Nexus Investment Management ULC Raises Stock Position in Medtronic PLC $MDT

Key Points

• Nexus Investment Management ULC increased its stake in Medtronic PLC by 2.6%, owning 232,789 shares valued at $20.29 million, making it the 19th largest position in its portfolio.
• Medtronic reported a quarterly earnings of $1.26 per share, exceeding analyst expectations and indicating a revenue of $8.58 billion for the quarter, a 7.7% increase compared to the previous year.
• The company announced a quarterly dividend of $0.71 per share, with an annualized yield of 2.9%, and a dividend payout ratio of 78.24%.

Nexus Investment Management ULC raised its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 2.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 232,789 shares of the medical technology company's stock after purchasing an additional 5,950 shares during the period. Medtronic accounts for 3.0% of Nexus Investment Management ULC's holdings, making the stock its 19th biggest position. Nexus Investment Management ULC's holdings in Medtronic were worth $20,292,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in the company. Legacy Advisory Services LLC acquired a new stake in shares of Medtronic in the first quarter valued at approximately $541,000. GC Wealth Management RIA LLC boosted its position in shares of Medtronic by 20.6% during the 2nd quarter. GC Wealth Management RIA LLC now owns 33,569 shares of the medical technology company's stock worth $2,926,000 after purchasing an additional 5,734 shares during the period. Verdence Capital Advisors LLC boosted its position in shares of Medtronic by 22.0% during the second quarter. Verdence Capital Advisors LLC now owns 29,396 shares of the medical technology company's stock worth $2,562,000 after buying an additional 5,296 shares during the period. RNC Capital Management LLC grew its position in Medtronic by 8.8% in the 1st quarter. RNC Capital Management LLC now owns 417,021 shares of the medical technology company's stock valued at $37,474,000 after acquiring an additional 33,729 shares in the last quarter. Finally, Commerce Bank increased its stake in Medtronic by 1.7% during the 1st quarter. Commerce Bank now owns 145,984 shares of the medical technology company's stock worth $13,118,000 after buying an additional 2,429 shares during the period. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Price Performance

Shares of NYSE:MDT opened at $96.56 on Wednesday. Medtronic PLC has a 12 month low of $79.29 and a 12 month high of $99.37. The firm has a market capitalization of $123.86 billion, a P/E ratio of 26.60, a P/E/G ratio of 2.52 and a beta of 0.78. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.01 and a quick ratio of 1.50. The company's fifty day moving average price is $93.82 and its 200 day moving average price is $88.85.

Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings data 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. Medtronic had a return on equity of 14.61% and a net margin of 13.63%.The company had revenue of $8.58 billion for the quarter, compared to analyst estimates of $8.37 billion. During the same quarter last year, the company posted $1.23 earnings per share. The business'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. As a group, sell-side analysts predict that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 17th. Stockholders of record on Friday, September 26th will be given a dividend of $0.71 per share. The ex-dividend date is Friday, September 26th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 2.9%. Medtronic's dividend payout ratio (DPR) is 78.24%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Truist Financial upped their price target on Medtronic from $92.00 to $96.00 and gave the stock a "hold" rating in a report on Thursday, August 21st. Wall Street Zen downgraded Medtronic from a "buy" rating to a "hold" rating in a research report on Friday, October 3rd. William Blair raised shares of Medtronic to a "hold" rating in a report on Friday, July 11th. The Goldman Sachs Group lowered their price target on shares of Medtronic from $82.00 to $81.00 and set a "sell" rating for the company in a report on Wednesday, October 1st. Finally, Royal Bank Of Canada reissued an "outperform" rating and issued a $111.00 price objective on shares of Medtronic in a research report on Friday. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $102.41.

Insiders Place Their Bets

In other Medtronic news, 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 cost 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 $461,850. This trade represents a 100.00% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Harry Skip Kiil sold 8,605 shares of the company's stock in a transaction dated Wednesday, September 3rd. The shares were 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 directly owned 35,615 shares of the company's stock, valued at $3,261,621.70. The trade was a 19.46% decrease in their ownership of the stock. The disclosure for this sale 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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