Paloma Partners Management Co Makes New $913,000 Investment in Medtronic PLC $MDT

Key Points

• Paloma Partners Management Co recently purchased 10,156 shares of Medtronic PLC, valued at approximately $913,000, indicating institutional interest in the company.
• Several analysts have raised their price targets for Medtronic, with consensus suggesting a target of $102.14, reflecting a Moderate Buy rating across the board.
• Medtronic has announced a quarterly dividend of $0.71 per share, set to be paid on October 17th, providing a yield of 3.1% to investors.

Paloma Partners Management Co purchased a new stake in shares of Medtronic PLC (NYSE:MDT - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 10,156 shares of the medical technology company's stock, valued at approximately $913,000.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. grew its stake in Medtronic by 0.7% during the 1st 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 during the last quarter. Massachusetts Financial Services Co. MA grew its stake in Medtronic by 7.0% during the 1st 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 during the last quarter. Bank of New York Mellon Corp grew its stake in Medtronic by 3.8% during the 1st 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 during the last quarter. Deutsche Bank AG grew its stake in Medtronic by 3.1% during the 1st 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 during the last quarter. Finally, Invesco Ltd. grew its stake in Medtronic by 9.9% during the 1st quarter. Invesco Ltd. now owns 16,980,592 shares of the medical technology company's stock worth $1,525,876,000 after buying an additional 1,535,308 shares during the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

MDT has been the subject of a number of recent research reports. Leerink Partners initiated coverage on Medtronic in a research note on Monday, June 16th. They set an "outperform" rating and a $110.00 price objective for the company. Evercore ISI increased 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. Needham & Company LLC reissued a "hold" rating on shares of Medtronic in a research note on Thursday, August 14th. Robert W. Baird increased their price target on Medtronic from $94.00 to $96.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 20th. Finally, Royal Bank Of Canada decreased their price target on Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a research note on Thursday, May 22nd. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat.com, Medtronic presently has a consensus rating of "Moderate Buy" and a consensus price target of $102.14.

Medtronic Trading Up 0.6%

Shares of NYSE MDT traded up $0.56 during mid-day trading on Thursday, hitting $92.81. 6,628,194 shares of the company traded hands, compared to its average volume of 7,641,780. Medtronic PLC has a 1 year low of $79.29 and a 1 year high of $96.25. The stock has a market capitalization of $119.05 billion, a price-to-earnings ratio of 25.57, a PEG ratio of 2.36 and a beta of 0.77. The company has a quick ratio of 1.42, a current ratio of 2.01 and a debt-to-equity ratio of 0.54. The business has a 50 day moving average of $90.71 and a two-hundred day moving average of $88.09.

Medtronic (NYSE:MDT - Get Free Report) last announced its earnings results 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 return on equity of 14.61% and a net margin of 13.63%.The business had revenue of $8.58 billion during the quarter, compared to the consensus estimate of $8.37 billion. During the same period in the prior year, the business posted $1.23 earnings per share. Medtronic's 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. On average, sell-side analysts anticipate that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 17th. Investors of record on Friday, September 26th will be paid a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Friday, September 26th. Medtronic's dividend payout ratio is currently 78.24%.

Insider Transactions at Medtronic

In other Medtronic news, Director William R. Jellison acquired 2,500 shares of Medtronic stock in a transaction that occurred on Monday, August 25th. The stock was purchased at an average cost of $92.37 per share, with a total value of $230,925.00. Following the purchase, the director owned 5,000 shares in the company, valued at approximately $461,850. The trade was a 100.00% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.26% of the company's stock.

About Medtronic

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.