Harbour Trust & Investment Management Co Boosts Stake in Medtronic PLC $MDT

Harbour Trust & Investment Management Co raised its holdings in shares of Medtronic PLC (NYSE:MDT) by 13.7% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 4,460 shares of the medical technology company’s stock after acquiring an additional 536 shares during the period. Harbour Trust & Investment Management Co’s holdings in Medtronic were worth $389,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. 1248 Management LLC purchased a new position in Medtronic during the first quarter worth about $26,000. Columbia River Financial Group LLC purchased a new position in shares of Medtronic in the 1st quarter worth about $28,000. Twin Tree Management LP purchased a new position in shares of Medtronic in the 1st quarter worth about $29,000. Activest Wealth Management boosted its holdings in shares of Medtronic by 3,577.8% in the 1st quarter. Activest Wealth Management now owns 331 shares of the medical technology company’s stock worth $30,000 after purchasing an additional 322 shares in the last quarter. Finally, Hughes Financial Services LLC purchased a new position in shares of Medtronic in the 1st quarter worth about $32,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on MDT shares. Leerink Partners started coverage on Medtronic in a report on Monday, June 16th. They issued an “outperform” rating and a $110.00 price objective for the company. Daiwa Capital Markets upped their price objective on Medtronic from $101.00 to $104.00 and gave the stock a “buy” rating in a report on Friday, September 12th. Wells Fargo & Company upped their price objective on Medtronic from $98.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday, August 20th. Citigroup upped their price objective on Medtronic from $101.00 to $112.00 and gave the stock a “buy” rating in a report on Tuesday, October 7th. Finally, Wall Street Zen cut Medtronic from a “buy” rating to a “hold” rating in a report on Friday, October 3rd. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $102.41.

Medtronic Stock Up 0.2%

Shares of NYSE:MDT opened at $95.63 on Tuesday. 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 $122.66 billion, a P/E ratio of 26.34, a P/E/G ratio of 2.51 and a beta of 0.78. The stock has a 50 day moving average price of $93.68 and a 200-day moving average price of $88.80. 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) last posted its quarterly earnings data on Tuesday, August 19th. The medical technology company reported $1.26 earnings per share 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 company had revenue of $8.58 billion during the quarter, compared to analyst estimates of $8.37 billion. During the same quarter last year, the company earned $1.23 EPS. The firm’s revenue for the quarter was up 7.7% on a year-over-year basis. 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 firm also recently announced a quarterly dividend, which will be paid on Friday, October 17th. Shareholders of record on Friday, September 26th will be issued a $0.71 dividend. The ex-dividend date of this dividend is Friday, September 26th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.0%. Medtronic’s dividend payout ratio (DPR) is presently 78.24%.

Insiders Place Their Bets

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

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.