Meritage Portfolio Management Sells 2,676 Shares of Medtronic PLC $MDT

Key Points

• Meritage Portfolio Management reduced its stake in Medtronic PLC by 6.8%, selling 2,676 shares, bringing its total ownership to 36,921 shares valued at approximately $3.22 million.
• Medtronic reported a Q2 earnings per share (EPS) of $1.26, exceeding expectations, while revenue increased by 7.7% year-over-year to $8.58 billion.
• The company recently announced a quarterly dividend of $0.71 per share, resulting in an annualized dividend yield of 3.0%, with a payout ratio of 78.24%.

Meritage Portfolio Management trimmed its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 6.8% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 36,921 shares of the medical technology company's stock after selling 2,676 shares during the quarter. Meritage Portfolio Management's holdings in Medtronic were worth $3,218,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Medtronic by 0.7% in the first quarter. Vanguard Group Inc. now owns 125,014,241 shares of the medical technology company's stock worth $11,233,780,000 after buying an additional 810,854 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of Medtronic by 7.0% in the first quarter. Massachusetts Financial Services Co. MA now owns 22,278,023 shares of the medical technology company's stock worth $2,001,903,000 after buying an additional 1,461,841 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Medtronic by 3.8% in the first quarter. Bank of New York Mellon Corp now owns 20,680,301 shares of the medical technology company's stock worth $1,858,332,000 after buying an additional 756,192 shares in the last quarter. Deutsche Bank AG lifted its holdings in shares of Medtronic by 3.1% in the first quarter. Deutsche Bank AG now owns 19,009,795 shares of the medical technology company's stock worth $1,708,220,000 after buying an additional 566,155 shares in the last quarter. Finally, Invesco Ltd. boosted its holdings in Medtronic by 9.9% in the 1st quarter. Invesco Ltd. now owns 16,980,592 shares of the medical technology company's stock valued at $1,525,876,000 after purchasing an additional 1,535,308 shares during the period. 82.06% of the stock is currently owned by institutional investors.

Medtronic Trading Down 1.0%

Shares of MDT stock opened at $95.52 on Monday. The company has a quick ratio of 1.50, a current ratio of 2.01 and a debt-to-equity ratio of 0.54. The business has a 50-day moving average price of $93.56 and a two-hundred day moving average price of $88.74. Medtronic PLC has a 12-month low of $79.29 and a 12-month high of $99.37. The firm has a market cap of $122.52 billion, a P/E ratio of 26.31, a price-to-earnings-growth ratio of 2.51 and a beta of 0.78.

Medtronic (NYSE:MDT - Get Free Report) last issued its earnings results on Tuesday, August 19th. The medical technology company reported $1.26 earnings per share (EPS) 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 analyst estimates of $8.37 billion. Medtronic had a return on equity of 14.61% and a net margin of 13.63%.Medtronic's revenue for the quarter was up 7.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.23 earnings per share. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. Equities analysts anticipate that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 17th. Investors of record on Friday, September 26th will be issued 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 3.0%. Medtronic's dividend payout ratio (DPR) is currently 78.24%.

Insider Buying and Selling at Medtronic

In other news, EVP Harry Skip Kiil sold 8,605 shares of Medtronic stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $91.58, for a total value of $788,045.90. Following the transaction, the executive vice president owned 35,615 shares in the company, valued at approximately $3,261,621.70. The trade was a 19.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William R. Jellison acquired 2,500 shares of the stock in a transaction on Monday, August 25th. The stock was bought at an average price of $92.37 per share, with a total value of $230,925.00. Following the transaction, the director directly owned 5,000 shares of the company's stock, valued at approximately $461,850. The trade was a 100.00% increase in their position. The disclosure for this purchase can be found here. 0.26% of the stock is currently owned by company insiders.

Analyst Ratings Changes

MDT has been the subject of several analyst reports. Leerink Partnrs raised shares of Medtronic to a "strong-buy" rating in a report on Monday, June 16th. Morgan Stanley restated an "overweight" rating and set a $107.00 target price (up from $98.00) on shares of Medtronic in a research report on Tuesday, July 15th. Citigroup boosted their target price on Medtronic from $101.00 to $112.00 and gave the stock a "buy" rating in a research report on Tuesday, October 7th. Wells Fargo & Company boosted their target price on Medtronic from $98.00 to $100.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 20th. Finally, Royal Bank Of Canada restated an "outperform" rating and set a $111.00 target price on shares of Medtronic in a research report on Friday. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Medtronic currently has an average rating of "Moderate Buy" and a consensus price target of $102.41.

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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