Trust Point Inc. Increases Stock Position in Medtronic PLC $MDT

Key Points

• Trust Point Inc. increased its holdings in Medtronic PLC by 33.2% during the second quarter, acquiring an additional 3,041 shares for a total ownership of 12,208 shares worth approximately $1,064,000.
• Medtronic reported $1.26 earnings per share for the latest quarter, exceeding analysts' expectations, and achieved a revenue of $8.58 billion, marking a year-over-year increase of 7.7%.
• The company announced a quarterly dividend of $0.71 per share, reflecting an annualized dividend yield of 3.0%, with a dividend payout ratio currently at 78.24%.

Trust Point Inc. boosted its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 33.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 12,208 shares of the medical technology company's stock after purchasing an additional 3,041 shares during the quarter. Trust Point Inc.'s holdings in Medtronic were worth $1,064,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Boston Partners lifted its stake in shares of Medtronic by 122.8% in the first quarter. Boston Partners now owns 6,912,055 shares of the medical technology company's stock valued at $619,460,000 after buying an additional 3,809,450 shares during the period. Ameriprise Financial Inc. lifted its stake in shares of Medtronic by 28.8% in the first quarter. Ameriprise Financial Inc. now owns 15,481,028 shares of the medical technology company's stock valued at $1,391,141,000 after buying an additional 3,461,221 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in shares of Medtronic by 42.9% in 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 period. Nuveen LLC bought a new stake in shares of Medtronic in the first quarter valued at about $260,649,000. Finally, Burgundy Asset Management Ltd. bought a new stake in shares of Medtronic in the fourth quarter valued at about $174,329,000. Institutional investors own 82.06% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on MDT shares. Wall Street Zen raised shares of Medtronic from a "hold" rating to a "buy" rating in a research report on Saturday, August 30th. Citigroup increased their price target on shares of Medtronic from $99.00 to $101.00 and gave the stock a "buy" rating in a research report on Thursday, August 21st. Morgan Stanley reissued an "overweight" rating and issued a $107.00 price target (up previously from $98.00) on shares of Medtronic in a research report on Tuesday, July 15th. William Blair raised shares of Medtronic to a "hold" rating in a research report on Friday, July 11th. Finally, Truist Financial increased their price target on shares of Medtronic from $92.00 to $96.00 and gave the stock a "hold" rating in a research report on Thursday, August 21st. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, Medtronic has a consensus rating of "Moderate Buy" and a consensus target price of $102.27.

Insider Activity

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

Medtronic Stock Performance

NYSE:MDT traded up $0.69 during mid-day trading on Tuesday, hitting $95.31. The stock had a trading volume of 977,577 shares, compared to its average volume of 7,600,310. Medtronic PLC has a twelve month low of $79.29 and a twelve month high of $96.25. The stock has a market cap of $122.25 billion, a price-to-earnings ratio of 26.21, a PEG ratio of 2.50 and a beta of 0.77. The company's 50 day simple moving average is $92.15 and its 200 day simple moving average is $88.29. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.50 and a current ratio of 2.01.

Medtronic (NYSE:MDT - Get Free Report) last announced its earnings results on Tuesday, August 19th. The medical technology company reported $1.26 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 the consensus estimate of $8.37 billion. Medtronic had a net margin of 13.63% and a return on equity of 14.61%. Medtronic's revenue was up 7.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.23 EPS. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. On average, equities research analysts forecast that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

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