Parallel Advisors LLC Sells 2,722 Shares of Medtronic PLC $MDT

Key Points

• Parallel Advisors LLC reduced its stake in Medtronic PLC by 11.6%, now holding approximately $1.81 million in shares after selling 2,722 shares.
• Equities analysts have generally upgraded their outlook on Medtronic, with Wall Street Zen raising their rating from "hold" to "buy" and several firms increasing their price targets.
• Medtronic announced a quarterly dividend of $0.71 per share, representing an annualized dividend yield of 3.0%, with the payout set for October 17th.

Parallel Advisors LLC cut its stake in Medtronic PLC (NYSE:MDT - Free Report) by 11.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 20,707 shares of the medical technology company's stock after selling 2,722 shares during the period. Parallel Advisors LLC's holdings in Medtronic were worth $1,805,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the stock. Brighton Jones LLC lifted its holdings in shares of Medtronic by 1,368.0% during the 4th quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock worth $3,194,000 after acquiring an additional 37,265 shares during the period. State of Wyoming acquired a new stake in shares of Medtronic during the 4th quarter worth about $119,000. WBI Investments LLC increased its position in shares of Medtronic by 10.9% during the 4th quarter. WBI Investments LLC now owns 6,936 shares of the medical technology company's stock worth $554,000 after purchasing an additional 680 shares in the last quarter. Woodline Partners LP acquired a new stake in shares of Medtronic during the 4th quarter worth about $24,002,000. Finally, Waverly Advisors LLC increased its position in shares of Medtronic by 166.1% during the 4th quarter. Waverly Advisors LLC now owns 26,419 shares of the medical technology company's stock worth $2,110,000 after purchasing an additional 16,491 shares in the last quarter. 82.06% of the stock is owned by institutional investors.

Medtronic Price Performance

Shares of MDT stock traded down $0.68 on Friday, reaching $94.91. The company had a trading volume of 15,672,301 shares, compared to its average volume of 5,910,135. The stock has a market capitalization 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. 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 PLC has a one year low of $79.29 and a one year high of $96.25. The business's 50-day moving average is $92.05 and its 200 day moving average is $88.33.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings data 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 company had revenue of $8.58 billion during the quarter, compared to the consensus estimate of $8.37 billion. Medtronic had a return on equity of 14.61% and a net margin of 13.63%.The firm's revenue was up 7.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.23 earnings per share. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. Equities research analysts forecast that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 17th. Investors of record on Friday, September 26th will be issued 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 currently 78.24%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Sanford C. Bernstein increased their target price on shares of Medtronic from $97.00 to $98.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 20th. Leerink Partnrs upgraded shares of Medtronic to a "strong-buy" rating in a research report on Monday, June 16th. Leerink Partners began coverage on shares of Medtronic in a research report on Monday, June 16th. They issued an "outperform" rating and a $110.00 price objective for the company. Citigroup raised their target price on shares of Medtronic from $99.00 to $101.00 and gave the company a "buy" rating in a research note on Thursday, August 21st. Finally, Wall Street Zen raised shares of Medtronic from a "hold" rating to a "buy" rating in a research note on Saturday, August 30th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and eight have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $102.27.

Insiders Place Their Bets

In related news, EVP Harry Skip Kiil sold 8,605 shares of the stock in a transaction 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 transaction, the executive vice president directly owned 35,615 shares in the company, valued at $3,261,621.70. This trade represents a 19.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 price 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 approximately $461,850. This represents a 100.00% increase in their position. The disclosure for this purchase can be found here. 0.26% of the stock is owned by company insiders.

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.