New Vernon Investment Management LLC Sells 22,300 Shares of Medtronic PLC $MDT

Key Points

• New Vernon Investment Management LLC has significantly reduced its stake in Medtronic PLC by 75.3%, now holding 7,313 shares valued at approximately $657,000.
• Medtronic recently reported a 7.7% year-over-year revenue growth, generating $8.58 billion in revenue and exceeding analysts' consensus estimates.
• The company has announced a quarterly dividend of $0.71 per share, set to be distributed on October 17th, which translates to an annualized yield of 3.1% based on current stock prices.

New Vernon Investment Management LLC cut its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 75.3% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,313 shares of the medical technology company's stock after selling 22,300 shares during the period. New Vernon Investment Management LLC's holdings in Medtronic were worth $657,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Burkett Financial Services LLC raised its holdings in shares of Medtronic by 185.0% in 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 last quarter. Wood Tarver Financial Group LLC acquired a new stake in shares of Medtronic in the fourth quarter valued at approximately $27,000. Columbia River Financial Group LLC acquired a new stake in shares of Medtronic in the first quarter valued at approximately $28,000. Activest Wealth Management raised its holdings in shares of Medtronic by 3,577.8% in the first quarter. Activest Wealth Management now owns 331 shares of the medical technology company's stock valued at $30,000 after purchasing an additional 322 shares during the last quarter. Finally, Hughes Financial Services LLC acquired a new stake in shares of Medtronic in the first quarter valued at approximately $32,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on MDT. Citigroup boosted their target price on shares of Medtronic from $99.00 to $101.00 and gave the stock a "buy" rating in a report on Thursday, August 21st. Wall Street Zen upgraded shares of Medtronic from a "hold" rating to a "buy" rating in a report on Saturday. Mizuho boosted their target price on shares of Medtronic from $98.00 to $100.00 and gave the stock an "outperform" rating in a report on Wednesday, July 16th. Wells Fargo & Company boosted their target price on shares of Medtronic from $98.00 to $100.00 and gave the stock an "overweight" rating in a report on Wednesday, August 20th. Finally, Argus boosted their target price on shares of Medtronic from $105.00 to $115.00 and gave the stock a "buy" rating in a report on Tuesday, August 26th. 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's stock. According to data from MarketBeat, Medtronic presently has a consensus rating of "Moderate Buy" and an average target price of $102.14.

Insider Activity

In other Medtronic news, Director William R. Jellison purchased 2,500 shares of the business's stock in a transaction on Monday, August 25th. The shares were purchased at an average cost of $92.37 per share, for a total transaction of $230,925.00. Following the acquisition, the director owned 5,000 shares of the company's stock, valued at approximately $461,850. This represents a 100.00% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.26% of the company's stock.

Medtronic Stock Performance

Shares of Medtronic stock traded up $0.42 during trading on Tuesday, reaching $93.23. The company's stock had a trading volume of 7,150,173 shares, compared to its average volume of 7,661,599. The business's 50-day moving average price is $90.45 and its 200-day moving average price is $88.02. The firm has a market cap of $119.59 billion, a PE ratio of 25.68, a P/E/G ratio of 2.36 and a beta of 0.77. Medtronic PLC has a 52 week low of $79.29 and a 52 week high of $96.25. The company has a quick ratio of 1.50, a current ratio of 2.01 and a debt-to-equity ratio of 0.54.

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

Medtronic Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 17th. Shareholders of record on Friday, September 26th will be issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Friday, September 26th. Medtronic's dividend payout ratio is presently 78.24%.

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.