StrongBox Wealth LLC Trims Stock Position in Medtronic PLC $MDT

Key Points

• StrongBox Wealth LLC reduced its stake in Medtronic PLC by 22.2%, selling 3,523 shares, while retaining a total of 12,360 shares valued at approximately $1,077,000.
• Medtronic reported $1.26 earnings per share for the latest quarter, exceeding analysts' expectations, and its revenue increased by 7.7% year-over-year.
• The company recently announced a quarterly dividend of $0.71 per share, with an annualized dividend yield of 3.0%.

StrongBox Wealth LLC lowered its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 22.2% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,360 shares of the medical technology company's stock after selling 3,523 shares during the quarter. StrongBox Wealth LLC's holdings in Medtronic were worth $1,077,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in MDT. Legacy Advisory Services LLC acquired a new stake in shares of Medtronic in the first quarter valued at $541,000. RNC Capital Management LLC grew its stake in shares of Medtronic by 8.8% in the first quarter. RNC Capital Management LLC now owns 417,021 shares of the medical technology company's stock valued at $37,474,000 after buying an additional 33,729 shares in the last quarter. Commerce Bank grew its stake in shares of Medtronic by 1.7% in the first quarter. Commerce Bank now owns 145,984 shares of the medical technology company's stock valued at $13,118,000 after buying an additional 2,429 shares in the last quarter. Brighton Jones LLC grew its stake in shares of 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 in the last quarter. Finally, Cullen Investment Group LTD. grew its stake in shares of Medtronic by 7.2% in the second quarter. Cullen Investment Group LTD. now owns 85,921 shares of the medical technology company's stock valued at $7,490,000 after buying an additional 5,802 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company's stock.

Medtronic Stock Performance

Shares of Medtronic stock traded up $1.02 on Thursday, hitting $95.60. The stock had a trading volume of 9,364,463 shares, compared to its average volume of 5,782,333. 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 2.01, a quick ratio of 1.50 and a debt-to-equity ratio of 0.54. The stock has a market cap of $122.62 billion, a price-to-earnings ratio of 26.34, a P/E/G ratio of 2.49 and a beta of 0.77. The company's 50 day moving average price is $91.96 and its 200 day moving average price is $88.35.

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, beating the consensus estimate of $1.23 by $0.03. Medtronic had a return on equity of 14.61% and a net margin of 13.63%.The business had revenue of $8.58 billion during the quarter, compared to the consensus estimate of $8.37 billion. During the same period in the previous year, the business earned $1.23 EPS. The business's quarterly revenue was up 7.7% on a year-over-year basis. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. On average, research analysts anticipate that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Dividend Announcement

The company also recently announced 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 payout ratio is presently 78.24%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on MDT. Wall Street Zen raised Medtronic from a "hold" rating to a "buy" rating in a research note on Saturday, August 30th. Morgan Stanley reissued an "overweight" rating and set a $107.00 target price (up from $98.00) on shares of Medtronic in a research note on Tuesday, July 15th. Royal Bank Of Canada lowered their target price on Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a research note on Thursday, May 22nd. Leerink Partners began coverage on Medtronic in a research note on Monday, June 16th. They set an "outperform" rating and a $110.00 target price for the company. Finally, Daiwa Capital Markets boosted their target price on Medtronic from $101.00 to $104.00 and gave the stock a "buy" rating in a research note on Friday, September 12th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $102.27.

Insider Activity at Medtronic

In other Medtronic news, EVP Harry Skip Kiil sold 8,605 shares of the company's stock in a transaction that occurred on 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. This represents a 19.46% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William R. Jellison acquired 2,500 shares of Medtronic stock in a transaction on Monday, August 25th. The shares were bought at an average cost of $92.37 per share, with a total value of $230,925.00. Following the completion of the purchase, the director owned 5,000 shares in the company, valued at $461,850. The trade was a 100.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.26% of the stock is owned by corporate insiders.

About Medtronic

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.