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Probity Advisors Inc. Grows Position in Medtronic PLC $MDT

Medtronic logo with Medical background

Key Points

  • Probity Advisors Inc. increased its stake in Medtronic PLC by 43.4%, owning 13,804 shares valued at approximately $1.2 million after acquiring additional shares in Q2.
  • Medtronic reported $1.26 EPS for the latest quarter, surpassing analysts' expectations of $1.23, with revenues of $8.58 billion, a year-over-year increase of 7.7%.
  • The company's quarterly dividend was set at $0.71 per share, yielding 3.0%, reflecting a 78.24% dividend payout ratio.
  • Five stocks we like better than Medtronic.

Probity Advisors Inc. boosted its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 43.4% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,804 shares of the medical technology company's stock after buying an additional 4,179 shares during the period. Probity Advisors Inc.'s holdings in Medtronic were worth $1,203,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Red Spruce Capital LLC raised its stake in shares of Medtronic by 0.5% in the second quarter. Red Spruce Capital LLC now owns 23,707 shares of the medical technology company's stock worth $2,067,000 after purchasing an additional 118 shares during the last quarter. Certior Financial Group LLC grew its holdings in shares of Medtronic by 3.7% in the first quarter. Certior Financial Group LLC now owns 3,450 shares of the medical technology company's stock worth $310,000 after acquiring an additional 122 shares during the period. Cidel Asset Management Inc. grew its holdings in shares of Medtronic by 1.3% in the first quarter. Cidel Asset Management Inc. now owns 9,531 shares of the medical technology company's stock worth $856,000 after acquiring an additional 126 shares during the period. Petros Family Wealth LLC grew its holdings in Medtronic by 4.3% during the first quarter. Petros Family Wealth LLC now owns 3,111 shares of the medical technology company's stock valued at $280,000 after purchasing an additional 127 shares during the period. Finally, PrairieView Partners LLC raised its stake in Medtronic by 3.6% during the 2nd quarter. PrairieView Partners LLC now owns 3,726 shares of the medical technology company's stock worth $324,000 after acquiring an additional 128 shares during the period. Institutional investors own 82.06% of the company's stock.

Medtronic Price Performance

NYSE:MDT opened at $95.97 on Tuesday. The company has a current ratio of 2.01, a quick ratio of 1.50 and a debt-to-equity ratio of 0.54. The company has a market capitalization of $123.10 billion, a P/E ratio of 26.44, a P/E/G ratio of 2.52 and a beta of 0.78. Medtronic PLC has a 12 month low of $79.29 and a 12 month high of $99.37. The business's 50-day moving average is $94.13 and its 200 day moving average is $89.08.

Medtronic (NYSE:MDT - Get Free Report) last posted its earnings results on Tuesday, August 19th. The medical technology company reported $1.26 EPS for the quarter, topping 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 return on equity of 14.61% and a net margin of 13.63%.The firm's revenue for the quarter was up 7.7% on a year-over-year basis. During the same period in the previous year, the business earned $1.23 earnings per share. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. On average, equities research analysts forecast that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

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

Insider Buying and Selling

In other Medtronic news, EVP Harry Skip Kiil sold 8,605 shares of the company'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 transaction 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. This represents a 19.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director William R. Jellison acquired 2,500 shares of the firm'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 transaction, 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 ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 0.26% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Stifel Nicolaus upped their price objective on Medtronic from $90.00 to $105.00 and gave the stock a "hold" rating in a research note on Thursday, October 9th. UBS Group upped their price objective on Medtronic from $94.00 to $95.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 20th. Daiwa Capital Markets upped their price objective on Medtronic from $101.00 to $104.00 and gave the stock a "buy" rating in a research note on Friday, September 12th. The Goldman Sachs Group dropped their price objective on Medtronic from $82.00 to $81.00 and set a "sell" rating for the company in a research note on Wednesday, October 1st. Finally, Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Medtronic in a research note on Wednesday, October 8th. One 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. According to data from MarketBeat.com, Medtronic has an average rating of "Moderate Buy" and a consensus price target of $102.82.

View Our Latest Stock Analysis on MDT

About Medtronic

(Free Report)

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.

See Also

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).

Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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