Pzena Investment Management LLC Purchases 469,069 Shares of Medtronic PLC $MDT

Pzena Investment Management LLC increased its position in Medtronic PLC (NYSE:MDT) by 5.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 8,855,291 shares of the medical technology company’s stock after purchasing an additional 469,069 shares during the quarter. Medtronic makes up 2.5% of Pzena Investment Management LLC’s portfolio, making the stock its 15th largest holding. Pzena Investment Management LLC’s holdings in Medtronic were worth $771,916,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cypress Capital Group lifted its position in Medtronic by 15.2% in the second quarter. Cypress Capital Group now owns 4,501 shares of the medical technology company’s stock worth $392,000 after purchasing an additional 593 shares during the period. Hazlett Burt & Watson Inc. lifted its holdings in shares of Medtronic by 1,044.7% during the second quarter. Hazlett Burt & Watson Inc. now owns 870 shares of the medical technology company’s stock valued at $76,000 after acquiring an additional 794 shares during the period. Allspring Global Investments Holdings LLC lifted its holdings in shares of Medtronic by 2.4% during the second quarter. Allspring Global Investments Holdings LLC now owns 1,176,171 shares of the medical technology company’s stock valued at $104,385,000 after acquiring an additional 27,055 shares during the period. LRI Investments LLC lifted its holdings in shares of Medtronic by 2.8% during the second quarter. LRI Investments LLC now owns 11,197 shares of the medical technology company’s stock valued at $976,000 after acquiring an additional 309 shares during the period. Finally, Brightwater Advisory LLC lifted its holdings in shares of Medtronic by 458.5% during the second quarter. Brightwater Advisory LLC now owns 3,256 shares of the medical technology company’s stock valued at $293,000 after acquiring an additional 2,673 shares during the period. 82.06% of the stock is owned by institutional investors.

Medtronic Stock Performance

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

Medtronic (NYSE:MDT) last announced its earnings results 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 period last year, the company posted $1.23 earnings per share. The firm’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. On average, equities research analysts predict that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Announces Dividend

The company 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 $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date is Friday, September 26th. Medtronic’s dividend payout ratio (DPR) is presently 78.24%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on MDT shares. UBS Group lifted their price objective on Medtronic from $94.00 to $95.00 and gave the company a “neutral” rating in a report on Wednesday, August 20th. Royal Bank Of Canada reissued an “outperform” rating and set a $111.00 price objective on shares of Medtronic in a report on Friday. BTIG Research reissued a “neutral” rating on shares of Medtronic in a report on Friday, July 11th. Truist Financial lifted their price objective on Medtronic from $92.00 to $96.00 and gave the company a “hold” rating in a report on Thursday, August 21st. Finally, Argus lifted their price objective on Medtronic from $105.00 to $115.00 and gave the company a “buy” rating in a report on Tuesday, August 26th. One investment 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 company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $102.41.

Insider Transactions at Medtronic

In related news, EVP Harry Skip Kiil sold 8,605 shares of Medtronic stock in a transaction dated 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 directly owned 35,615 shares in the company, valued at $3,261,621.70. This trade represents a 19.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William R. Jellison acquired 2,500 shares of the stock in a transaction that occurred on Monday, August 25th. The stock was purchased at an average price of $92.37 per share, with a total value of $230,925.00. Following the completion of the transaction, the director owned 5,000 shares of the company’s stock, 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 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.