Public Employees Retirement System of Ohio Sells 4,684 Shares of Medtronic PLC $MDT

Key Points

• The Public Employees Retirement System of Ohio reduced its holdings in Medtronic PLC by 0.8%, owning 588,528 shares worth approximately $51.3 million after selling 4,684 shares during the second quarter.
• Medtronic reported earnings of $1.26 EPS for the quarter, exceeding estimates of $1.23 EPS, with revenue also surpassing expectations at $8.58 billion.
• The company declared a quarterly dividend of $0.71, which indicates an annualized payout of $2.84 and a yield of 3.0%, with the ex-dividend date set for September 26th.

Public Employees Retirement System of Ohio lessened its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 0.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 588,528 shares of the medical technology company's stock after selling 4,684 shares during the quarter. Public Employees Retirement System of Ohio's holdings in Medtronic were worth $51,302,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of MDT. Boston Partners boosted its stake in shares of Medtronic by 122.8% in the 1st quarter. Boston Partners now owns 6,912,055 shares of the medical technology company's stock valued at $619,460,000 after purchasing an additional 3,809,450 shares during the last quarter. Ameriprise Financial Inc. boosted its stake in shares of Medtronic by 28.8% in the 1st quarter. Ameriprise Financial Inc. now owns 15,481,028 shares of the medical technology company's stock valued at $1,391,141,000 after purchasing an additional 3,461,221 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Medtronic by 42.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 10,059,135 shares of the medical technology company's stock valued at $903,915,000 after purchasing an additional 3,017,849 shares during the last quarter. Nuveen LLC bought a new position in shares of Medtronic in the 1st quarter valued at about $260,649,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Medtronic in the 4th quarter valued at about $139,869,000. Institutional investors own 82.06% of the company's stock.

Medtronic Stock Performance

Shares of MDT stock opened at $94.95 on Wednesday. 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 capitalization of $121.79 billion, a P/E ratio of 26.16, a price-to-earnings-growth ratio of 2.49 and a beta of 0.77. The company's 50 day moving average price is $92.27 and its two-hundred day moving average price is $88.34. Medtronic PLC has a 52 week low of $79.29 and a 52 week high of $96.25.

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 firm 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%. The business's quarterly revenue was up 7.7% on a year-over-year basis. During the same period last year, the company posted $1.23 EPS. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. On average, analysts expect that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

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

Insider Buying and Selling

In other news, EVP Harry Skip Kiil sold 8,605 shares of Medtronic stock in a transaction that occurred on 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. This trade represents a 19.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William R. Jellison acquired 2,500 shares of the 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 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 disclosure for this purchase can be found here. 0.26% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on MDT shares. Sanford C. Bernstein raised their target price on shares of Medtronic from $97.00 to $98.00 and gave the company an "outperform" rating in a research note on Wednesday, August 20th. Leerink Partnrs raised shares of Medtronic to a "strong-buy" rating in a research note on Monday, June 16th. Evercore ISI lifted their price objective on shares of Medtronic from $103.00 to $106.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. Citigroup lifted their price objective on shares of Medtronic from $99.00 to $101.00 and gave the stock a "buy" rating in a research note on Thursday, August 21st. Finally, Wall Street Zen raised shares of Medtronic from a "hold" rating to a "buy" rating in a research note on Saturday, August 30th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat.com, Medtronic currently has an average rating of "Moderate Buy" and a consensus target price of $102.27.

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.

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