Patten Group Inc. Trims Stake in Medtronic PLC $MDT

Patten Group Inc. reduced its position in Medtronic PLC (NYSE:MDT) by 2.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,828 shares of the medical technology company’s stock after selling 119 shares during the quarter. Patten Group Inc.’s holdings in Medtronic were worth $421,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of MDT. Boston Partners increased its position in shares of Medtronic by 122.8% during the first quarter. Boston Partners now owns 6,912,055 shares of the medical technology company’s stock worth $619,460,000 after acquiring an additional 3,809,450 shares during the period. Ameriprise Financial Inc. boosted its stake in shares of Medtronic by 28.8% during the first quarter. Ameriprise Financial Inc. now owns 15,481,028 shares of the medical technology company’s stock valued at $1,391,141,000 after purchasing an additional 3,461,221 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Medtronic by 42.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 10,059,135 shares of the medical technology company’s stock valued at $903,915,000 after acquiring an additional 3,017,849 shares in the last quarter. Nuveen LLC acquired a new stake in Medtronic in the first quarter valued at approximately $260,649,000. Finally, Mackenzie Financial Corp boosted its stake in Medtronic by 220.9% in the first quarter. Mackenzie Financial Corp now owns 2,412,115 shares of the medical technology company’s stock valued at $216,753,000 after acquiring an additional 1,660,357 shares in the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. William Blair upgraded shares of Medtronic to a “hold” rating in a research note on Friday, July 11th. Robert W. Baird boosted their target price on shares of Medtronic from $94.00 to $96.00 and gave the company a “neutral” rating in a research report on Wednesday, August 20th. Wolfe Research upgraded shares of Medtronic from an “underperform” rating to a “peer perform” rating in a research report on Monday, June 30th. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research report on Thursday, August 14th. Finally, Sanford C. Bernstein upped their price objective on shares of Medtronic from $97.00 to $98.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 20th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $102.82.

Medtronic Stock Up 0.0%

MDT opened at $95.84 on Thursday. Medtronic PLC has a twelve month low of $79.29 and a twelve month high of $99.37. The company has a quick ratio of 1.50, a current ratio of 2.01 and a debt-to-equity ratio of 0.54. The company has a 50-day moving average price of $94.26 and a 200 day moving average price of $89.17. The company has a market cap of $122.93 billion, a PE ratio of 26.40, a price-to-earnings-growth ratio of 2.52 and a beta of 0.78.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, August 19th. The medical technology company reported $1.26 earnings per share 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 the consensus estimate of $8.37 billion. Medtronic had a net margin of 13.63% and a return on equity of 14.61%. The company’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.23 EPS. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. Sell-side analysts expect 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 was paid on Friday, October 17th. Shareholders of record on Friday, September 26th were issued a $0.71 dividend. The ex-dividend date was Friday, September 26th. This represents a $2.84 dividend on an annualized basis and a yield of 3.0%. Medtronic’s dividend payout ratio is presently 78.24%.

Insider Transactions at Medtronic

In other Medtronic news, EVP Harry Skip Kiil sold 8,605 shares of the stock in a transaction dated Wednesday, September 3rd. The shares were 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 approximately $3,261,621.70. This represents a 19.46% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William R. Jellison acquired 2,500 shares of the business’s 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 acquisition, the director owned 5,000 shares in the company, valued at $461,850. The trade was 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 corporate insiders.

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.