Chemung Canal Trust Co. Has $5.71 Million Holdings in Medtronic PLC $MDT

Chemung Canal Trust Co. raised its holdings in Medtronic PLC (NYSE:MDT) by 37.2% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 65,522 shares of the medical technology company’s stock after acquiring an additional 17,762 shares during the quarter. Medtronic accounts for 1.2% of Chemung Canal Trust Co.’s investment portfolio, making the stock its 28th biggest holding. Chemung Canal Trust Co.’s holdings in Medtronic were worth $5,712,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently added to or reduced their stakes in the business. Legacy Advisory Services LLC acquired a new position in shares of Medtronic during the first quarter worth approximately $541,000. GC Wealth Management RIA LLC raised its position in shares of Medtronic by 20.6% during 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 during the period. RNC Capital Management LLC raised its position in shares of Medtronic by 8.8% during the first quarter. RNC Capital Management LLC now owns 417,021 shares of the medical technology company’s stock worth $37,474,000 after purchasing an additional 33,729 shares during the period. Commerce Bank raised its position in shares of Medtronic by 1.7% during the first quarter. Commerce Bank now owns 145,984 shares of the medical technology company’s stock worth $13,118,000 after purchasing an additional 2,429 shares during the period. Finally, Brighton Jones LLC raised its position in shares of Medtronic by 1,368.0% during the fourth quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company’s stock worth $3,194,000 after purchasing an additional 37,265 shares during the period. 82.06% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Medtronic news, EVP Harry Skip Kiil sold 8,605 shares of the company’s stock in a transaction 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 transaction, the executive vice president owned 35,615 shares in the company, valued at $3,261,621.70. This represents a 19.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William R. Jellison acquired 2,500 shares of Medtronic stock in a transaction on Monday, August 25th. The stock was acquired at an average price of $92.37 per share, with a total value of $230,925.00. Following the purchase, the director directly owned 5,000 shares in the company, valued at approximately $461,850. This trade represents a 100.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.26% of the stock is owned by corporate insiders.

Medtronic Trading Up 2.3%

Shares of Medtronic stock opened at $97.63 on Friday. The company has a market capitalization of $125.23 billion, a P/E ratio of 26.90, a price-to-earnings-growth ratio of 2.57 and a beta of 0.78. 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 stock has a fifty day simple moving average of $92.94 and a 200 day simple moving average of $88.48. Medtronic PLC has a 12-month low of $79.29 and a 12-month high of $97.94.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, August 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.23 by $0.03. The firm 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 business’s revenue for the quarter was up 7.7% on a year-over-year basis. 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. On average, sell-side analysts anticipate that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 17th. Shareholders of record on Friday, September 26th will be paid a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date is Friday, September 26th. Medtronic’s dividend payout ratio is 78.24%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on MDT. Sanford C. Bernstein upped their target price on Medtronic from $97.00 to $98.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 20th. Mizuho upped their target price on Medtronic from $98.00 to $100.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 16th. UBS Group upped their price target on Medtronic from $94.00 to $95.00 and gave the stock a “neutral” rating in a report on Wednesday, August 20th. Morgan Stanley reiterated an “overweight” rating and set a $107.00 price target (up previously from $98.00) on shares of Medtronic in a report on Tuesday, July 15th. Finally, Wells Fargo & Company upped their price target on Medtronic from $98.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday, August 20th. One 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 company’s stock. According to MarketBeat.com, Medtronic currently has an average rating of “Moderate Buy” and an average target price of $100.94.

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.