Ritholtz Wealth Management Has $5.76 Million Stock Position in Medtronic PLC $MDT

Key Points

• Ritholtz Wealth Management reduced its stake in Medtronic PLC by 9.9%, holding 66,116 shares worth approximately $5.76 million at the end of the second quarter.
• Wall Street analysts have varied opinions on Medtronic, with price targets ranging from $81 to $104 and an overall consensus rating of "Moderate Buy".
• Medtronic recently declared a quarterly dividend of $0.71 per share, resulting in an annualized yield of 2.9% and a payout ratio of 78.24%.

Ritholtz Wealth Management lessened its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 9.9% in the second quarter, according to its most recent filing with the SEC. The firm owned 66,116 shares of the medical technology company's stock after selling 7,268 shares during the quarter. Ritholtz Wealth Management's holdings in Medtronic were worth $5,763,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. 1248 Management LLC acquired a new stake in Medtronic during the 1st quarter worth about $26,000. Columbia River Financial Group LLC acquired a new stake in Medtronic during the first quarter worth approximately $28,000. Twin Tree Management LP acquired a new stake in Medtronic during the first quarter worth approximately $29,000. Activest Wealth Management increased its holdings in Medtronic by 3,577.8% in the first quarter. Activest Wealth Management now owns 331 shares of the medical technology company's stock worth $30,000 after purchasing an additional 322 shares in the last quarter. Finally, Hughes Financial Services LLC acquired a new position in Medtronic in the first quarter valued at approximately $32,000. Institutional investors own 82.06% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on MDT shares. Robert W. Baird raised their price objective on shares of Medtronic from $94.00 to $96.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 20th. Wall Street Zen lowered shares of Medtronic from a "buy" rating to a "hold" rating in a research note on Friday, October 3rd. BTIG Research reaffirmed a "neutral" rating on shares of Medtronic in a research note on Friday, July 11th. Daiwa Capital Markets increased their price objective on shares of Medtronic from $101.00 to $104.00 and gave the stock a "buy" rating in a research report on Friday, September 12th. Finally, The Goldman Sachs Group reduced their target price on Medtronic from $82.00 to $81.00 and set a "sell" rating for the company in a research note on Wednesday, October 1st. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $102.41.

Medtronic Stock Up 1.0%

Shares of NYSE MDT opened at $96.56 on Wednesday. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.01 and a quick ratio of 1.50. The company has a 50-day moving average price of $93.82 and a 200-day moving average price of $88.85. The stock has a market capitalization of $123.86 billion, a P/E ratio of 26.60, a P/E/G ratio of 2.52 and a beta of 0.78. Medtronic PLC has a 1 year low of $79.29 and a 1 year high of $99.37.

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

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 17th. Investors of record on Friday, September 26th will be issued a dividend of $0.71 per share. The ex-dividend date is Friday, September 26th. This represents a $2.84 annualized dividend and a yield of 2.9%. Medtronic's dividend payout ratio is 78.24%.

Insiders Place Their Bets

In other news, Director William R. Jellison purchased 2,500 shares of the business's stock in a transaction that occurred on Monday, August 25th. The shares were acquired at an average cost 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 in the company, valued at $461,850. This trade represents a 100.00% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Harry Skip Kiil sold 8,605 shares of the company'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 completion of the sale, the executive vice president directly owned 35,615 shares of the company's stock, valued at $3,261,621.70. The trade was a 19.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.26% of the company's stock.

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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