Park Avenue Securities LLC Has $3.77 Million Position in Medtronic PLC $MDT

Key Points

• Park Avenue Securities LLC reduced its holdings in Medtronic PLC by 12.8%, owning 43,227 shares valued at approximately $3.77 million as of the latest SEC filing.
• Several analysts have set new price targets for Medtronic, with ratings ranging from "strong buy" to "hold" and a consensus target price of $102.27.
• Medtronic announced a quarterly dividend of $0.71 per share, yielding around 3.0%, to be paid on October 17th to shareholders on record as of September 26th.

Park Avenue Securities LLC lowered its position in Medtronic PLC (NYSE:MDT - Free Report) by 12.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 43,227 shares of the medical technology company's stock after selling 6,329 shares during the period. Park Avenue Securities LLC's holdings in Medtronic were worth $3,768,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in MDT. 1248 Management LLC acquired a new position in Medtronic during the first quarter valued at approximately $26,000. Burkett Financial Services LLC grew its holdings in Medtronic by 185.0% during the first quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock valued at $26,000 after purchasing an additional 185 shares during the last quarter. Columbia River Financial Group LLC acquired a new position in Medtronic during the first quarter valued at approximately $28,000. Twin Tree Management LP acquired a new position in Medtronic during the first quarter valued at approximately $29,000. Finally, Activest Wealth Management grew its holdings in Medtronic by 3,577.8% during the first quarter. Activest Wealth Management now owns 331 shares of the medical technology company's stock valued at $30,000 after purchasing an additional 322 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company's stock.

Insiders Place Their Bets

In other Medtronic news, EVP Harry Skip Kiil sold 8,605 shares of Medtronic stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $91.58, for a total transaction of $788,045.90. Following the completion of the transaction, the executive vice president directly owned 35,615 shares of the company's stock, valued at approximately $3,261,621.70. This trade represents a 19.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William R. Jellison acquired 2,500 shares of the business's stock in a transaction on Monday, August 25th. The shares were bought at an average cost of $92.37 per share, with a total value of $230,925.00. Following the completion of the acquisition, the director owned 5,000 shares of the company's stock, valued at approximately $461,850. This trade represents a 100.00% increase in their position. The disclosure for this purchase can be found here. 0.26% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have commented on MDT shares. Mizuho increased their price target on Medtronic from $98.00 to $100.00 and gave the company an "outperform" rating in a report on Wednesday, July 16th. William Blair upgraded Medtronic to a "hold" rating in a report on Friday, July 11th. Leerink Partnrs raised Medtronic to a "strong-buy" rating in a research report on Monday, June 16th. Daiwa Capital Markets increased their price objective on Medtronic from $101.00 to $104.00 and gave the company a "buy" rating in a research report on Friday, September 12th. Finally, Sanford C. Bernstein increased their price objective on Medtronic from $97.00 to $98.00 and gave the company an "outperform" rating in a research report on Wednesday, August 20th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $102.27.

Medtronic Stock Down 0.4%

Shares of NYSE MDT opened at $94.69 on Tuesday. The stock has a market cap of $121.45 billion, a PE ratio of 26.08, a PEG ratio of 2.50 and a beta of 0.77. The business has a fifty day moving average of $92.15 and a two-hundred day moving average of $88.29. 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 quick ratio of 1.50 and a current ratio of 2.01.

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, beating analysts' consensus estimates of $1.23 by $0.03. The company had revenue of $8.58 billion during 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 business's revenue was up 7.7% on a year-over-year basis. During the same period last year, the business earned $1.23 earnings per share. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. As a group, equities research analysts expect that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 17th. Shareholders of record on Friday, September 26th will be issued a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, September 26th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.0%. Medtronic's dividend payout ratio (DPR) is presently 78.24%.

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.

Want to see what other hedge funds are holding MDT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Medtronic PLC (NYSE:MDT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.