Quarry LP Sells 3,193 Shares of Medtronic PLC $MDT

Key Points

• Quarry LP reduced its stakes in Medtronic PLC by 40.4% during Q1, selling 3,193 shares and retaining 4,701 shares valued at $422,000.
• Medtronic's latest quarterly earnings report showed a profit of $1.26 per share, exceeding estimates, with revenue rising by 7.7% from the previous year.
• The company announced a quarterly dividend of $0.71, scheduled for payment on October 17th, resulting in an annualized dividend yield of 3.1%.

Quarry LP lowered its stake in Medtronic PLC (NYSE:MDT - Free Report) by 40.4% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 4,701 shares of the medical technology company's stock after selling 3,193 shares during the period. Quarry LP's holdings in Medtronic were worth $422,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Boston Partners lifted its position in 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 acquiring an additional 3,809,450 shares in the last quarter. Ameriprise Financial Inc. lifted its position in 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 acquiring an additional 3,461,221 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in 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 acquiring an additional 3,017,849 shares in the last quarter. Nuveen LLC bought a new position in Medtronic in the 1st quarter valued at approximately $260,649,000. Finally, Burgundy Asset Management Ltd. bought a new position in Medtronic in the 4th quarter valued at approximately $174,329,000. Hedge funds and other institutional investors own 82.06% of the company's stock.

Insider Buying and Selling

In related news, Director William R. Jellison bought 2,500 shares of the firm's stock in a transaction that occurred on Monday, August 25th. The shares were bought at an average cost of $92.37 per share, with a total value of $230,925.00. Following the acquisition, the director owned 5,000 shares in the company, valued at $461,850. This trade represents a 100.00% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.26% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Leerink Partners assumed coverage on Medtronic in a research report on Monday, June 16th. They issued an "outperform" rating and a $110.00 price objective on the stock. Wall Street Zen raised Medtronic from a "hold" rating to a "buy" rating in a research report on Saturday, August 30th. Mizuho upped their price objective on Medtronic from $98.00 to $100.00 and gave the company an "outperform" rating in a research report on Wednesday, July 16th. Needham & Company LLC reaffirmed a "hold" rating on shares of Medtronic in a research report on Thursday, August 14th. Finally, UBS Group upped their price objective on Medtronic from $94.00 to $95.00 and gave the company a "neutral" rating in a research report on Wednesday, August 20th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $102.14.

Medtronic Stock Performance

Shares of NYSE MDT traded up $0.56 during midday trading on Thursday, hitting $92.81. 6,628,194 shares of the stock traded hands, compared to its average volume of 7,641,780. The firm has a 50-day moving average of $90.71 and a two-hundred day moving average of $88.09. The firm has a market capitalization of $119.05 billion, a P/E ratio of 25.57, a PEG ratio of 2.36 and a beta of 0.77. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.42 and a current ratio of 2.01. Medtronic PLC has a one year low of $79.29 and a one year high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings results on Tuesday, August 19th. The medical technology company reported $1.26 earnings per share for the quarter, beating the consensus estimate 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 analysts' expectations of $8.37 billion. During the same period in the prior year, the firm earned $1.23 EPS. The company's 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, equities 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. Investors of record on Friday, September 26th will be issued a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend is Friday, September 26th. Medtronic's dividend payout ratio (DPR) is currently 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.