Trinity Legacy Partners LLC Increases Stake in Medtronic PLC $MDT

Key Points

• Trinity Legacy Partners LLC increased its stake in Medtronic PLC by 39.1%, owning 59,451 shares valued at $5,060,000 after purchasing an additional 16,713 shares in the 1st quarter.
• Medtronic reported $1.26 earnings per share for the last quarter, exceeding analysts' expectations, with a revenue of $8.58 billion, up 7.7% year-over-year.
• The company announced a quarterly dividend of $0.71, resulting in an annualized yield of 3.1%, set to be paid on October 17th.

Trinity Legacy Partners LLC lifted its stake in Medtronic PLC (NYSE:MDT - Free Report) by 39.1% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 59,451 shares of the medical technology company's stock after buying an additional 16,713 shares during the quarter. Trinity Legacy Partners LLC's holdings in Medtronic were worth $5,060,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of MDT. Commerce Bank lifted its stake in Medtronic by 1.7% in the 1st quarter. Commerce Bank now owns 145,984 shares of the medical technology company's stock worth $13,118,000 after purchasing an additional 2,429 shares in the last quarter. Brighton Jones LLC increased its holdings 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 worth $3,194,000 after purchasing an additional 37,265 shares during the last quarter. Oxford Asset Management LLP lifted its position in shares of Medtronic by 70.1% in the fourth quarter. Oxford Asset Management LLP now owns 7,442 shares of the medical technology company's stock worth $594,000 after buying an additional 3,068 shares in the last quarter. New Vernon Investment Management LLC boosted its stake in Medtronic by 304.9% during the fourth quarter. New Vernon Investment Management LLC now owns 29,613 shares of the medical technology company's stock valued at $2,425,000 after buying an additional 22,300 shares during the last quarter. Finally, Insight Inv LLC grew its holdings in Medtronic by 84.2% during the 1st quarter. Insight Inv LLC now owns 27,456 shares of the medical technology company's stock valued at $2,467,000 after buying an additional 12,550 shares in the last quarter. Institutional investors own 82.06% of the company's stock.

Medtronic Stock Up 1.7%

Shares of MDT opened at $92.6210 on Friday. The company has a quick ratio of 1.42, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The business has a fifty day moving average of $89.73 and a 200 day moving average of $88.03. The company has a market cap of $118.72 billion, a PE ratio of 25.52, a P/E/G ratio of 2.31 and a beta of 0.80. 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 announced 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 net margin of 13.63% and a return on equity of 14.56%. The business had revenue of $8.58 billion for the quarter, compared to the consensus estimate of $8.37 billion. During the same quarter in the prior year, the firm posted $1.23 earnings per share. The business's revenue for the quarter 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, sell-side analysts expect that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 17th. Shareholders of record on Friday, September 26th will be given a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Friday, September 26th. Medtronic's dividend payout ratio is 78.24%.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Leerink Partnrs raised Medtronic to a "strong-buy" rating in a report on Monday, June 16th. Evercore ISI raised their target price on shares of Medtronic from $103.00 to $106.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. Needham & Company LLC reaffirmed a "hold" rating on shares of Medtronic in a research note on Thursday, August 14th. Wall Street Zen lowered shares of Medtronic from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. Finally, Robert W. Baird boosted their target price on shares of Medtronic from $94.00 to $96.00 and gave the stock a "neutral" rating in a report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $101.15.

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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