'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 EPS. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. On average, equities analysts anticipate that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 17th. Stockholders of record on Friday, September 26th will be issued a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Friday, September 26th. Medtronic's dividend payout ratio is presently 78.24%.

Insider Activity at Medtronic

In related news, Director William R. Jellison purchased 2,500 shares of Medtronic stock in a transaction that occurred on Monday, August 25th. The shares were purchased at an average cost of $92.37 per share, with a total value of $230,925.00. Following 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 purchase 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 on Wednesday, September 3rd. The shares were sold at an average price of $91.58, for a total value of $788,045.90. Following the completion of the sale, the executive vice president 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 disclosure for this sale can be found here. 0.26% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. Wolfe Research upgraded shares of Medtronic from an "underperform" rating to a "peer perform" rating in a research note on Monday, June 30th. Morgan Stanley reiterated an "overweight" rating and set a $107.00 price objective (up from $98.00) on shares of Medtronic in a report on Tuesday, July 15th. Mizuho boosted their price target on shares of Medtronic from $98.00 to $100.00 and gave the stock an "outperform" rating in a report on Wednesday, July 16th. Sanford C. Bernstein boosted their price target on shares of Medtronic from $97.00 to $98.00 and gave the company an "outperform" rating in a research report on Wednesday, August 20th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Medtronic in a report on Thursday, August 14th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $102.14.

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.

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