Medtronic PLC $MDT Shares Purchased by Westchester Capital Management Inc.

Westchester Capital Management Inc. grew its stake in shares of Medtronic PLC (NYSE:MDT) by 0.5% in the second quarter, according to its most recent filing with the SEC. The fund owned 98,954 shares of the medical technology company’s stock after acquiring an additional 500 shares during the period. Medtronic comprises about 2.0% of Westchester Capital Management Inc.’s portfolio, making the stock its 21st largest holding. Westchester Capital Management Inc.’s holdings in Medtronic were worth $8,626,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of MDT. 1248 Management LLC purchased a new stake in shares of Medtronic during the first quarter valued at $26,000. Columbia River Financial Group LLC acquired a new stake in Medtronic during the 1st quarter worth about $28,000. Twin Tree Management LP purchased a new stake in Medtronic during the first quarter valued at about $29,000. Activest Wealth Management boosted its holdings in shares of Medtronic by 3,577.8% in the first quarter. Activest Wealth Management now owns 331 shares of the medical technology company’s stock worth $30,000 after buying an additional 322 shares during the period. Finally, Hughes Financial Services LLC purchased a new position in shares of Medtronic in the first quarter worth approximately $32,000. 82.06% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Medtronic news, Director William R. Jellison bought 2,500 shares of Medtronic stock in a transaction on Monday, August 25th. The stock was purchased at an average cost of $92.37 per share, for a total transaction of $230,925.00. Following the completion of the purchase, the director directly owned 5,000 shares of the company’s stock, valued at $461,850. The trade was a 100.00% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Harry Skip Kiil sold 8,605 shares of the stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $91.58, for a total transaction of $788,045.90. Following the transaction, the executive vice president owned 35,615 shares in the company, valued at approximately $3,261,621.70. This trade represents a 19.46% decrease in their position. The disclosure for this sale can be found here. 0.26% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on MDT shares. Stifel Nicolaus upped their price target on shares of Medtronic from $90.00 to $105.00 and gave the company a “hold” rating in a research report on Thursday. Weiss Ratings reissued a “buy (b-)” rating on shares of Medtronic in a research note on Wednesday, October 8th. Truist Financial raised their target price on Medtronic from $92.00 to $96.00 and gave the stock a “hold” rating in a research report on Thursday, August 21st. Citigroup lifted their price target on Medtronic from $101.00 to $112.00 and gave the company a “buy” rating in a report on Tuesday, October 7th. Finally, Leerink Partners started coverage on Medtronic in a research note on Monday, June 16th. They issued an “outperform” rating and a $110.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $102.41.

Medtronic Price Performance

Shares of NYSE:MDT opened at $95.52 on Monday. The company has a current ratio of 2.01, a quick ratio of 1.50 and a debt-to-equity ratio of 0.54. Medtronic PLC has a 1 year low of $79.29 and a 1 year high of $99.37. The business has a fifty day simple moving average of $93.56 and a 200 day simple moving average of $88.74. The firm has a market cap of $122.52 billion, a price-to-earnings ratio of 26.31, a P/E/G ratio of 2.51 and a beta of 0.78.

Medtronic (NYSE:MDT) last issued its earnings results 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. Medtronic had a return on equity of 14.61% and a net margin of 13.63%.The firm had revenue of $8.58 billion for the quarter, compared to the consensus estimate of $8.37 billion. During the same quarter in the previous year, the company posted $1.23 earnings per share. The business’s quarterly revenue was up 7.7% compared to the same quarter last year. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. As a group, sell-side analysts predict 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. Investors of record on Friday, September 26th will be given a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend is Friday, September 26th. Medtronic’s dividend payout ratio (DPR) is presently 78.24%.

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.