Raymond James Financial Inc. Has $973.97 Million Stock Position in Medtronic PLC $MDT

Key Points

• Raymond James Financial Inc. increased its stake in Medtronic PLC by 1.5%, owning approximately $973.97 million worth of the company's stock after acquiring an additional 163,536 shares.
• Analysts have mixed ratings on Medtronic, with a consensus rating of "Moderate Buy" and an average price target of $98.19; however, price targets have varied among different firms.
• Medtronic declared a quarterly dividend of $0.71 per share, resulting in an annualized dividend yield of 3.1%, with the payout date set for October 17th.

Raymond James Financial Inc. boosted its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 1.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 10,838,702 shares of the medical technology company's stock after acquiring an additional 163,536 shares during the quarter. Raymond James Financial Inc. owned approximately 0.85% of Medtronic worth $973,966,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in MDT. Boston Partners increased its holdings 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 in the last quarter. Nuveen LLC bought a new position in Medtronic in the 1st quarter valued at $260,649,000. Burgundy Asset Management Ltd. bought a new stake in shares of Medtronic during the fourth quarter worth $174,329,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Medtronic during the fourth quarter valued at $139,869,000. Finally, Mackenzie Financial Corp boosted its holdings in Medtronic by 220.9% in the first quarter. Mackenzie Financial Corp now owns 2,412,115 shares of the medical technology company's stock valued at $216,753,000 after acquiring an additional 1,660,357 shares during the last quarter. Institutional investors own 82.06% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on MDT. Morgan Stanley reissued 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. Sanford C. Bernstein boosted their price target on shares of Medtronic from $97.00 to $98.00 and gave the stock an "outperform" rating in a research note on Wednesday. BTIG Research restated a "neutral" rating on shares of Medtronic in a report on Friday, July 11th. Wall Street Zen cut shares of Medtronic from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Finally, Robert W. Baird upped their target price on shares of Medtronic from $94.00 to $96.00 and gave the company a "neutral" rating in a research report on Wednesday. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eleven have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $98.63.

Medtronic Stock Up 3.6%

Shares of NYSE MDT traded up $3.2320 during mid-day trading on Wednesday, reaching $93.1320. 10,972,971 shares of the company's stock were exchanged, compared to its average volume of 7,740,136. The firm has a market capitalization of $119.38 billion, a price-to-earnings ratio of 25.73, a PEG ratio of 2.41 and a beta of 0.80. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53. The business has a fifty day simple moving average of $89.47 and a 200 day simple moving average of $87.98. Medtronic PLC has a twelve month low of $79.29 and a twelve month high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last posted 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 during the quarter, compared to analysts' expectations of $8.37 billion. Medtronic had a return on equity of 14.54% and a net margin of 13.90%.Medtronic's revenue for the quarter was up 7.7% compared to the same quarter last year. During the same period in the prior year, the business earned $1.23 EPS. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. As a group, equities analysts expect that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 17th. Investors of record on Friday, September 26th will be given a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend is Friday, September 26th. Medtronic's payout ratio is currently 78.45%.

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.