Sector Gamma AS Sells 115,000 Shares of Medtronic PLC $MDT

Key Points

• Sector Gamma AS reduced its stake in Medtronic PLC by 35.9%, making it the institutional investor's fourth largest position with holdings worth approximately $18.42 million.
• Medtronic recently announced an increased quarterly dividend of $0.71 per share, up from the previous $0.70, representing a dividend yield of 3.1%.
• The company reported a quarterly earnings per share of $1.62, exceeding analysts' expectations, with revenues of $8.93 billion, marking a year-over-year increase of 3.9%.

Sector Gamma AS trimmed its stake in Medtronic PLC (NYSE:MDT - Free Report) by 35.9% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 205,000 shares of the medical technology company's stock after selling 115,000 shares during the quarter. Medtronic makes up 5.9% of Sector Gamma AS's portfolio, making the stock its 4th biggest holding. Sector Gamma AS's holdings in Medtronic were worth $18,421,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of the company. Kimelman & Baird LLC grew its position in shares of Medtronic by 3,146.6% in the 1st quarter. Kimelman & Baird LLC now owns 6,201 shares of the medical technology company's stock worth $557,000 after acquiring an additional 6,010 shares in the last quarter. Aberdeen Group plc increased its position in Medtronic by 65.1% in the 1st quarter. Aberdeen Group plc now owns 2,575,187 shares of the medical technology company's stock worth $229,282,000 after purchasing an additional 1,015,174 shares during the last quarter. Horizon Investments LLC raised its position in shares of Medtronic by 4.0% during the first quarter. Horizon Investments LLC now owns 24,926 shares of the medical technology company's stock valued at $2,240,000 after buying an additional 956 shares during the last quarter. Trivium Point Advisory LLC acquired a new position in Medtronic in the first quarter valued at about $1,808,000. Finally, Inspire Trust Co. N.A. raised its holdings in Medtronic by 4.5% during the 1st quarter. Inspire Trust Co. N.A. now owns 46,000 shares of the medical technology company's stock worth $4,134,000 after purchasing an additional 2,000 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company's stock.

Wall Street Analyst Weigh In

MDT has been the subject of a number of research reports. Mizuho lifted their target price on Medtronic from $98.00 to $100.00 and gave the stock an "outperform" rating in a report on Wednesday, July 16th. Citigroup lifted their price target on Medtronic from $98.00 to $99.00 and gave the company a "buy" rating in a research report on Wednesday, July 9th. William Blair raised Medtronic to a "hold" rating in a research note on Friday, July 11th. Evercore ISI raised their price target on shares of Medtronic from $103.00 to $106.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. Finally, Wolfe Research upgraded Medtronic from an "underperform" rating to a "peer perform" rating in a research report on Monday, June 30th. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $98.19.

Medtronic Price Performance

NYSE MDT traded down $2.8940 during trading hours on Tuesday, hitting $89.9160. 19,070,785 shares of the company's stock traded hands, compared to its average volume of 7,701,222. The company has a market capitalization of $115.26 billion, a PE ratio of 24.84, a PEG ratio of 2.42 and a beta of 0.80. Medtronic PLC has a 52-week low of $79.29 and a 52-week high of $96.25. The firm's 50-day moving average is $89.43 and its 200-day moving average is $87.97. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 1.42.

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 for the quarter, topping the consensus estimate of $1.23 by $0.03. The firm had revenue of $8.58 billion for the quarter, compared to the consensus estimate of $8.37 billion. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The firm's revenue for the quarter was up 7.7% on a year-over-year basis. During the same period in the prior year, the firm earned $1.23 EPS. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. Equities analysts forecast that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 17th. Investors of record on Friday, September 26th will be paid a $0.71 dividend. The ex-dividend date of this dividend is Friday, September 26th. This represents a $2.84 annualized dividend and a yield of 3.2%. Medtronic's payout ratio is presently 78.45%.

About Medtronic

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.