Medtronic PLC $MDT Shares Sold by Wellington Management Group LLP

Key Points

• Wellington Management Group LLP reduced its stake in Medtronic PLC by 68.0%, owning approximately $356.5 million worth of shares after selling over 8.4 million shares in the first quarter.
• Medtronic reported a quarterly earnings per share (EPS) of $1.26, exceeding estimates and showed a revenue increase of 7.7% year-over-year, reaching $8.58 billion.
• The company has announced a quarterly dividend of $0.71 to be paid on October 17th, reflecting an annual yield of 3.2%.

Wellington Management Group LLP decreased its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 68.0% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 3,967,293 shares of the medical technology company's stock after selling 8,425,239 shares during the period. Wellington Management Group LLP owned 0.31% of Medtronic worth $356,501,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Burkett Financial Services LLC increased its holdings in shares of Medtronic by 185.0% during the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock worth $26,000 after buying an additional 185 shares during the last quarter. Columbia River Financial Group LLC acquired a new stake in Medtronic during the first quarter worth about $28,000. Wood Tarver Financial Group LLC acquired a new stake in Medtronic during the fourth quarter worth about $27,000. Hughes Financial Services LLC acquired a new stake in Medtronic during the first quarter worth about $32,000. Finally, Optiver Holding B.V. acquired a new stake in Medtronic during the 4th quarter worth approximately $31,000. Institutional investors and hedge funds own 82.06% of the company's stock.

Analyst Upgrades and Downgrades

MDT has been the subject of a number of research analyst reports. Wolfe Research raised shares of Medtronic from an "underperform" rating to a "peer perform" rating in a research report on Monday, June 30th. Wall Street Zen lowered shares of Medtronic from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. Leerink Partnrs upgraded Medtronic to a "strong-buy" rating in a report on Monday, June 16th. Leerink Partners initiated coverage on Medtronic in a report on Monday, June 16th. They issued an "outperform" rating and a $110.00 price target for the company. Finally, Mizuho increased their price target on Medtronic from $98.00 to $100.00 and gave the company an "outperform" rating in a report on Wednesday, July 16th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $101.15.

Medtronic Stock Up 1.7%

Shares of MDT stock traded up $1.5210 during mid-day trading on Friday, reaching $92.6210. 4,870,626 shares of the company were exchanged, compared to its average volume of 7,618,189. Medtronic PLC has a fifty-two week low of $79.29 and a fifty-two week high of $96.25. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85. The company has a market capitalization of $118.72 billion, a P/E ratio of 25.52, a P/E/G ratio of 2.31 and a beta of 0.80. The business's 50 day simple moving average is $89.73 and its 200 day simple moving average is $88.03.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings data 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 company had revenue of $8.58 billion during the quarter, compared to analyst estimates of $8.37 billion. Medtronic had a net margin of 13.63% and a return on equity of 14.56%. The firm's revenue for the quarter was up 7.7% compared to the same quarter last year. During the same period last year, the business earned $1.23 EPS. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. Research analysts predict that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 17th. Stockholders of record on Friday, September 26th will be given a $0.71 dividend. The ex-dividend date is Friday, September 26th. This represents a $2.84 annualized dividend and a dividend yield of 3.1%. Medtronic's dividend payout ratio (DPR) 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.