R Squared Ltd Takes Position in Medtronic PLC $MDT

Key Points

• R Squared Ltd has acquired a new stake in Medtronic PLC, purchasing 5,438 shares valued at approximately $474,000 during the 2nd quarter.
• Several institutional investors, including Boston Partners and Ameriprise Financial, significantly increased their holdings in Medtronic, indicating strong interest in the company.
• Medtronic recently reported a quarterly EPS of $1.26, surpassing analysts' expectations, and announced a quarterly dividend of $0.71 per share, reflecting a 3.0% dividend yield.

R Squared Ltd acquired a new stake in shares of Medtronic PLC (NYSE:MDT - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 5,438 shares of the medical technology company's stock, valued at approximately $474,000.

Several other institutional investors and hedge funds have also modified their holdings of MDT. Boston Partners lifted its stake in shares of Medtronic by 122.8% during the first quarter. Boston Partners now owns 6,912,055 shares of the medical technology company's stock valued at $619,460,000 after buying an additional 3,809,450 shares during the period. Ameriprise Financial Inc. lifted its stake in shares of Medtronic by 28.8% during the first quarter. Ameriprise Financial Inc. now owns 15,481,028 shares of the medical technology company's stock valued at $1,391,141,000 after buying an additional 3,461,221 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in shares of Medtronic by 42.9% during the first 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 buying an additional 3,017,849 shares during the period. Nuveen LLC purchased a new position in shares of Medtronic during the first quarter valued at approximately $260,649,000. Finally, Mackenzie Financial Corp lifted its stake in shares of Medtronic by 220.9% during the first quarter. Mackenzie Financial Corp now owns 2,412,115 shares of the medical technology company's stock valued at $216,753,000 after buying an additional 1,660,357 shares during the period. Hedge funds and other institutional investors own 82.06% of the company's stock.

Insiders Place Their Bets

In other news, Director William R. Jellison purchased 2,500 shares of the company's stock in a transaction that occurred on Monday, August 25th. The shares were purchased at an average price of $92.37 per share, with a total value of $230,925.00. Following the purchase, the director directly owned 5,000 shares of the company's stock, valued at approximately $461,850. This represents a 100.00% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Harry Skip Kiil sold 8,605 shares of Medtronic stock in a transaction 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 trade represents a 19.46% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.26% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on MDT. BTIG Research reissued a "neutral" rating on shares of Medtronic in a research note on Friday, July 11th. UBS Group increased their price target on shares of Medtronic from $94.00 to $95.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 20th. Truist Financial increased their price target on shares of Medtronic from $96.00 to $103.00 and gave the stock a "hold" rating in a research note on Wednesday, October 15th. Argus increased their price target on shares of Medtronic from $105.00 to $115.00 and gave the stock a "buy" rating in a research note on Tuesday, August 26th. Finally, Daiwa Capital Markets increased their price target on shares of Medtronic from $101.00 to $104.00 and gave the stock a "buy" rating in a research note on Friday, September 12th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $102.82.

Medtronic Stock Performance

Shares of MDT stock opened at $93.76 on Friday. The company's fifty day simple moving average is $94.32 and its 200-day simple moving average is $89.33. Medtronic PLC has a 52 week low of $79.29 and a 52 week high of $99.37. 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 cap of $120.26 billion, a PE ratio of 25.83, a P/E/G ratio of 2.48 and a beta of 0.78.

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 net margin of 13.63% and a return on equity of 14.61%. The business had revenue of $8.58 billion for the quarter, compared to the consensus estimate of $8.37 billion. During the same quarter last year, the firm posted $1.23 EPS. The business's revenue for the quarter was up 7.7% compared to the same quarter last year. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. As a group, equities research analysts anticipate that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 17th. Stockholders of record on Friday, September 26th were paid a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend was Friday, September 26th. Medtronic's dividend payout ratio (DPR) is currently 78.24%.

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.

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