Two Point Capital Management Inc. Acquires New Shares in Medtronic PLC $MDT

Key Points

• Two Point Capital Management Inc. has acquired 73,212 new shares of Medtronic PLC, valued at approximately $6.38 million, making it 17th in their investment portfolio.
• Medtronic reported a quarterly earnings per share of $1.26, surpassing analyst expectations, with revenues reaching $8.58 billion, reflecting a year-over-year growth of 7.7%.
• The company declared a quarterly dividend of $0.71 per share, which will be paid on October 17th, representing an annual yield of 3.0%.

Two Point Capital Management Inc. bought a new position in Medtronic PLC (NYSE:MDT - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 73,212 shares of the medical technology company's stock, valued at approximately $6,382,000. Medtronic accounts for approximately 2.7% of Two Point Capital Management Inc.'s investment portfolio, making the stock its 17th biggest holding.

A number of other hedge funds have also added to or reduced their stakes in the stock. Boston Partners grew its position in shares of Medtronic by 122.8% during 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 in the last quarter. Ameriprise Financial Inc. grew its position in Medtronic by 28.8% during the first quarter. Ameriprise Financial Inc. now owns 15,481,028 shares of the medical technology company's stock worth $1,391,141,000 after buying an additional 3,461,221 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in Medtronic by 42.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 10,059,135 shares of the medical technology company's stock worth $903,915,000 after acquiring an additional 3,017,849 shares during the last quarter. Nuveen LLC purchased a new stake in shares of Medtronic in the 1st quarter valued at about $260,649,000. Finally, Mackenzie Financial Corp boosted its position in shares of Medtronic by 220.9% during the 1st quarter. Mackenzie Financial Corp now owns 2,412,115 shares of the medical technology company's stock valued at $216,753,000 after acquiring an additional 1,660,357 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company's stock.

Medtronic Stock Up 0.8%

Shares of NYSE:MDT opened at $95.57 on Friday. The stock has a market capitalization of $122.59 billion, a P/E ratio of 26.33, a price-to-earnings-growth ratio of 2.50 and a beta of 0.78. The stock's 50-day moving average price is $92.85 and its 200-day moving average price is $88.46. The company has a current ratio of 2.01, a quick ratio of 1.50 and a debt-to-equity ratio of 0.54. Medtronic PLC has a 12-month low of $79.29 and a 12-month high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last issued 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. The company had revenue of $8.58 billion during the quarter, compared to analysts' expectations of $8.37 billion. Medtronic had a return on equity of 14.61% and a net margin of 13.63%.Medtronic's quarterly revenue was up 7.7% compared to the same quarter last year. During the same period in the prior year, the business posted $1.23 EPS. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. On average, equities analysts anticipate that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 17th. Shareholders of record on Friday, September 26th will be given 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 yield of 3.0%. Medtronic's dividend payout ratio is presently 78.24%.

Insider Transactions at Medtronic

In related news, Director William R. Jellison purchased 2,500 shares of the business's stock in a transaction that occurred on Monday, August 25th. The shares were acquired at an average price of $92.37 per share, for a total transaction of $230,925.00. Following the completion of the acquisition, the director directly owned 5,000 shares in the company, valued at approximately $461,850. The trade was a 100.00% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Harry Skip Kiil sold 8,605 shares of the firm's stock in a transaction dated Wednesday, September 3rd. The stock was 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 approximately $3,261,621.70. This represents a 19.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.26% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts recently weighed in on MDT shares. Robert W. Baird upped their price objective on shares of Medtronic from $94.00 to $96.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 20th. Argus raised their price objective on shares of Medtronic from $105.00 to $115.00 and gave the company a "buy" rating in a research report on Tuesday, August 26th. BTIG Research reaffirmed a "neutral" rating on shares of Medtronic in a report on Friday, July 11th. Wall Street Zen raised Medtronic from a "hold" rating to a "buy" rating in a research note on Saturday, August 30th. Finally, Citigroup lifted their price target on Medtronic from $99.00 to $101.00 and gave the stock a "buy" rating in a research note on Thursday, August 21st. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, Medtronic has a consensus rating of "Moderate Buy" and a consensus 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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