Philadelphia Trust Co. Sells 58,423 Shares of Medtronic PLC $MDT

Key Points

• Philadelphia Trust Co. reduced its holdings in Medtronic PLC by 31.2%, now owning 128,586 shares worth approximately $11.56 million.
• Recent analyst reports show a mixed outlook for Medtronic, with price targets ranging from $92.00 to $107.00 and a consensus rating of "Moderate Buy".
• Medtronic announced a quarterly dividend of $0.71 per share, representing an annual yield of 3.1%, with the payment set for October 17th.

Philadelphia Trust Co. trimmed its position in Medtronic PLC (NYSE:MDT - Free Report) by 31.2% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 128,586 shares of the medical technology company's stock after selling 58,423 shares during the period. Medtronic comprises approximately 1.0% of Philadelphia Trust Co.'s holdings, making the stock its 24th largest holding. Philadelphia Trust Co.'s holdings in Medtronic were worth $11,555,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Tocqueville Asset Management L.P. boosted its position in shares of Medtronic by 10.7% in the 1st quarter. Tocqueville Asset Management L.P. now owns 212,597 shares of the medical technology company's stock worth $19,104,000 after purchasing an additional 20,466 shares during the last quarter. Nations Financial Group Inc. IA ADV boosted its position in shares of Medtronic by 2.9% in the 1st quarter. Nations Financial Group Inc. IA ADV now owns 8,114 shares of the medical technology company's stock worth $729,000 after purchasing an additional 232 shares during the last quarter. Ethic Inc. boosted its position in shares of Medtronic by 35.4% in the 1st quarter. Ethic Inc. now owns 139,693 shares of the medical technology company's stock worth $12,361,000 after purchasing an additional 36,520 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of Medtronic by 5.8% in the 1st quarter. EverSource Wealth Advisors LLC now owns 5,139 shares of the medical technology company's stock worth $462,000 after purchasing an additional 284 shares during the last quarter. Finally, Kimelman & Baird LLC boosted 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 purchasing an additional 6,010 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Morgan Stanley restated an "overweight" rating and issued a $107.00 price target (up from $98.00) on shares of Medtronic in a research report on Tuesday, July 15th. Citigroup lifted their target price on Medtronic from $98.00 to $99.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. Royal Bank Of Canada reduced their target price on Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a report on Thursday, May 22nd. BTIG Research reiterated a "neutral" rating on shares of Medtronic in a report on Friday, July 11th. Finally, Evercore ISI lifted their target price on Medtronic from $103.00 to $106.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eleven have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $98.19.

Medtronic Stock Down 3.1%

Shares of NYSE:MDT traded down $2.8940 during midday trading on Tuesday, reaching $89.9160. The company had a trading volume of 19,168,504 shares, compared to its average volume of 6,735,240. The company has a quick ratio of 1.42, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The business's 50 day moving average price is $89.43 and its 200 day moving average price is $87.97. The stock has a market cap of $115.26 billion, a PE ratio of 24.84, a P/E/G ratio of 2.41 and a beta of 0.80. Medtronic PLC has a 1-year low of $79.29 and a 1-year high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings results on Tuesday, August 19th. The medical technology company reported $1.26 earnings per share for the quarter, topping analysts' consensus estimates 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 return on equity of 14.54% and a net margin of 13.90%.The business's revenue was up 7.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.23 earnings per share. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. Research analysts forecast that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Announces Dividend

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 given a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend is Friday, September 26th. Medtronic's payout ratio is 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.