Procyon Advisors LLC Has $1.05 Million Position in Medtronic PLC $MDT

Key Points

• Procyon Advisors LLC reduced its stake in Medtronic PLC by 22.9% in the second quarter, holding 12,084 shares valued at approximately $1.05 million after selling 3,586 shares.
• Medtronic reported $1.26 earnings per share for the most recent quarter, exceeding analyst estimates of $1.23, with revenue of $8.58 billion, reflecting a 7.7% year-over-year increase.
• The company announced a quarterly dividend of $0.71 per share to be paid on October 17th, representing a yield of 3.0% and a payout ratio of 78.24%.

Procyon Advisors LLC trimmed its position in Medtronic PLC (NYSE:MDT - Free Report) by 22.9% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 12,084 shares of the medical technology company's stock after selling 3,586 shares during the period. Procyon Advisors LLC's holdings in Medtronic were worth $1,053,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in MDT. Boston Partners lifted its position in Medtronic by 122.8% in the first quarter. Boston Partners now owns 6,912,055 shares of the medical technology company's stock worth $619,460,000 after purchasing an additional 3,809,450 shares during the period. Ameriprise Financial Inc. lifted its position in Medtronic by 28.8% in the first quarter. Ameriprise Financial Inc. now owns 15,481,028 shares of the medical technology company's stock worth $1,391,141,000 after purchasing an additional 3,461,221 shares during the period. Price T Rowe Associates Inc. MD lifted its position in Medtronic by 42.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 10,059,135 shares of the medical technology company's stock worth $903,915,000 after purchasing an additional 3,017,849 shares during the period. Nuveen LLC acquired a new stake in Medtronic in the first quarter worth approximately $260,649,000. Finally, Burgundy Asset Management Ltd. acquired a new stake in Medtronic in the fourth quarter worth approximately $174,329,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Medtronic news, EVP Harry Skip Kiil sold 8,605 shares of the firm's stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $91.58, for a total transaction of $788,045.90. Following the transaction, the executive vice president directly owned 35,615 shares in the company, valued at $3,261,621.70. This trade represents a 19.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William R. Jellison bought 2,500 shares of the business'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 acquisition, the director owned 5,000 shares of the company's stock, valued at approximately $461,850. This represents a 100.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.26% of the stock is owned by company insiders.

Medtronic Stock Up 1.1%

NYSE MDT traded up $1.02 on Thursday, reaching $95.60. The stock had a trading volume of 9,364,463 shares, compared to its average volume of 5,782,333. The business has a 50 day moving average price of $91.96 and a 200 day moving average price of $88.35. The company has a current ratio of 2.01, a quick ratio of 1.50 and a debt-to-equity ratio of 0.54. Medtronic PLC has a 1 year low of $79.29 and a 1 year high of $96.25. The company has a market capitalization of $122.62 billion, a price-to-earnings ratio of 26.34, a P/E/G ratio of 2.49 and a beta of 0.77.

Medtronic (NYSE:MDT - Get Free Report) last issued its 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. Medtronic had a return on equity of 14.61% and a net margin of 13.63%.The firm had revenue of $8.58 billion for the quarter, compared to the consensus estimate of $8.37 billion. During the same quarter in the previous year, the company posted $1.23 earnings per share. The business's quarterly revenue was up 7.7% compared to the same quarter last year. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. On average, analysts forecast that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

The business also recently announced 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. This represents a $2.84 annualized dividend and a yield of 3.0%. The ex-dividend date is Friday, September 26th. Medtronic's dividend payout ratio (DPR) is 78.24%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on MDT shares. Leerink Partnrs upgraded Medtronic to a "strong-buy" rating in a research report on Monday, June 16th. Evercore ISI increased their price objective on Medtronic from $103.00 to $106.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. Wall Street Zen upgraded Medtronic from a "hold" rating to a "buy" rating in a research report on Saturday, August 30th. Argus lifted their price target on Medtronic from $105.00 to $115.00 and gave the company a "buy" rating in a report on Tuesday, August 26th. Finally, Royal Bank Of Canada dropped their price target on Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a research report on Thursday, May 22nd. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and eight have issued a Hold rating to the company's stock. According to data from MarketBeat, Medtronic currently has a consensus rating of "Moderate Buy" and a consensus target price of $102.27.

Medtronic Company 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.