RPG Investment Advisory LLC Acquires 159,361 Shares of Medtronic PLC $MDT

Key Points

• RPG Investment Advisory LLC increased its stake in Medtronic PLC by 105.6%, holding a position valued at approximately $27.88 million and ranking as its 20th largest investment.
• Medtronic reported earnings of $1.26 per share for its most recent quarter, beating estimates and showing a 7.7% increase in year-over-year revenue to $8.58 billion.
• The company has announced a quarterly dividend of $0.71 per share, with a current yield of 3.1%, to be paid on October 17th.

RPG Investment Advisory LLC lifted its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 105.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 310,218 shares of the medical technology company's stock after purchasing an additional 159,361 shares during the quarter. Medtronic accounts for about 2.0% of RPG Investment Advisory LLC's portfolio, making the stock its 20th largest position. RPG Investment Advisory LLC's holdings in Medtronic were worth $27,876,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of Medtronic by 0.7% during the first quarter. Vanguard Group Inc. now owns 125,014,241 shares of the medical technology company's stock worth $11,233,780,000 after purchasing an additional 810,854 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in shares of Medtronic by 7.0% during the first quarter. Massachusetts Financial Services Co. MA now owns 22,278,023 shares of the medical technology company's stock worth $2,001,903,000 after purchasing an additional 1,461,841 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Medtronic by 3.8% during the first quarter. Bank of New York Mellon Corp now owns 20,680,301 shares of the medical technology company's stock worth $1,858,332,000 after purchasing an additional 756,192 shares during the last quarter. Deutsche Bank AG grew its holdings in shares of Medtronic by 3.1% during the first quarter. Deutsche Bank AG now owns 19,009,795 shares of the medical technology company's stock worth $1,708,220,000 after purchasing an additional 566,155 shares during the last quarter. Finally, Invesco Ltd. grew its holdings in shares of Medtronic by 9.9% during the first quarter. Invesco Ltd. now owns 16,980,592 shares of the medical technology company's stock worth $1,525,876,000 after purchasing an additional 1,535,308 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors.

Medtronic Stock Performance

Shares of MDT traded down $0.69 on Monday, reaching $92.02. 4,763,821 shares of the company's stock traded hands, compared to its average volume of 7,720,845. The stock's 50 day simple moving average is $89.73 and its two-hundred day simple moving average is $87.99. The stock has a market cap of $117.95 billion, a PE ratio of 25.35, a PEG ratio of 2.35 and a beta of 0.80. Medtronic PLC has a 52-week low of $79.29 and a 52-week high of $96.25. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings data on Tuesday, August 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.23 by $0.03. The firm had revenue of $8.58 billion during the quarter, compared to the consensus estimate of $8.37 billion. Medtronic had a return on equity of 14.56% and a net margin of 13.63%.The business's revenue for the quarter was up 7.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.23 EPS. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. On average, analysts forecast that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 17th. Shareholders of record on Friday, September 26th will be given a $0.71 dividend. The ex-dividend date of this dividend is Friday, September 26th. This represents a $2.84 annualized dividend and a yield of 3.1%. Medtronic's payout ratio is currently 78.24%.

Analysts Set New Price Targets

MDT has been the topic of several analyst reports. Wall Street Zen cut Medtronic from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Wolfe Research raised Medtronic from an "underperform" rating to a "peer perform" rating in a research note on Monday, June 30th. Sanford C. Bernstein boosted their price target on Medtronic from $97.00 to $98.00 and gave the company an "outperform" rating in a research note on Wednesday, August 20th. Mizuho boosted their price target on Medtronic from $98.00 to $100.00 and gave the company an "outperform" rating in a research note on Wednesday, July 16th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Medtronic in a research report on Thursday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and eight have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $101.15.

Medtronic 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.