VELA Investment Management LLC Sells 3,329 Shares of Medtronic PLC $MDT

Key Points

• VELA Investment Management LLC reduced its holdings in Medtronic by 31.1%, selling 3,329 shares and leaving the fund with 7,366 shares valued at approximately $642,000.
• Several hedge funds significantly increased their positions in Medtronic during the first quarter, with Boston Partners boosting its stake by 122.8% and Ameriprise Financial increasing by 28.8%.
• Medtronic announced a quarterly dividend of $0.71, equating to an annualized dividend of $2.84, which represents a dividend yield of 3.0%.

VELA Investment Management LLC trimmed its position in Medtronic PLC (NYSE:MDT - Free Report) by 31.1% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 7,366 shares of the medical technology company's stock after selling 3,329 shares during the period. VELA Investment Management LLC's holdings in Medtronic were worth $642,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of MDT. Boston Partners boosted its position in Medtronic by 122.8% in the 1st 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 last quarter. Ameriprise Financial Inc. boosted its position in Medtronic by 28.8% in the 1st 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 last quarter. Price T Rowe Associates Inc. MD boosted its position 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 valued at $903,915,000 after buying an additional 3,017,849 shares during the last quarter. Nuveen LLC bought a new position in Medtronic in the 1st quarter valued at $260,649,000. Finally, Mackenzie Financial Corp boosted its position in Medtronic by 220.9% in 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 buying an additional 1,660,357 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors.

Insider Transactions at Medtronic

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

Wall Street Analysts Forecast Growth

MDT has been the topic of a number of recent research reports. Truist Financial increased their price objective on Medtronic from $96.00 to $103.00 and gave the company a "hold" rating in a research report on Wednesday. Wells Fargo & Company raised their price target on Medtronic from $98.00 to $100.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 20th. Morgan Stanley restated an "overweight" rating and issued a $107.00 price target (up from $98.00) on shares of Medtronic in a research report on Tuesday, July 15th. Daiwa Capital Markets raised their price target on Medtronic from $101.00 to $104.00 and gave the stock a "buy" rating in a research report on Friday, September 12th. Finally, Wolfe Research upgraded Medtronic from an "underperform" rating to a "peer perform" rating in a research report on Monday, June 30th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $102.82.

Medtronic Stock Performance

MDT stock opened at $94.98 on Friday. The business's 50-day moving average price is $94.01 and its two-hundred day moving average price is $88.93. The company has a current ratio of 2.01, a quick ratio of 1.50 and a debt-to-equity ratio of 0.54. The firm has a market cap of $121.83 billion, a PE ratio of 26.17, a P/E/G ratio of 2.51 and a beta of 0.78. Medtronic PLC has a 1-year low of $79.29 and a 1-year high of $99.37.

Medtronic (NYSE:MDT - Get Free Report) last posted its earnings results on Tuesday, August 19th. The medical technology company reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.23 by $0.03. The firm had revenue of $8.58 billion for the quarter, compared to analyst estimates of $8.37 billion. Medtronic had a return on equity of 14.61% and a net margin of 13.63%.The company's revenue for the quarter was up 7.7% on a year-over-year basis. During the same period in the previous year, the company posted $1.23 earnings per share. 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 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. Stockholders of record on Friday, September 26th will be issued a $0.71 dividend. 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 payout ratio is 78.24%.

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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