Medtronic (NYSE:MDT) Reaches New 52-Week High - Time to Buy?

Key Points

• Medtronic shares hit a new 52-week high of $97.44, showing strong market performance with over 1 million shares traded.
• Brokerages are optimistic about Medtronic, with upgrades including a "strong-buy" rating and increased price targets from various analysts.
• The company reported a quarterly revenue of $8.58 billion, exceeding analyst expectations, and recently announced a quarterly dividend of $0.71 per share.

Shares of Medtronic PLC (NYSE:MDT - Get Free Report) reached a new 52-week high during mid-day trading on Friday . The company traded as high as $97.44 and last traded at $97.37, with a volume of 1074683 shares traded. The stock had previously closed at $95.48.

Analyst Ratings Changes

Several brokerages have issued reports on MDT. Leerink Partnrs upgraded Medtronic to a "strong-buy" rating in a report on Monday, June 16th. Wolfe Research raised shares of Medtronic from an "underperform" rating to a "peer perform" rating in a research report on Monday, June 30th. Weiss Ratings restated a "buy (b-)" rating on shares of Medtronic in a report on Saturday, September 27th. Evercore ISI raised their price objective on shares of Medtronic from $103.00 to $106.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. Finally, Argus lifted their price objective on shares of Medtronic from $105.00 to $115.00 and gave the company a "buy" rating in a report on Tuesday, August 26th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and eight have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Medtronic presently has an average rating of "Moderate Buy" and an average price target of $102.27.

Medtronic Stock Performance

The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.50 and a current ratio of 2.01. The stock has a market cap of $125.36 billion, a PE ratio of 26.90, a price-to-earnings-growth ratio of 2.50 and a beta of 0.78. The company's 50 day simple moving average is $92.85 and its 200 day simple moving average is $88.46.

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 for the quarter, topping analysts' consensus estimates of $1.23 by $0.03. The firm had revenue of $8.58 billion for 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 company's revenue was up 7.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.23 EPS. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. Analysts expect that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

The firm 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 dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, September 26th. This represents a $2.84 annualized dividend and a dividend yield of 2.9%. Medtronic's dividend payout ratio (DPR) is currently 78.24%.

Insiders Place Their Bets

In related news, Director William R. Jellison acquired 2,500 shares of the stock in a transaction on Monday, August 25th. The shares were acquired at an average price of $92.37 per share, with a total value of $230,925.00. Following the completion of the transaction, the director owned 5,000 shares in the company, valued at approximately $461,850. The trade was a 100.00% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Harry Skip Kiil sold 8,605 shares of the business's stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $91.58, for a total transaction of $788,045.90. Following the completion of the transaction, the executive vice president owned 35,615 shares in the company, valued at approximately $3,261,621.70. The trade was a 19.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.26% of the company's stock.

Hedge Funds Weigh In On Medtronic

Several institutional investors have recently bought and sold shares of the company. Legacy Advisory Services LLC purchased a new position in shares of Medtronic during the 1st quarter valued at $541,000. GC Wealth Management RIA LLC increased its stake in shares of Medtronic by 20.6% in the second quarter. GC Wealth Management RIA LLC now owns 33,569 shares of the medical technology company's stock worth $2,926,000 after purchasing an additional 5,734 shares in the last quarter. RNC Capital Management LLC raised its position in shares of Medtronic by 8.8% in the first quarter. RNC Capital Management LLC now owns 417,021 shares of the medical technology company's stock valued at $37,474,000 after purchasing an additional 33,729 shares during the period. Commerce Bank lifted its stake in shares of Medtronic by 1.7% during the 1st quarter. Commerce Bank now owns 145,984 shares of the medical technology company's stock valued at $13,118,000 after buying an additional 2,429 shares in the last quarter. Finally, 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 worth $3,194,000 after buying an additional 37,265 shares during the period. Hedge funds and other institutional investors own 82.06% of the company's stock.

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.

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