Meyer Handelman Co. Sells 15,610 Shares of Medtronic PLC $MDT

Key Points

• Meyer Handelman Co. has reduced its stake in Medtronic PLC by 16.4%, selling 15,610 shares and holding 79,792 shares valued at approximately $6.95 million.
• Medtronic recently reported a quarterly earnings per share (EPS) of $1.26, beating expectations and showing a 7.7% revenue increase year-over-year, totaling $8.58 billion.
• The company declared a quarterly dividend of $0.71, with an ex-dividend date of September 26, yielding an annualized dividend of 3.0%.

Meyer Handelman Co. lessened its stake in Medtronic PLC (NYSE:MDT - Free Report) by 16.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 79,792 shares of the medical technology company's stock after selling 15,610 shares during the quarter. Meyer Handelman Co.'s holdings in Medtronic were worth $6,955,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of MDT. Burkett Financial Services LLC grew its stake in shares of Medtronic by 185.0% during the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock valued at $26,000 after acquiring an additional 185 shares during the period. 1248 Management LLC purchased a new position in Medtronic during the first quarter valued at approximately $26,000. Wood Tarver Financial Group LLC bought a new position in shares of Medtronic in the fourth quarter worth approximately $27,000. Columbia River Financial Group LLC purchased a new stake in shares of Medtronic in the first quarter worth $28,000. Finally, Twin Tree Management LP bought a new stake in shares of Medtronic during the 1st quarter valued at $29,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Trading Down 1.5%

MDT stock opened at $94.26 on Friday. The firm has a fifty day moving average price of $92.48 and a 200 day moving average price of $88.39. Medtronic PLC has a fifty-two week low of $79.29 and a fifty-two week high of $96.25. The firm has a market cap of $120.91 billion, a PE ratio of 25.97, a price-to-earnings-growth ratio of 2.52 and a beta of 0.77. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.50 and a current ratio of 2.01.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings data on Tuesday, August 19th. The medical technology company reported $1.26 EPS for the quarter, beating 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 business had revenue of $8.58 billion during the quarter, compared to analyst estimates of $8.37 billion. During the same quarter last year, the business earned $1.23 earnings per share. Medtronic's quarterly revenue was up 7.7% compared to the same quarter last year. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. Sell-side analysts anticipate that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The business also recently declared 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. The ex-dividend date is Friday, September 26th. This represents a $2.84 annualized dividend and a yield of 3.0%. Medtronic's dividend payout ratio (DPR) is currently 78.24%.

Analyst Ratings Changes

Several research analysts recently weighed in on MDT shares. William Blair raised shares of Medtronic to a "hold" rating in a report on Friday, July 11th. Truist Financial increased their target price on Medtronic from $92.00 to $96.00 and gave the stock a "hold" rating in a research report on Thursday, August 21st. Leerink Partners initiated coverage on Medtronic in a research note on Monday, June 16th. They set an "outperform" rating and a $110.00 target price on the stock. Evercore ISI upped their price target on Medtronic from $103.00 to $106.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. Finally, Leerink Partnrs upgraded shares of Medtronic to a "strong-buy" rating in a research report on Monday, June 16th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, Medtronic currently has a consensus rating of "Moderate Buy" and an average price target of $102.27.

Insider Activity at Medtronic

In other news, EVP Harry Skip Kiil sold 8,605 shares of Medtronic stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $91.58, for a total value of $788,045.90. Following the completion of 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William R. Jellison purchased 2,500 shares of the firm's stock in a transaction that occurred 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 acquisition, the director directly owned 5,000 shares in the company, valued at $461,850. This trade represents a 100.00% increase in their position. The disclosure for this purchase can be found here. Insiders own 0.26% of the company's stock.

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.

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