Medtronic PLC $MDT Shares Sold by USS Investment Management Ltd

Key Points

• USS Investment Management Ltd has reduced its stake in Medtronic PLC by 5.6%, now holding approximately 2.12 million shares valued at about $190.7 million.
• Medtronic announced a quarterly dividend of $0.71 per share, which will be paid on October 17th, translating to an annualized dividend yield of 3.1%.
• The company recently reported earnings per share of $1.26 for the quarter, exceeding analysts' estimates, with revenues reaching $8.58 billion, a 7.7% year-over-year increase.

USS Investment Management Ltd trimmed its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 5.6% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,122,313 shares of the medical technology company's stock after selling 127,061 shares during the quarter. Medtronic comprises about 1.4% of USS Investment Management Ltd's investment portfolio, making the stock its 20th largest holding. USS Investment Management Ltd owned approximately 0.17% of Medtronic worth $190,700,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Burkett Financial Services LLC raised its position in shares of Medtronic by 185.0% in the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock valued at $26,000 after purchasing an additional 185 shares during the last quarter. 1248 Management LLC purchased a new position in shares of Medtronic in the 1st quarter valued at approximately $26,000. Wood Tarver Financial Group LLC purchased a new position in shares of Medtronic in the 4th quarter valued at approximately $27,000. Columbia River Financial Group LLC purchased a new position in shares of Medtronic in the 1st quarter valued at approximately $28,000. Finally, Twin Tree Management LP purchased a new position in shares of Medtronic in the 1st quarter valued at approximately $29,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Medtronic

In other Medtronic news, EVP Harry Skip Kiil sold 8,605 shares of Medtronic stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $91.58, for a total transaction of $788,045.90. Following the sale, the executive vice president owned 35,615 shares of the company's stock, valued at $3,261,621.70. The trade was a 19.46% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director William R. Jellison bought 2,500 shares of the stock in a transaction on 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 purchase, the director owned 5,000 shares in the company, valued at $461,850. The trade was a 100.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.26% of the company's stock.

Medtronic Price Performance

Medtronic stock traded up $1.05 during trading on Tuesday, reaching $94.04. The company had a trading volume of 7,032,350 shares, compared to its average volume of 6,852,776. The firm's 50-day simple moving average is $91.19 and its 200 day simple moving average is $88.20. Medtronic PLC has a 1-year low of $79.29 and a 1-year high of $96.25. The firm has a market capitalization of $120.62 billion, a PE ratio of 25.91, a price-to-earnings-growth ratio of 2.36 and a beta of 0.77. 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 released 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 net margin of 13.63% and a return on equity of 14.61%. The firm had revenue of $8.58 billion for the quarter, compared to analysts' expectations of $8.37 billion. During the same quarter last year, the company earned $1.23 EPS. The firm'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, equities research analysts anticipate that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 17th. Shareholders of record on Friday, September 26th will be paid a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend is Friday, September 26th. Medtronic's payout ratio is 78.24%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on MDT shares. Wolfe Research raised shares of Medtronic from an "underperform" rating to a "peer perform" rating in a research report on Monday, June 30th. Wells Fargo & Company increased their price objective on shares of Medtronic from $98.00 to $100.00 and gave the company an "overweight" rating in a research report on Wednesday, August 20th. Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a research report on Thursday, August 14th. William Blair raised shares of Medtronic to a "hold" rating in a research report on Friday, July 11th. Finally, Morgan Stanley reissued an "overweight" rating and set a $107.00 price target (up from $98.00) on shares of Medtronic in a research report on Tuesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $102.14.

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.