NorthCrest Asset Manangement LLC Lowers Stock Position in Medtronic PLC $MDT

Key Points

• NorthCrest Asset Management LLC reduced its stake in Medtronic PLC by 4.0%, selling 4,191 shares during the second quarter, bringing their total holdings to 101,121 shares valued at approximately $8.94 million.
• Multiple institutional investors, including Vanguard Group and Massachusetts Financial Services, have increased their holdings in Medtronic, with institutional ownership now at 82.06% of the stock.
• Medtronic is projecting a price increase in its stock with several analysts raising their price targets, with a current consensus rating of "Moderate Buy" and a price target of $102.27.

NorthCrest Asset Manangement LLC lowered its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 4.0% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 101,121 shares of the medical technology company's stock after selling 4,191 shares during the period. NorthCrest Asset Manangement LLC's holdings in Medtronic were worth $8,938,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Legacy Advisory Services LLC acquired a new stake in shares of Medtronic in the first quarter valued at approximately $541,000. RNC Capital Management LLC increased its holdings in shares of Medtronic by 8.8% in the first quarter. RNC Capital Management LLC now owns 417,021 shares of the medical technology company's stock valued at $37,474,000 after purchasing an additional 33,729 shares during the last quarter. Commerce Bank increased its holdings in shares of Medtronic by 1.7% in the first quarter. Commerce Bank now owns 145,984 shares of the medical technology company's stock valued at $13,118,000 after purchasing an additional 2,429 shares during the last quarter. Brighton Jones LLC increased its holdings in shares of Medtronic by 1,368.0% in the fourth quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock valued at $3,194,000 after purchasing an additional 37,265 shares during the last quarter. Finally, Cullen Investment Group LTD. grew its stake in shares of Medtronic by 7.2% in the 2nd quarter. Cullen Investment Group LTD. now owns 85,921 shares of the medical technology company's stock valued at $7,490,000 after buying an additional 5,802 shares during the period. Hedge funds and other institutional investors own 82.06% of the company's stock.

Wall Street Analyst Weigh In

MDT has been the subject of several analyst reports. Needham & Company LLC reissued a "hold" rating on shares of Medtronic in a research note on Thursday, August 14th. Citigroup upped their price objective on shares of Medtronic from $99.00 to $101.00 and gave the stock a "buy" rating in a report on Thursday, August 21st. Morgan Stanley restated an "overweight" rating and set a $107.00 price target (up from $98.00) on shares of Medtronic in a research report on Tuesday, July 15th. UBS Group raised their price target on Medtronic from $94.00 to $95.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 20th. Finally, Wall Street Zen upgraded Medtronic from a "hold" rating to a "buy" rating in a research report on Saturday, August 30th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $102.27.

Medtronic Stock Performance

MDT stock traded down $0.68 during trading on Friday, hitting $94.91. The company had a trading volume of 15,672,301 shares, compared to its average volume of 5,910,135. The firm has a market cap of $121.74 billion, a PE ratio of 26.15, a price-to-earnings-growth ratio of 2.50 and a beta of 0.77. Medtronic PLC has a 1-year low of $79.29 and a 1-year high of $96.25. The firm has a 50-day moving average price of $92.05 and a 200-day moving average price of $88.33. The company has a quick ratio of 1.50, a current ratio of 2.01 and a debt-to-equity ratio of 0.54.

Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings results on Tuesday, August 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.23 by $0.03. The firm had revenue of $8.58 billion for the quarter, compared to analysts' expectations of $8.37 billion. Medtronic had a return on equity of 14.61% and a net margin of 13.63%.The firm's revenue for the quarter was up 7.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.23 EPS. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. On average, analysts expect that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 17th. Stockholders of record on Friday, September 26th will be paid 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 payout ratio is 78.24%.

Insider Activity

In other Medtronic news, 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 value of $788,045.90. Following the sale, the executive vice president owned 35,615 shares of the company's stock, valued at $3,261,621.70. This represents a 19.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William R. Jellison purchased 2,500 shares of the business's stock in a transaction on Monday, August 25th. The stock was acquired at an average price of $92.37 per share, with a total value of $230,925.00. Following the completion of the acquisition, the director directly owned 5,000 shares in the company, valued at $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 owned by corporate insiders.

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.