Synovus Financial Corp Lowers Stake in Medtronic PLC $MDT

Key Points

• Synovus Financial Corp reduced its stake in Medtronic PLC by 30.7% during the first quarter, selling 18,708 shares and holding 42,211 shares worth approximately $3.79 million at the end of the reporting period.
• Several other institutional investors adjusted their positions in Medtronic, with Dunhill Financial LLC increasing their stake by 17.2%, while other firms made smaller increases.
• Medtronic reported earnings per share of $1.26 for the last quarter, surpassing expectations, and announced a quarterly dividend of $0.71 per share with a yield of 3.1%.

Synovus Financial Corp lessened its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 30.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 42,211 shares of the medical technology company's stock after selling 18,708 shares during the period. Synovus Financial Corp's holdings in Medtronic were worth $3,793,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in MDT. Dunhill Financial LLC boosted its position in shares of Medtronic by 17.2% in the first quarter. Dunhill Financial LLC now owns 847 shares of the medical technology company's stock worth $76,000 after buying an additional 124 shares during the period. Cidel Asset Management Inc. lifted its holdings in Medtronic by 1.3% during the 1st quarter. Cidel Asset Management Inc. now owns 9,531 shares of the medical technology company's stock worth $856,000 after buying an additional 126 shares during the last quarter. Petros Family Wealth LLC increased its position in Medtronic by 4.3% in the 1st quarter. Petros Family Wealth LLC now owns 3,111 shares of the medical technology company's stock valued at $280,000 after acquiring an additional 127 shares during the period. Motco increased its position in Medtronic by 27.0% in the 1st quarter. Motco now owns 635 shares of the medical technology company's stock valued at $57,000 after acquiring an additional 135 shares during the period. Finally, Baker Avenue Asset Management LP increased its position in Medtronic by 3.1% in the 1st quarter. Baker Avenue Asset Management LP now owns 4,558 shares of the medical technology company's stock valued at $410,000 after acquiring an additional 136 shares during the period. Hedge funds and other institutional investors own 82.06% of the company's stock.

Analyst Ratings Changes

MDT has been the subject of a number of research reports. Mizuho increased 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. Sanford C. Bernstein increased 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. Morgan Stanley reaffirmed an "overweight" rating and set a $107.00 price target (up from $98.00) on shares of Medtronic in a research note on Tuesday, July 15th. Wells Fargo & Company raised their price objective on Medtronic from $98.00 to $100.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 20th. Finally, Leerink Partnrs raised Medtronic to a "strong-buy" rating in a research note on Monday, June 16th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $101.15.

Medtronic Price Performance

Shares of NYSE:MDT opened at $92.6210 on Monday. 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 PLC has a 1 year low of $79.29 and a 1 year high of $96.25. The business has a fifty day simple moving average of $89.73 and a 200 day simple moving average of $87.99. The firm has a market cap of $118.72 billion, a price-to-earnings ratio of 25.52, a P/E/G ratio of 2.35 and a beta of 0.80.

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, topping the consensus estimate of $1.23 by $0.03. The business had revenue of $8.58 billion during the quarter, compared to analyst estimates of $8.37 billion. Medtronic had a return on equity of 14.56% and a net margin of 13.63%.Medtronic's quarterly revenue was up 7.7% compared to the same quarter last year. During the same period last year, the company earned $1.23 earnings per share. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. As a group, sell-side analysts predict that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 17th. Stockholders 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 dividend yield of 3.1%. The ex-dividend date is Friday, September 26th. Medtronic's payout ratio is currently 78.24%.

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.

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