Medtronic PLC $MDT Shares Sold by Sit Investment Associates Inc.

Key Points

• Sit Investment Associates Inc. reduced its stake in Medtronic PLC by 18.4%, now holding 46,950 shares valued at approximately $4.22 million.
• Medtronic's recent earnings surpassed expectations, reporting $1.62 earnings per share for the quarter, exceeding the consensus estimate of $1.58.
• The company increased its quarterly dividend from $0.70 to $0.71, resulting in an annualized yield of 3.1%.

Sit Investment Associates Inc. cut its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 18.4% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 46,950 shares of the medical technology company's stock after selling 10,560 shares during the quarter. Sit Investment Associates Inc.'s holdings in Medtronic were worth $4,219,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of MDT. Dunhill Financial LLC lifted its position in shares of Medtronic by 17.2% during the first quarter. Dunhill Financial LLC now owns 847 shares of the medical technology company's stock worth $76,000 after purchasing an additional 124 shares during the last quarter. Cidel Asset Management Inc. lifted its position in shares of Medtronic by 1.3% during the first quarter. Cidel Asset Management Inc. now owns 9,531 shares of the medical technology company's stock worth $856,000 after purchasing an additional 126 shares during the last quarter. Petros Family Wealth LLC lifted its position in shares of Medtronic by 4.3% during the first quarter. Petros Family Wealth LLC now owns 3,111 shares of the medical technology company's stock worth $280,000 after purchasing an additional 127 shares during the last quarter. Motco lifted its position in shares of Medtronic by 27.0% during the first quarter. Motco now owns 635 shares of the medical technology company's stock worth $57,000 after purchasing an additional 135 shares during the last quarter. Finally, Baker Avenue Asset Management LP lifted its position in shares of Medtronic by 3.1% during the first quarter. Baker Avenue Asset Management LP now owns 4,558 shares of the medical technology company's stock worth $410,000 after purchasing an additional 136 shares during the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MDT has been the subject of several research analyst reports. Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a research report on Thursday, August 14th. Evercore ISI lifted their price objective on Medtronic from $103.00 to $106.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. Mizuho lifted their price objective on Medtronic from $98.00 to $100.00 and gave the company an "outperform" rating in a report on Wednesday, July 16th. BTIG Research restated a "neutral" rating on shares of Medtronic in a report on Friday, July 11th. Finally, Royal Bank Of Canada decreased their price objective on Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a report on Thursday, May 22nd. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eleven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $98.19.

Medtronic Trading Down 3.0%

NYSE MDT traded down $2.7730 during trading hours on Tuesday, reaching $90.0370. The company had a trading volume of 13,708,908 shares, compared to its average volume of 7,687,946. The stock has a 50-day moving average of $89.43 and a 200 day moving average of $87.97. Medtronic PLC has a 1-year low of $79.29 and a 1-year high of $96.25. The stock has a market capitalization of $115.41 billion, a P/E ratio of 24.83, a price-to-earnings-growth ratio of 2.42 and a beta of 0.80. 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 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. The company had revenue of $8.58 billion during the quarter, compared to analysts' expectations of $8.37 billion. Medtronic had a return on equity of 14.54% and a net margin of 13.90%.Medtronic's revenue for the quarter was up 7.7% on a year-over-year basis. During the same period last year, the business posted $1.23 EPS. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. As a group, research analysts anticipate that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 17th. Stockholders of record on Friday, September 26th will be given a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend is Friday, September 26th. Medtronic's dividend payout ratio (DPR) is 78.45%.

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.