TD Private Client Wealth LLC Boosts Stake in Medtronic PLC $MDT

Key Points

• TD Private Client Wealth LLC increased its stake in Medtronic PLC by 19.8%, owning 117,926 shares valued at approximately $10.28 million as of the end of the second quarter.
• Medtronic reported earnings of $1.26 per share, exceeding analyst expectations, with revenues up 7.7% year-over-year at $8.58 billion.
• The company declared a quarterly dividend of $0.71, yielding about 3.0%, with an ex-dividend date set for September 26.

TD Private Client Wealth LLC raised its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 19.8% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 117,926 shares of the medical technology company's stock after purchasing an additional 19,501 shares during the quarter. TD Private Client Wealth LLC's holdings in Medtronic were worth $10,280,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in MDT. Burkett Financial Services LLC increased its position in shares of Medtronic by 185.0% in the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock worth $26,000 after purchasing an additional 185 shares during the last quarter. 1248 Management LLC bought a new stake in Medtronic in the first quarter valued at about $26,000. Wood Tarver Financial Group LLC acquired a new stake in Medtronic during the fourth quarter valued at approximately $27,000. Columbia River Financial Group LLC bought a new position in Medtronic during the 1st quarter worth approximately $28,000. Finally, Twin Tree Management LP acquired a new position in shares of Medtronic in the 1st quarter worth approximately $29,000. Institutional investors and hedge funds own 82.06% of the company's stock.

Medtronic Stock Performance

Shares of NYSE MDT opened at $94.95 on Wednesday. The stock's fifty day simple moving average is $92.27 and its 200 day simple moving average is $88.34. The stock has a market capitalization of $121.79 billion, a price-to-earnings ratio of 26.16, a PEG ratio of 2.49 and a beta of 0.77. 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 PLC has a 52-week low of $79.29 and a 52-week high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings results on Tuesday, August 19th. The medical technology company reported $1.26 earnings per share for the quarter, topping analysts' consensus estimates of $1.23 by $0.03. Medtronic had a return on equity of 14.61% and a net margin of 13.63%.The firm had revenue of $8.58 billion for the quarter, compared to analysts' expectations of $8.37 billion. During the same quarter last year, the business posted $1.23 EPS. Medtronic's revenue was up 7.7% on a year-over-year basis. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. As a group, sell-side analysts forecast that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 17th. Investors of record on Friday, September 26th will be paid a $0.71 dividend. The ex-dividend date of this dividend is Friday, September 26th. This represents a $2.84 dividend on an annualized basis and a yield of 3.0%. Medtronic's dividend payout ratio (DPR) is currently 78.24%.

Insider Activity at Medtronic

In other Medtronic news, EVP Harry Skip Kiil sold 8,605 shares of the business's stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $91.58, for a total transaction of $788,045.90. Following the sale, the executive vice president directly owned 35,615 shares of the company's stock, valued at $3,261,621.70. The trade was a 19.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director William R. Jellison purchased 2,500 shares of the company's stock in a transaction that occurred on Monday, August 25th. The shares were acquired at an average cost of $92.37 per share, for a total transaction of $230,925.00. Following the completion of the transaction, the director directly owned 5,000 shares of the company's stock, valued at $461,850. This trade represents a 100.00% increase in their position. The disclosure for this purchase can be found here. Insiders own 0.26% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on MDT shares. Leerink Partnrs upgraded Medtronic to a "strong-buy" rating in a research note on Monday, June 16th. Citigroup increased their target price on shares of Medtronic from $99.00 to $101.00 and gave the stock a "buy" rating in a report on Thursday, August 21st. BTIG Research reaffirmed a "neutral" rating on shares of Medtronic in a research report on Friday, July 11th. William Blair upgraded shares of Medtronic to a "hold" rating in a research note on Friday, July 11th. Finally, Truist Financial lifted their target price on Medtronic from $92.00 to $96.00 and gave the company a "hold" rating in a research note on Thursday, August 21st. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and eight have issued a Hold rating to the company's stock. According to MarketBeat, Medtronic presently has a consensus rating of "Moderate Buy" and an average target price of $102.27.

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.

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