Merit Financial Group LLC Buys 15,561 Shares of Medtronic PLC $MDT

Key Points

• Merit Financial Group LLC increased its holdings in Medtronic PLC by 37.5%, purchasing an additional 15,561 shares, bringing its total to 57,035 shares valued at approximately $4.97 million.
• Medtronic recently reported earnings of $1.26 per share, exceeding analyst expectations, with revenue of $8.58 billion for the quarter, reflecting a 7.7% year-over-year increase.
• Medtronic announced a quarterly dividend of $0.71 per share, to be paid on October 17th, resulting in an annualized dividend yield of 2.9%.

Merit Financial Group LLC grew its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 37.5% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 57,035 shares of the medical technology company's stock after purchasing an additional 15,561 shares during the quarter. Merit Financial Group LLC's holdings in Medtronic were worth $4,972,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. IVC Wealth Advisors LLC lifted its holdings in Medtronic by 3.9% in the second quarter. IVC Wealth Advisors LLC now owns 5,821 shares of the medical technology company's stock valued at $507,000 after buying an additional 217 shares during the period. Simplicity Wealth LLC raised its position in shares of Medtronic by 77.5% in the 2nd quarter. Simplicity Wealth LLC now owns 39,097 shares of the medical technology company's stock worth $3,408,000 after acquiring an additional 17,070 shares in the last quarter. Chemung Canal Trust Co. raised its position in shares of Medtronic by 37.2% in the 2nd quarter. Chemung Canal Trust Co. now owns 65,522 shares of the medical technology company's stock worth $5,712,000 after acquiring an additional 17,762 shares in the last quarter. Wealthcare Advisory Partners LLC lifted its stake in shares of Medtronic by 17.3% in the 2nd quarter. Wealthcare Advisory Partners LLC now owns 9,094 shares of the medical technology company's stock valued at $793,000 after purchasing an additional 1,343 shares during the period. Finally, O Keefe Stevens Advisory Inc. boosted its position in shares of Medtronic by 17.4% during the 2nd quarter. O Keefe Stevens Advisory Inc. now owns 11,118 shares of the medical technology company's stock valued at $969,000 after purchasing an additional 1,651 shares in the last quarter. 82.06% of the stock is owned by institutional investors.

Insider Buying and Selling at Medtronic

In related news, EVP Harry Skip Kiil sold 8,605 shares of the company's stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $91.58, for a total transaction of $788,045.90. Following the completion of the sale, the executive vice president owned 35,615 shares in the company, valued at approximately $3,261,621.70. This represents a 19.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director William R. Jellison acquired 2,500 shares of the company's stock in a transaction on Monday, August 25th. The shares were bought at an average price of $92.37 per share, for a total transaction of $230,925.00. Following the completion of the purchase, the director owned 5,000 shares in the company, valued at approximately $461,850. This represents a 100.00% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 0.26% of the company's stock.

Medtronic Stock Up 0.8%

Medtronic stock opened at $98.46 on Tuesday. The firm has a market capitalization of $126.29 billion, a price-to-earnings ratio of 27.12, a price-to-earnings-growth ratio of 2.57 and a beta of 0.78. The firm's fifty day moving average price is $93.07 and its two-hundred day moving average price is $88.52. Medtronic PLC has a 1-year low of $79.29 and a 1-year high of $98.66. 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 posted its 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 net margin of 13.63% and a return on equity of 14.61%. The company had revenue of $8.58 billion during the quarter, compared to the consensus estimate of $8.37 billion. During the same period in the previous year, the firm posted $1.23 earnings per share. The firm's revenue for the quarter was up 7.7% on a year-over-year basis. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. On average, equities research analysts predict that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 17th. Investors of record on Friday, September 26th will be given a dividend of $0.71 per share. 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%.

Analyst Ratings Changes

A number of brokerages have weighed in on MDT. Wells Fargo & Company boosted their price target on Medtronic from $98.00 to $100.00 and gave the company an "overweight" rating in a research note on Wednesday, August 20th. UBS Group boosted their target price on shares of Medtronic from $94.00 to $95.00 and gave the company a "neutral" rating in a research report on Wednesday, August 20th. Morgan Stanley reissued an "overweight" rating and set a $107.00 target price (up from $98.00) on shares of Medtronic in a research note on Tuesday, July 15th. Needham & Company LLC reaffirmed a "hold" rating on shares of Medtronic in a research note on Thursday, August 14th. Finally, BTIG Research reiterated a "neutral" rating on shares of Medtronic in a report on Friday, July 11th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $100.94.

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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