Price T Rowe Associates Inc. MD Buys 3,017,849 Shares of Medtronic PLC $MDT

Key Points

• Price T Rowe Associates Inc. MD has increased its stake in Medtronic PLC by 42.9%, acquiring 3,017,849 additional shares, bringing its total ownership to approximately 10 million shares valued at $903.9 million.
• Medtronic reported earnings of $1.26 per share for the last quarter, surpassing analyst estimates and showing a year-over-year revenue increase of 7.7% to $8.58 billion.
• The company has announced a quarterly dividend of $0.71, yielding 3.1%, with the dividend payout ratio currently at 78.24%.

Price T Rowe Associates Inc. MD raised its stake in Medtronic PLC (NYSE:MDT - Free Report) by 42.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,059,135 shares of the medical technology company's stock after buying an additional 3,017,849 shares during the period. Price T Rowe Associates Inc. MD owned 0.78% of Medtronic worth $903,915,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in MDT. Burkett Financial Services LLC boosted its position in Medtronic by 185.0% in the first quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock valued at $26,000 after buying an additional 185 shares in the last quarter. Wood Tarver Financial Group LLC acquired a new stake in Medtronic in the fourth quarter valued at approximately $27,000. Columbia River Financial Group LLC acquired a new stake in Medtronic in the first quarter valued at approximately $28,000. Optiver Holding B.V. acquired a new stake in Medtronic in the fourth quarter valued at approximately $31,000. Finally, Hughes Financial Services LLC acquired a new stake in Medtronic in the first quarter valued at approximately $32,000. Institutional investors and hedge funds own 82.06% of the company's stock.

Analyst Ratings Changes

MDT has been the topic of a number of recent research reports. Wall Street Zen lowered shares of Medtronic from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Citigroup lifted their price target on shares of Medtronic from $99.00 to $101.00 and gave the stock a "buy" rating in a report on Thursday. Mizuho lifted their price target on shares of Medtronic from $98.00 to $100.00 and gave the stock an "outperform" rating in a report on Wednesday, July 16th. UBS Group lifted their price target on shares of Medtronic from $94.00 to $95.00 and gave the stock a "neutral" rating in a report on Wednesday, August 20th. Finally, Truist Financial lifted their price target on shares of Medtronic from $92.00 to $96.00 and gave the stock a "hold" rating in a report on Thursday. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat.com, Medtronic has a consensus rating of "Moderate Buy" and an average target price of $101.15.

Medtronic Trading Down 0.7%

MDT traded down $0.69 during trading on Monday, reaching $92.02. 4,763,821 shares of the stock traded hands, compared to its average volume of 7,720,845. The company has a quick ratio of 1.42, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $117.95 billion, a PE ratio of 25.35, a P/E/G ratio of 2.35 and a beta of 0.80. The stock's 50-day moving average is $89.73 and its 200 day moving average is $87.99. Medtronic PLC has a 12 month low of $79.29 and a 12 month high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings results on Tuesday, August 19th. The medical technology company reported $1.26 EPS for the quarter, beating analysts' consensus estimates of $1.23 by $0.03. The business had revenue of $8.58 billion for the quarter, compared to analysts' expectations of $8.37 billion. Medtronic had a net margin of 13.63% and a return on equity of 14.56%. The business's quarterly 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 analysts anticipate that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 17th. Shareholders of record on Friday, September 26th will be given 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 yield of 3.1%. Medtronic's dividend payout ratio is 78.24%.

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.