Rafferty Asset Management LLC Reduces Stake in Medtronic PLC $MDT

Key Points

• Rafferty Asset Management LLC has reduced its stake in Medtronic PLC by 18.4%, now holding 118,729 shares valued at approximately $10.67 million.
• Medtronic reported quarterly earnings of $1.26 EPS, exceeding analyst expectations, with a year-over-year revenue increase of 7.7% to $8.58 billion.
• The company declared a quarterly dividend of $0.71 per share set to be paid on October 17, representing an annualized yield of 3.1%.

Rafferty Asset Management LLC lowered its stake in Medtronic PLC (NYSE:MDT - Free Report) by 18.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 118,729 shares of the medical technology company's stock after selling 26,716 shares during the quarter. Rafferty Asset Management LLC's holdings in Medtronic were worth $10,669,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the stock. Ceredex Value Advisors LLC lifted its position in Medtronic by 31.8% in the first quarter. Ceredex Value Advisors LLC now owns 470,609 shares of the medical technology company's stock valued at $42,289,000 after buying an additional 113,595 shares during the last quarter. Widmann Financial Services Inc. increased its stake in Medtronic by 12.2% during the first quarter. Widmann Financial Services Inc. now owns 4,272 shares of the medical technology company's stock worth $384,000 after purchasing an additional 465 shares during the period. Caisse DE Depot ET Placement DU Quebec increased its stake in Medtronic by 26.3% during the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,799,706 shares of the medical technology company's stock worth $251,582,000 after buying an additional 582,735 shares during the period. Apexium Financial LP purchased a new stake in shares of Medtronic during the first quarter worth $222,000. Finally, Campbell & CO Investment Adviser LLC purchased a new stake in shares of Medtronic during the first quarter worth $3,122,000. Institutional investors and hedge funds own 82.06% of the company's stock.

Insiders Place Their Bets

In other news, Director William R. Jellison acquired 2,500 shares of the company's stock in a transaction that occurred on Monday, August 25th. The stock was purchased at an average cost 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 trade represents a 100.00% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. 0.26% of the stock is owned by insiders.

Analysts Set New Price Targets

MDT has been the subject of several recent research reports. Argus lifted their price objective on Medtronic from $105.00 to $115.00 and gave the company a "buy" rating in a research note on Tuesday, August 26th. William Blair upgraded Medtronic to a "hold" rating in a research note on Friday, July 11th. Wolfe Research upgraded Medtronic from an "underperform" rating to a "peer perform" rating in a research note on Monday, June 30th. Robert W. Baird lifted their price objective on Medtronic from $94.00 to $96.00 and gave the company a "neutral" rating in a research note on Wednesday, August 20th. Finally, Sanford C. Bernstein lifted their price objective on Medtronic from $97.00 to $98.00 and gave the company an "outperform" rating in a research note on Wednesday, August 20th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $102.14.

Medtronic Trading Up 0.5%

Shares of MDT stock opened at $93.23 on Wednesday. The business's 50 day moving average is $90.59 and its two-hundred day moving average is $88.06. Medtronic PLC has a twelve month low of $79.29 and a twelve month high of $96.25. The company has a market capitalization of $119.59 billion, a P/E ratio of 25.68, a price-to-earnings-growth ratio of 2.36 and a beta of 0.77. The company has a current ratio of 2.01, a quick ratio of 1.42 and a debt-to-equity ratio of 0.54.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings results on Tuesday, August 19th. The medical technology company reported $1.26 EPS for the quarter, beating the consensus estimate of $1.23 by $0.03. The business had revenue of $8.58 billion during the quarter, compared to analysts' expectations of $8.37 billion. Medtronic had a return on equity of 14.61% and a net margin of 13.63%.The company's quarterly revenue was up 7.7% compared to the same quarter last year. During the same period last year, the firm earned $1.23 EPS. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. Equities analysts forecast that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Dividend Announcement

The firm also recently declared 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. This represents a $2.84 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is 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.