Verdence Capital Advisors LLC Has $2.56 Million Stock Position in Medtronic PLC $MDT

Key Points

• Verdence Capital Advisors LLC increased its stake in Medtronic PLC by 22% during Q2, owning 29,396 shares valued at approximately $2.56 million at the quarter's end.
• Analysts have optimistic views on Medtronic, with several upgrades; Argus, Evercore ISI, and Wells Fargo raised their price targets, reflecting a consensus rating of "Moderate Buy".
• Medtronic recently announced a quarterly dividend of $0.71 per share, representing a 3.0% yield, with a payout ratio of 78.24%.

Verdence Capital Advisors LLC raised its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 22.0% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 29,396 shares of the medical technology company's stock after buying an additional 5,296 shares during the quarter. Verdence Capital Advisors LLC's holdings in Medtronic were worth $2,562,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MDT. 1248 Management LLC acquired a new stake in Medtronic in the 1st quarter valued at approximately $26,000. Columbia River Financial Group LLC bought a new stake in shares of Medtronic during the first quarter valued at approximately $28,000. Twin Tree Management LP bought a new stake in shares of Medtronic during the first quarter valued at approximately $29,000. Activest Wealth Management increased its position in shares of Medtronic by 3,577.8% during the first quarter. Activest Wealth Management now owns 331 shares of the medical technology company's stock valued at $30,000 after purchasing an additional 322 shares during the period. Finally, Hughes Financial Services LLC bought a new stake in shares of Medtronic during the first quarter valued at approximately $32,000. Institutional investors and hedge funds own 82.06% of the company's stock.

Insider Transactions at Medtronic

In related news, Director William R. Jellison acquired 2,500 shares of the company's stock in a transaction that occurred on Monday, August 25th. The stock was 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 owned 5,000 shares of the company's stock, valued at $461,850. This trade represents a 100.00% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Harry Skip Kiil sold 8,605 shares of the company's stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $91.58, for a total value of $788,045.90. Following the completion of the sale, the executive vice president 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. Corporate insiders own 0.26% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on MDT shares. Argus boosted their price objective on Medtronic from $105.00 to $115.00 and gave the company a "buy" rating in a research report on Tuesday, August 26th. Evercore ISI boosted their price target on Medtronic from $103.00 to $106.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. Wells Fargo & Company boosted their price target on Medtronic from $98.00 to $100.00 and gave the company an "overweight" rating in a research note on Wednesday, August 20th. Truist Financial boosted their price target on Medtronic from $92.00 to $96.00 and gave the company a "hold" rating in a research note on Thursday, August 21st. Finally, Wolfe Research raised Medtronic from an "underperform" rating to a "peer perform" rating in a research note on Monday, June 30th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $102.41.

Medtronic Trading Down 1.0%

MDT stock opened at $95.52 on Monday. The company has a market cap of $122.52 billion, a P/E ratio of 26.31, a PEG ratio of 2.51 and a beta of 0.78. Medtronic PLC has a twelve month low of $79.29 and a twelve month high of $99.37. The company has a quick ratio of 1.50, a current ratio of 2.01 and a debt-to-equity ratio of 0.54. The business has a fifty day moving average of $93.56 and a 200-day moving average of $88.74.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings data on Tuesday, August 19th. The medical technology company reported $1.26 EPS for the quarter, beating analysts' consensus estimates 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 return on equity of 14.61% and a net margin of 13.63%.The firm's revenue was up 7.7% on a year-over-year basis. During the same quarter in the prior 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, equities research analysts expect that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 17th. Investors 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 yield of 3.0%. The ex-dividend date is Friday, September 26th. Medtronic's dividend payout ratio is currently 78.24%.

Medtronic Company 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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