Praxis Investment Management Inc. Has $2.95 Million Position in Medtronic PLC $MDT

Key Points

• Praxis Investment Management Inc. reduced its stake in Medtronic PLC by 21.3% in Q2, holding 33,790 shares worth approximately $2.95 million after selling 9,160 shares.
• Analyst ratings for Medtronic have been generally positive, with price targets raised by various firms, resulting in a consensus rating of "Moderate Buy" and an average target price of $102.82.
• Medtronic recently announced a dividend of $0.71 per share, representing a 3.0% dividend yield for shareholders of record as of September 26th.

Praxis Investment Management Inc. reduced its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 21.3% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 33,790 shares of the medical technology company's stock after selling 9,160 shares during the quarter. Praxis Investment Management Inc.'s holdings in Medtronic were worth $2,945,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in MDT. 1248 Management LLC acquired a new stake in Medtronic during the first quarter worth about $26,000. Columbia River Financial Group LLC acquired a new stake in Medtronic during the first quarter worth about $28,000. Twin Tree Management LP acquired a new stake in Medtronic during the first quarter worth about $29,000. Activest Wealth Management grew its position in Medtronic by 3,577.8% during the first quarter. Activest Wealth Management now owns 331 shares of the medical technology company's stock worth $30,000 after buying an additional 322 shares in the last quarter. Finally, Hughes Financial Services LLC acquired a new stake in Medtronic during the first quarter worth about $32,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Truist Financial lifted their target price on Medtronic from $96.00 to $103.00 and gave the stock a "hold" rating in a research report on Wednesday. Morgan Stanley restated an "overweight" rating and set a $107.00 price target (up previously from $98.00) on shares of Medtronic in a research note on Tuesday, July 15th. Needham & Company LLC restated a "hold" rating on shares of Medtronic in a research note on Thursday, August 14th. Argus raised 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. Finally, Sanford C. Bernstein raised 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. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $102.82.

Insider Activity at Medtronic

In other Medtronic news, Director William R. Jellison bought 2,500 shares of Medtronic stock in a transaction dated Monday, August 25th. The shares were acquired at an average cost of $92.37 per share, with a total value of $230,925.00. Following the acquisition, the director directly owned 5,000 shares of the company's stock, 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 Securities & Exchange Commission, which is available through this link. Also, EVP Harry Skip Kiil sold 8,605 shares of the business's stock in a transaction that occurred 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 completion of the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. 0.26% of the stock is owned by insiders.

Medtronic Stock Down 0.4%

Shares of MDT opened at $94.98 on Friday. The company has a market capitalization of $121.83 billion, a P/E ratio of 26.17, a PEG ratio of 2.51 and a beta of 0.78. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.01 and a quick ratio of 1.50. Medtronic PLC has a one year low of $79.29 and a one year high of $99.37. The business's 50 day simple moving average is $94.01 and its 200-day simple moving average is $88.93.

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, topping the consensus estimate of $1.23 by $0.03. The business had revenue of $8.58 billion for 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%.Medtronic's revenue was up 7.7% compared to the same quarter last year. During the same period in the previous year, the business earned $1.23 EPS. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. As a group, sell-side analysts predict that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 17th. Stockholders of record on Friday, September 26th will be issued a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Friday, September 26th. Medtronic's payout ratio 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.

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