The Manufacturers Life Insurance Company Purchases 1,384,910 Shares of Medtronic PLC $MDT

Key Points

• The Manufacturers Life Insurance Company increased its stake in Medtronic PLC by 32.0%, acquiring 1,384,910 shares to reach a total of approximately 5.71 million shares valued at $513.15 million.
• Medtronic reported earnings of $1.26 per share for the last quarter, surpassing estimates by $0.03, and its revenue rose by 7.7% year-over-year to $8.58 billion.
• The company declared a quarterly dividend of $0.71 per share, which offers an annualized yield of 3.1%, with a current dividend payout ratio at 78.24%.

The Manufacturers Life Insurance Company boosted its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 32.0% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,710,636 shares of the medical technology company's stock after buying an additional 1,384,910 shares during the quarter. The Manufacturers Life Insurance Company owned 0.45% of Medtronic worth $513,152,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Burkett Financial Services LLC raised its holdings in shares of Medtronic by 185.0% in the first quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock valued at $26,000 after acquiring an additional 185 shares in the last quarter. Wood Tarver Financial Group LLC acquired a new position in shares of Medtronic during the 4th quarter worth approximately $27,000. Columbia River Financial Group LLC acquired a new position in Medtronic in the 1st quarter valued at $28,000. Hughes Financial Services LLC purchased a new stake in Medtronic in the 1st quarter valued at $32,000. Finally, Chapman Financial Group LLC purchased a new stake in Medtronic in the 4th quarter valued at $33,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have issued reports on MDT shares. Citigroup increased their price target on Medtronic from $99.00 to $101.00 and gave the company a "buy" rating in a research report on Thursday, August 21st. Mizuho boosted 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. Royal Bank Of Canada cut 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. Leerink Partners initiated coverage on Medtronic in a report on Monday, June 16th. They issued an "outperform" rating and a $110.00 price target for the company. Finally, Leerink Partnrs upgraded Medtronic to a "strong-buy" rating in a research note on Monday, June 16th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $102.14.

Insider Buying and Selling at Medtronic

In related news, Director William R. Jellison purchased 2,500 shares of the company's stock in a transaction dated 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 transaction, the director owned 5,000 shares of the company's stock, valued at $461,850. This trade represents a 100.00% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.26% of the company's stock.

Medtronic Stock Up 0.5%

MDT traded up $0.42 on Tuesday, reaching $93.23. The company's stock had a trading volume of 7,149,857 shares, compared to its average volume of 7,661,554. The stock has a market cap of $119.59 billion, a price-to-earnings ratio of 25.68, a price-to-earnings-growth ratio of 2.36 and a beta of 0.77. Medtronic PLC has a 1 year low of $79.29 and a 1 year high of $96.25. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.01 and a quick ratio of 1.50. The business's 50 day moving average is $90.45 and its 200 day moving average is $88.02.

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, 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 firm had revenue of $8.58 billion for the quarter, compared to analysts' expectations of $8.37 billion. During the same quarter in the prior year, the firm posted $1.23 earnings per share. Medtronic's revenue for the quarter was up 7.7% compared to the same quarter last year. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. As a group, research analysts forecast that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 17th. Stockholders of record on Friday, September 26th will be given a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Friday, September 26th. Medtronic's dividend payout ratio 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.