WestEnd Advisors LLC Increases Position in Medtronic PLC $MDT

Key Points

• WestEnd Advisors LLC has increased its stake in Medtronic PLC (NYSE:MDT) by 2.1%, now holding 473,307 shares valued at approximately $41.26 million.
• Medtronic reported a quarterly earnings per share of $1.26, surpassing estimates, and generated $8.58 billion in revenue, marking a 7.7% increase year-over-year.
• The company declared a quarterly dividend of $0.71, with an annualized yield of 2.9%, to be paid out to investors on October 17th.

WestEnd Advisors LLC boosted its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 2.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 473,307 shares of the medical technology company's stock after acquiring an additional 9,796 shares during the period. Medtronic accounts for approximately 1.0% of WestEnd Advisors LLC's investment portfolio, making the stock its 29th biggest position. WestEnd Advisors LLC's holdings in Medtronic were worth $41,258,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of MDT. Brighton Jones LLC boosted its holdings in Medtronic by 1,368.0% in the 4th quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock valued at $3,194,000 after purchasing an additional 37,265 shares during the last quarter. Wedmont Private Capital boosted its holdings in Medtronic by 26.1% in the 1st quarter. Wedmont Private Capital now owns 7,318 shares of the medical technology company's stock valued at $607,000 after purchasing an additional 1,516 shares during the last quarter. Capital Investment Advisors LLC boosted its holdings in Medtronic by 6.2% in the 1st quarter. Capital Investment Advisors LLC now owns 9,770 shares of the medical technology company's stock valued at $878,000 after purchasing an additional 568 shares during the last quarter. City Holding Co. boosted its holdings in Medtronic by 2.1% in the 1st quarter. City Holding Co. now owns 11,107 shares of the medical technology company's stock valued at $998,000 after purchasing an additional 226 shares during the last quarter. Finally, Farther Finance Advisors LLC boosted its holdings in Medtronic by 6.1% in the 1st quarter. Farther Finance Advisors LLC now owns 61,052 shares of the medical technology company's stock valued at $5,402,000 after purchasing an additional 3,530 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Stock Up 0.0%

Shares of NYSE:MDT opened at $98.44 on Wednesday. Medtronic PLC has a 52-week low of $79.29 and a 52-week high of $99.37. The firm has a market capitalization of $126.27 billion, a P/E ratio of 27.12, a P/E/G ratio of 2.59 and a beta of 0.78. The stock has a 50 day moving average price of $93.19 and a 200-day moving average price of $88.59. 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 announced its earnings results on Tuesday, August 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.23 by $0.03. The firm had revenue of $8.58 billion during 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 business's revenue was up 7.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.23 EPS. 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 EPS for the current fiscal year.

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 17th. Investors of record on Friday, September 26th will be paid a $0.71 dividend. The ex-dividend date is Friday, September 26th. This represents a $2.84 annualized dividend and a dividend yield of 2.9%. Medtronic's dividend payout ratio is presently 78.24%.

Insider Activity 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 bought at an average price of $92.37 per share, for a total transaction of $230,925.00. Following the purchase, the director directly owned 5,000 shares of the company's stock, valued at approximately $461,850. This represents a 100.00% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Harry Skip Kiil sold 8,605 shares of the company's stock in a transaction that occurred on Wednesday, September 3rd. The stock was 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 in the company, valued at $3,261,621.70. The trade was 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 Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Truist Financial upped their price objective on shares of Medtronic from $92.00 to $96.00 and gave the stock a "hold" rating in a report on Thursday, August 21st. Morgan Stanley restated an "overweight" rating and issued a $107.00 price objective (up from $98.00) on shares of Medtronic in a report on Tuesday, July 15th. Needham & Company LLC restated a "hold" rating on shares of Medtronic in a report on Thursday, August 14th. Weiss Ratings restated a "buy (b-)" rating on shares of Medtronic in a report on Saturday, September 27th. Finally, The Goldman Sachs Group decreased their price objective on shares of Medtronic from $82.00 to $81.00 and set a "sell" rating on the stock in a report on Wednesday, October 1st. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Medtronic currently has a consensus rating of "Moderate Buy" and an average price target of $101.63.

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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