Cardinal Capital Management increased its stake in shares of Medtronic PLC (NYSE:MDT – Free Report) by 8.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 92,363 shares of the medical technology company’s stock after buying an additional 7,323 shares during the period. Cardinal Capital Management’s holdings in Medtronic were worth $8,036,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. BlackRock Inc. increased its position in Medtronic by 0.7% in the 2nd quarter. BlackRock Inc. now owns 114,020,787 shares of the medical technology company’s stock valued at $8,919,846,000 after acquiring an additional 838,220 shares in the last quarter. State Street Corp raised its stake in shares of Medtronic by 2.7% in the second quarter. State Street Corp now owns 63,399,315 shares of the medical technology company’s stock worth $5,005,320,000 after acquiring an additional 1,658,301 shares during the last quarter. Bank of America Corp DE raised its stake in shares of Medtronic by 5.4% in the first quarter. Bank of America Corp DE now owns 26,015,003 shares of the medical technology company’s stock worth $2,254,200,000 after acquiring an additional 1,343,220 shares during the last quarter. First Eagle Investment Management LLC lifted its position in shares of Medtronic by 37.2% during the second quarter. First Eagle Investment Management LLC now owns 13,783,983 shares of the medical technology company’s stock worth $1,078,321,000 after purchasing an additional 3,739,288 shares in the last quarter. Finally, WCM Investment Management LLC acquired a new position in shares of Medtronic during the first quarter worth approximately $965,922,000. Institutional investors own 82.06% of the company’s stock.
Medtronic Price Performance
Shares of MDT stock opened at $93.05 on Thursday. The firm has a market cap of $119.02 billion, a price-to-earnings ratio of 22.92, a PEG ratio of 2.21 and a beta of 0.55. Medtronic PLC has a 12 month low of $73.31 and a 12 month high of $106.33. The company has a quick ratio of 1.54, a current ratio of 2.07 and a debt-to-equity ratio of 0.50. The stock has a 50-day moving average price of $91.23 and a 200 day moving average price of $85.16.
Medtronic (NYSE:MDT – Get Free Report) last released its earnings results on Tuesday, September 1st. The medical technology company reported $1.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.06. The company had revenue of $9.76 billion for the quarter, compared to the consensus estimate of $9.55 billion. Medtronic had a net margin of 13.93% and a return on equity of 14.78%. The company’s revenue was up 13.7% compared to the same quarter last year. During the same period in the prior year, the company posted $1.26 EPS. Medtronic has set its Q2 2027 guidance at 1.320-1.340 EPS and its FY 2027 guidance at 5.940-6.000 EPS. Research analysts expect that Medtronic PLC will post 5.98 EPS for the current year.
Medtronic Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Friday, October 16th. Investors of record on Friday, September 25th were paid a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend was Friday, September 25th. Medtronic’s payout ratio is 70.94%.
Wall Street Analyst Weigh In
Several analysts have recently commented on the stock. Evercore set a $105.00 price target on shares of Medtronic in a research note on Monday, July 6th. Royal Bank Of Canada restated an “outperform” rating and issued a $118.00 price objective on shares of Medtronic in a research report on Wednesday, September 2nd. Weiss Ratings upgraded shares of Medtronic from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday. Wells Fargo & Company upped their price objective on Medtronic from $102.00 to $104.00 and gave the stock an “overweight” rating in a report on Wednesday, September 2nd. Finally, Bank of America upped their price objective on Medtronic from $95.00 to $110.00 and gave the stock a “buy” rating in a report on Wednesday, September 2nd. Eighteen investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $102.88.
Read Our Latest Research Report on Medtronic
Insider Buying and Selling
In related news, EVP Michael Marinaro sold 10,420 shares of the stock in a transaction that occurred on Thursday, October 15th. The shares were sold at an average price of $96.00, for a total value of $1,000,320.00. Following the transaction, the executive vice president directly owned 105,916 shares in the company, valued at $10,167,936. This represents a 8.96% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Harry Kiil sold 1,483 shares of the stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $93.65, for a total transaction of $138,882.95. Following the completion of the transaction, the executive vice president owned 42,186 shares in the company, valued at $3,950,718.90. This represents a 3.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 61,903 shares of company stock valued at $5,889,203 over the last ninety days. Insiders own 0.27% of the company’s stock.
Medtronic Company Profile
Medtronic plc (NYSE: MDT) is a global medical technology company that develops, manufactures and distributes devices and therapies used to diagnose, treat and manage a broad range of medical conditions. Its products support healthcare providers in areas including cardiac and vascular care, diabetes, neuroscience, surgical procedures and patient monitoring.
The company’s offerings include pacemakers, implantable defibrillators, heart valves and other structural heart products; insulin pumps and continuous glucose monitoring technologies; spinal and neurosurgical systems; deep-brain and spinal cord stimulation devices; surgical instruments and robotic-assisted technologies; and respiratory and patient-monitoring equipment.
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