Summit Financial LLC Boosts Position in Medtronic PLC $MDT

Summit Financial LLC grew its position in shares of Medtronic PLC (NYSE:MDT) by 10.9% during the first quarter, HoldingsChannel reports. The firm owned 22,556 shares of the medical technology company’s stock after buying an additional 2,226 shares during the period. Summit Financial LLC’s holdings in Medtronic were worth $2,027,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in MDT. Brighton Jones LLC increased its stake in shares of Medtronic by 1,368.0% in the fourth quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company’s stock worth $3,194,000 after buying an additional 37,265 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Medtronic by 1.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,041,286 shares of the medical technology company’s stock valued at $562,460,000 after acquiring an additional 105,263 shares during the period. MGO One Seven LLC raised its stake in shares of Medtronic by 2.1% during the fourth quarter. MGO One Seven LLC now owns 22,219 shares of the medical technology company’s stock valued at $1,775,000 after purchasing an additional 449 shares in the last quarter. Coppell Advisory Solutions LLC raised its stake in shares of Medtronic by 13.4% during the fourth quarter. Coppell Advisory Solutions LLC now owns 2,095 shares of the medical technology company’s stock valued at $167,000 after purchasing an additional 248 shares in the last quarter. Finally, Voya Investment Management LLC raised its stake in shares of Medtronic by 15.1% during the fourth quarter. Voya Investment Management LLC now owns 746,774 shares of the medical technology company’s stock valued at $59,652,000 after purchasing an additional 97,778 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on MDT shares. Wolfe Research upgraded shares of Medtronic from an “underperform” rating to a “peer perform” rating in a research report on Monday, June 30th. Truist Financial raised their price target on shares of Medtronic from $92.00 to $96.00 and gave the stock a “hold” rating in a report on Thursday. Evercore ISI raised their price target on shares of Medtronic from $103.00 to $106.00 and gave the stock an “outperform” rating in a report on Tuesday, July 8th. Leerink Partners assumed coverage on shares of Medtronic in a research report on Monday, June 16th. They set an “outperform” rating and a $110.00 price objective on the stock. Finally, Leerink Partnrs raised shares of Medtronic to a “strong-buy” rating in a research report on Monday, June 16th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and eight have issued a Hold rating to the company’s stock. According to data from MarketBeat, Medtronic presently has an average rating of “Moderate Buy” and an average price target of $101.15.

Medtronic Stock Up 1.7%

MDT opened at $92.6210 on Friday. Medtronic PLC has a fifty-two week low of $79.29 and a fifty-two week high of $96.25. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 1.42. The firm’s fifty day moving average price is $89.73 and its two-hundred day moving average price is $88.03. The company has a market capitalization of $118.72 billion, a P/E ratio of 25.52, a P/E/G ratio of 2.31 and a beta of 0.80.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, August 19th. The medical technology company reported $1.26 EPS for the quarter, beating the consensus estimate of $1.23 by $0.03. Medtronic had a net margin of 13.63% and a return on equity of 14.56%. The company 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 earned $1.23 EPS. The firm’s revenue for the quarter 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, analysts anticipate that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Dividend Announcement

The business also recently declared 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. The ex-dividend date is Friday, September 26th. This represents a $2.84 annualized dividend and a yield of 3.1%. Medtronic’s dividend payout ratio is 78.24%.

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.