Te Ahumairangi Investment Management Ltd Sells 5,820 Shares of Medtronic PLC $MDT

Key Points

• Te Ahumairangi Investment Management Ltd reduced its stake in Medtronic PLC by 11.4%, now holding 45,171 shares worth approximately $4.06 million.
• Medtronic's quarterly earnings exceeded expectations, with $1.26 earnings per share, beating the consensus estimate of $1.23 and showing a 7.7% increase in revenue year-over-year.
• The company has declared a quarterly dividend of $0.71 per share, which will yield 3.1% annually, with a payout ratio currently at 78.24%.

Te Ahumairangi Investment Management Ltd trimmed its position in Medtronic PLC (NYSE:MDT - Free Report) by 11.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 45,171 shares of the medical technology company's stock after selling 5,820 shares during the quarter. Te Ahumairangi Investment Management Ltd's holdings in Medtronic were worth $4,059,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Boston Partners lifted its holdings in shares of Medtronic by 122.8% in the 1st quarter. Boston Partners now owns 6,912,055 shares of the medical technology company's stock valued at $619,460,000 after purchasing an additional 3,809,450 shares during the last quarter. Ameriprise Financial Inc. grew its position in Medtronic by 28.8% during the 1st quarter. Ameriprise Financial Inc. now owns 15,481,028 shares of the medical technology company's stock worth $1,391,141,000 after purchasing an additional 3,461,221 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Medtronic by 42.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 10,059,135 shares of the medical technology company's stock valued at $903,915,000 after buying an additional 3,017,849 shares during the last quarter. Nuveen LLC acquired a new stake in shares of Medtronic during the first quarter worth approximately $260,649,000. Finally, Burgundy Asset Management Ltd. acquired a new stake in Medtronic in the fourth quarter worth $174,329,000. Hedge funds and other institutional investors own 82.06% of the company's stock.

Insider Activity

In related news, Director William R. Jellison acquired 2,500 shares of Medtronic stock in a transaction on Monday, August 25th. The shares were purchased at an average cost of $92.37 per share, for a total transaction of $230,925.00. Following the purchase, the director directly owned 5,000 shares of the company's stock, valued at $461,850. The trade was a 100.00% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.26% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Argus increased their price objective on shares of Medtronic from $105.00 to $115.00 and gave the stock a "buy" rating in a research report on Tuesday, August 26th. Leerink Partners initiated coverage on Medtronic in a research note on Monday, June 16th. They issued an "outperform" rating and a $110.00 target price on the stock. Royal Bank Of Canada lowered their price target on Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a report on Thursday, May 22nd. UBS Group raised their price target on Medtronic from $94.00 to $95.00 and gave the company a "neutral" rating in a report on Wednesday, August 20th. Finally, Mizuho increased their target price on Medtronic from $98.00 to $100.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and eight have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $102.14.

Medtronic Trading Up 0.5%

Shares of NYSE MDT traded up $0.42 during midday trading on Tuesday, reaching $93.23. The company had a trading volume of 7,142,693 shares, compared to its average volume of 7,648,959. The company has a quick ratio of 1.50, a current ratio of 2.01 and a debt-to-equity ratio of 0.54. The stock has a market cap of $119.59 billion, a PE ratio of 25.68, a price-to-earnings-growth ratio of 2.36 and a beta of 0.77. The firm's fifty day moving average price is $90.45 and its 200-day moving average price is $88.02. Medtronic PLC has a one year low of $79.29 and a one year high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings results 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. Medtronic had a return on equity of 14.61% and a net margin of 13.63%.The firm had revenue of $8.58 billion during the quarter, compared to analyst estimates of $8.37 billion. During the same quarter in the previous year, the business earned $1.23 earnings per share. Medtronic'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, equities research analysts anticipate that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 17th. Stockholders of record on Friday, September 26th will be given a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend 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.