State of Alaska Department of Revenue Has $16.05 Million Stock Holdings in Medtronic PLC $MDT

Key Points

• The State of Alaska Department of Revenue reduced its holdings in Medtronic PLC by 3.2%, now owning 184,116 shares valued at approximately $16.05 million.
• Medtronic recently declared a quarterly dividend of $0.71 per share, representing a 3.0% yield, which will be paid on October 17th.
• Analysts have upgraded their price targets for Medtronic, with the consensus target now at $102.27 and a majority rating the stock as a "Moderate Buy."

State of Alaska Department of Revenue lessened its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 3.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 184,116 shares of the medical technology company's stock after selling 6,090 shares during the quarter. State of Alaska Department of Revenue's holdings in Medtronic were worth $16,048,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the company. Brighton Jones LLC lifted its stake in Medtronic by 1,368.0% in the fourth quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock valued at $3,194,000 after buying an additional 37,265 shares during the period. Lansforsakringar Fondforvaltning AB publ acquired a new position in Medtronic in the fourth quarter valued at about $2,599,000. Wealth Enhancement Advisory Services LLC lifted its stake in Medtronic by 32.2% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 477,719 shares of the medical technology company's stock valued at $38,160,000 after buying an additional 116,310 shares during the period. Marcum Wealth LLC lifted its stake in Medtronic by 2.9% in the first quarter. Marcum Wealth LLC now owns 7,927 shares of the medical technology company's stock valued at $712,000 after buying an additional 225 shares during the period. Finally, First Hawaiian Bank lifted its stake in Medtronic by 12.1% in the first quarter. First Hawaiian Bank now owns 25,092 shares of the medical technology company's stock valued at $2,255,000 after buying an additional 2,699 shares during the period. Institutional investors and hedge funds own 82.06% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on MDT shares. Robert W. Baird increased their target price on Medtronic from $94.00 to $96.00 and gave the company a "neutral" rating in a research note on Wednesday, August 20th. Argus increased their target price on Medtronic from $105.00 to $115.00 and gave the company a "buy" rating in a research note on Tuesday, August 26th. Morgan Stanley reissued an "overweight" rating and issued a $107.00 target price (up previously from $98.00) on shares of Medtronic in a research note on Tuesday, July 15th. Leerink Partnrs raised Medtronic to a "strong-buy" rating in a research note on Monday, June 16th. Finally, Wolfe Research raised Medtronic from an "underperform" rating to a "peer perform" rating in a research note on Monday, June 30th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and eight have given a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $102.27.

Insider Buying and Selling at Medtronic

In related news, Director William R. Jellison acquired 2,500 shares of the company's stock in a transaction 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 acquisition, the director directly owned 5,000 shares of the company's stock, valued at approximately $461,850. The trade was a 100.00% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Harry Skip Kiil sold 8,605 shares of Medtronic stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $91.58, for a total value of $788,045.90. Following the completion of the transaction, the executive vice president owned 35,615 shares in the company, valued at approximately $3,261,621.70. The trade was a 19.46% decrease in their position. The disclosure for this sale can be found here. 0.26% of the stock is owned by insiders.

Medtronic Stock Performance

MDT opened at $94.34 on Friday. Medtronic PLC has a 12-month low of $79.29 and a 12-month high of $96.25. The stock has a market cap of $121.01 billion, a price-to-earnings ratio of 25.99, a PEG ratio of 2.48 and a beta of 0.77. The business has a 50 day moving average of $92.57 and a 200-day moving average of $88.40. The company has a quick ratio of 1.50, a current ratio of 2.01 and a debt-to-equity ratio of 0.54.

Medtronic (NYSE:MDT - Get Free Report) last released 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 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 14.61% and a net margin of 13.63%.The business's revenue was up 7.7% on a year-over-year basis. During the same period last year, the firm posted $1.23 earnings per share. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. On average, equities research analysts expect that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

The company 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. This represents a $2.84 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend is Friday, September 26th. Medtronic's dividend payout ratio (DPR) is presently 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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