Panagora Asset Management Inc. Purchases 29,884 Shares of Medtronic PLC $MDT

Key Points

• Panagora Asset Management Inc. increased its stake in Medtronic PLC by 2.9% during Q1, owning 1,045,171 shares valued at approximately $93.92 million.
• Several institutional investors have also expanded their holdings in Medtronic, with notable increases including a 32.0% increase from The Manufacturers Life Insurance Company.
• Medtronic recently reported $1.26 EPS for the quarter, beating estimates and showing a revenue increase of 7.7% year-over-year, alongside a quarterly dividend of $0.71.

Panagora Asset Management Inc. increased its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 2.9% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,045,171 shares of the medical technology company's stock after buying an additional 29,884 shares during the quarter. Panagora Asset Management Inc. owned about 0.08% of Medtronic worth $93,919,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MDT. Burkett Financial Services LLC increased its holdings in Medtronic by 185.0% during the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock worth $26,000 after purchasing an additional 185 shares in the last quarter. Wood Tarver Financial Group LLC bought a new stake in Medtronic during the 4th quarter worth approximately $27,000. Columbia River Financial Group LLC bought a new stake in Medtronic during the 1st quarter worth approximately $28,000. Activest Wealth Management increased its holdings in Medtronic by 3,577.8% during the 1st quarter. Activest Wealth Management now owns 331 shares of the medical technology company's stock worth $30,000 after purchasing an additional 322 shares in the last quarter. Finally, Hughes Financial Services LLC bought a new stake in Medtronic during the 1st quarter worth approximately $32,000. 82.06% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have commented on the company. Citigroup boosted their price objective on Medtronic from $99.00 to $101.00 and gave the stock a "buy" rating in a report on Thursday, August 21st. Leerink Partnrs raised Medtronic to a "strong-buy" rating in a report on Monday, June 16th. Leerink Partners began coverage on Medtronic in a report on Monday, June 16th. They issued an "outperform" rating and a $110.00 target price for the company. Sanford C. Bernstein upped their target price on Medtronic from $97.00 to $98.00 and gave the company an "outperform" rating in a report on Wednesday, August 20th. Finally, BTIG Research reaffirmed a "neutral" rating on shares of Medtronic in a report on Friday, July 11th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat.com, Medtronic currently has an average rating of "Moderate Buy" and an average target price of $102.14.

Medtronic Stock Performance

Shares of NYSE:MDT traded up $1.51 during trading on Thursday, hitting $93.76. 2,651,733 shares of the company were exchanged, compared to its average volume of 7,612,294. The company has a market cap of $120.26 billion, a PE ratio of 25.83, a P/E/G ratio of 2.36 and a beta of 0.77. The stock has a 50 day moving average of $90.71 and a 200 day moving average of $88.09. Medtronic PLC has a 52-week low of $79.29 and a 52-week high of $96.25. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.01 and a quick ratio of 1.42.

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 analysts' consensus estimates 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 the consensus estimate of $8.37 billion. During the same quarter last year, the business posted $1.23 earnings per share. The firm'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. As a group, equities research analysts predict that Medtronic PLC will post 5.46 EPS for the current 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 given a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Friday, September 26th. Medtronic's dividend payout ratio (DPR) is 78.24%.

Insider Activity

In other news, Director William R. Jellison bought 2,500 shares of Medtronic stock in a transaction that occurred on Monday, August 25th. The shares were acquired at an average price of $92.37 per share, with a total value of $230,925.00. Following the completion of the purchase, the director directly owned 5,000 shares in the company, valued at $461,850. The trade was a 100.00% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Company 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.