Medtronic PLC $MDT Shares Sold by Somerville Kurt F

Key Points

• Somerville Kurt F reduced its stake in Medtronic PLC by 58.5%, ending the second quarter with 5,155 shares valued at $449,000.
• Medtronic reported quarterly earnings of $1.26 EPS, exceeding the consensus estimate of $1.23, with revenue of $8.58 billion, marking a 7.7% year-over-year increase.
• The company announced a quarterly dividend of $0.71, resulting in an annualized dividend yield of 2.9%, with the ex-dividend date set for September 26th.

Somerville Kurt F lowered its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 58.5% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 5,155 shares of the medical technology company's stock after selling 7,256 shares during the quarter. Somerville Kurt F's holdings in Medtronic were worth $449,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the business. Red Spruce Capital LLC increased its stake in Medtronic by 0.5% in the second quarter. Red Spruce Capital LLC now owns 23,707 shares of the medical technology company's stock valued at $2,067,000 after purchasing an additional 118 shares during the last quarter. Certior Financial Group LLC boosted its holdings in shares of Medtronic by 3.7% in the 1st quarter. Certior Financial Group LLC now owns 3,450 shares of the medical technology company's stock valued at $310,000 after buying an additional 122 shares in the last quarter. Dunhill Financial LLC grew its position in shares of Medtronic by 17.2% in the 1st quarter. Dunhill Financial LLC now owns 847 shares of the medical technology company's stock valued at $76,000 after buying an additional 124 shares during the last quarter. Cidel Asset Management Inc. raised its stake in Medtronic by 1.3% during the 1st quarter. Cidel Asset Management Inc. now owns 9,531 shares of the medical technology company's stock worth $856,000 after acquiring an additional 126 shares in the last quarter. Finally, Petros Family Wealth LLC lifted its position in Medtronic by 4.3% in the first quarter. Petros Family Wealth LLC now owns 3,111 shares of the medical technology company's stock valued at $280,000 after acquiring an additional 127 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company's stock.

Analyst Upgrades and Downgrades

MDT has been the topic of several research reports. Leerink Partners started coverage on Medtronic in a report on Monday, June 16th. They set an "outperform" rating and a $110.00 price objective on the stock. Leerink Partnrs upgraded Medtronic to a "strong-buy" rating in a research note on Monday, June 16th. Robert W. Baird boosted their price objective on Medtronic from $94.00 to $96.00 and gave the company a "neutral" rating in a research note on Wednesday, August 20th. Morgan Stanley reissued an "overweight" rating and issued a $107.00 price objective (up from $98.00) on shares of Medtronic in a report on Tuesday, July 15th. 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 report on Wednesday, October 1st. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $101.63.

Medtronic Stock Up 0.0%

Medtronic stock opened at $98.44 on Wednesday. The stock has a 50 day moving average of $93.19 and a two-hundred day moving average of $88.59. Medtronic PLC has a twelve month low of $79.29 and a twelve month high of $99.37. The stock has a market capitalization of $126.27 billion, a price-to-earnings ratio of 27.12, a PEG ratio of 2.59 and a beta of 0.78. The company has a current ratio of 2.01, a quick ratio of 1.50 and a debt-to-equity ratio of 0.54.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings results on Tuesday, August 19th. The medical technology company reported $1.26 EPS for the quarter, topping the consensus estimate of $1.23 by $0.03. Medtronic had a return on equity of 14.61% and a net margin of 13.63%.The business had revenue of $8.58 billion during the quarter, compared to analysts' expectations of $8.37 billion. During the same quarter in the prior year, the business earned $1.23 earnings per share. The company's quarterly 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, research analysts expect that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

The company also recently announced 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. The ex-dividend date of this dividend is Friday, September 26th. This represents a $2.84 annualized dividend and a dividend yield of 2.9%. Medtronic's payout ratio is presently 78.24%.

Insider Transactions at Medtronic

In related news, EVP Harry Skip Kiil sold 8,605 shares of the 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 completion of the transaction, the executive vice president directly owned 35,615 shares of the company's stock, valued at $3,261,621.70. This represents a 19.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director William R. Jellison acquired 2,500 shares of the stock in a transaction on Monday, August 25th. The stock was acquired at an average cost of $92.37 per share, for a total transaction of $230,925.00. Following the acquisition, the director directly owned 5,000 shares in the company, valued at $461,850. This represents a 100.00% increase in their position. The disclosure for this purchase can be found here. Insiders own 0.26% of the company's stock.

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.

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