Parthenon LLC Reduces Stock Position in Medtronic PLC $MDT

Key Points

• Parthenon LLC has reduced its stake in Medtronic PLC by 3.0% during the second quarter, leaving it with 87,237 shares valued at approximately $7.6 million.
• Several institutional investors such as Vanguard Group and Massachusetts Financial Services increased their holdings in Medtronic during the same period, underlining continued institutional interest in the stock.
• Medtronic recently declared a quarterly dividend of $0.71, reflecting a 3.0% yield, amid positive earnings performance that exceeded analyst expectations.

Parthenon LLC lowered its stake in Medtronic PLC (NYSE:MDT - Free Report) by 3.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 87,237 shares of the medical technology company's stock after selling 2,701 shares during the quarter. Parthenon LLC's holdings in Medtronic were worth $7,604,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in Medtronic by 0.7% in the first quarter. Vanguard Group Inc. now owns 125,014,241 shares of the medical technology company's stock worth $11,233,780,000 after purchasing an additional 810,854 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in Medtronic by 7.0% in the first 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 purchasing an additional 1,461,841 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in Medtronic by 3.8% in the first 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 purchasing an additional 756,192 shares during the last quarter. Deutsche Bank AG boosted its holdings in Medtronic by 3.1% in the first quarter. Deutsche Bank AG now owns 19,009,795 shares of the medical technology company's stock worth $1,708,220,000 after purchasing an additional 566,155 shares during the last quarter. Finally, Invesco Ltd. boosted its holdings in Medtronic by 9.9% in the first quarter. Invesco Ltd. now owns 16,980,592 shares of the medical technology company's stock worth $1,525,876,000 after purchasing an additional 1,535,308 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company's stock.

Insiders Place Their Bets

In other news, EVP Harry Skip Kiil sold 8,605 shares of the business'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 directly owned 35,615 shares in the company, valued at $3,261,621.70. The trade was a 19.46% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director William R. Jellison bought 2,500 shares of Medtronic stock in a transaction dated Monday, August 25th. The stock was acquired at an average price of $92.37 per share, for a total transaction of $230,925.00. Following the completion of the acquisition, 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 disclosure for this purchase can be found here. Insiders own 0.26% of the company's stock.

Medtronic Stock Performance

Shares of NYSE MDT opened at $95.62 on Friday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.50 and a current ratio of 2.01. The company has a market cap of $122.65 billion, a P/E ratio of 26.34, a P/E/G ratio of 2.52 and a beta of 0.78. The firm's fifty day moving average is $94.07 and its two-hundred day moving average is $88.98. Medtronic PLC has a 52-week low of $79.29 and a 52-week high of $99.37.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings results 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 for the quarter, compared to the consensus estimate of $8.37 billion. Medtronic had a net margin of 13.63% and a return on equity of 14.61%. Medtronic's revenue for the quarter was up 7.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.23 EPS. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. As a group, analysts anticipate that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 17th. Shareholders of record on Friday, September 26th were issued a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date was Friday, September 26th. Medtronic's payout ratio is currently 78.24%.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. The Goldman Sachs Group dropped their price target on shares of Medtronic from $82.00 to $81.00 and set a "sell" rating on the stock in a research note on Wednesday, October 1st. Argus lifted their price target on shares of Medtronic from $105.00 to $115.00 and gave the stock a "buy" rating in a research note on Tuesday, August 26th. Sanford C. Bernstein lifted their price target on shares of Medtronic from $97.00 to $98.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 20th. Truist Financial raised their price objective on shares of Medtronic from $96.00 to $103.00 and gave the company a "hold" rating in a research report on Wednesday. Finally, Morgan Stanley restated an "overweight" rating and set a $107.00 price objective (up from $98.00) on shares of Medtronic in a research report on Tuesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $102.82.

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.

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.