Eastern Bank Has $1.86 Million Position in Medtronic PLC $MDT

Eastern Bank cut its stake in shares of Medtronic PLC (NYSE:MDT) by 1.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 21,277 shares of the medical technology company’s stock after selling 248 shares during the quarter. Eastern Bank’s holdings in Medtronic were worth $1,855,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. 1248 Management LLC acquired a new position in shares of Medtronic in the 1st quarter valued at about $26,000. Columbia River Financial Group LLC acquired a new position in shares of Medtronic in the 1st quarter valued at about $28,000. Twin Tree Management LP acquired a new position in shares of Medtronic in the 1st quarter valued at about $29,000. Activest Wealth Management lifted its stake 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 valued at $30,000 after purchasing an additional 322 shares during the period. Finally, Hughes Financial Services LLC acquired a new position in shares of Medtronic in the 1st quarter valued at about $32,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Stock Performance

Shares of Medtronic stock opened at $95.52 on Friday. Medtronic PLC has a one year low of $79.29 and a one year high of $99.37. The firm has a market capitalization of $122.52 billion, a price-to-earnings ratio of 26.31, a PEG ratio of 2.51 and a beta of 0.78. The business has a 50-day simple moving average of $93.56 and a 200 day simple moving average of $88.74. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.01 and a quick ratio of 1.50.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, August 19th. The medical technology company reported $1.26 EPS 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 business had revenue of $8.58 billion during the quarter, compared to analyst estimates of $8.37 billion. During the same period in the previous year, the company posted $1.23 EPS. The firm’s 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, research analysts anticipate that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 17th. Shareholders of record on Friday, September 26th will be issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend is Friday, September 26th. Medtronic’s payout ratio is currently 78.24%.

Wall Street Analyst Weigh In

MDT has been the topic of a number of recent analyst reports. The Goldman Sachs Group dropped their price objective on Medtronic from $82.00 to $81.00 and set a “sell” rating on the stock in a research note on Wednesday, October 1st. Citigroup boosted their price objective on Medtronic from $101.00 to $112.00 and gave the company a “buy” rating in a research note on Tuesday. Leerink Partnrs raised Medtronic to a “strong-buy” rating in a research note on Monday, June 16th. Daiwa Capital Markets boosted their price objective on Medtronic from $101.00 to $104.00 and gave the company a “buy” rating in a research note on Friday, September 12th. Finally, Mizuho boosted their price objective on Medtronic from $98.00 to $100.00 and gave the company an “outperform” rating in a research note on Wednesday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $102.41.

Insider Buying and Selling

In related news, Director William R. Jellison acquired 2,500 shares of the firm’s stock in a transaction on Monday, August 25th. The stock was purchased 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 of the company’s stock, valued at approximately $461,850. This trade represents a 100.00% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Harry Skip Kiil sold 8,605 shares of the business’s stock in a transaction that occurred 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 sale, the executive vice president directly owned 35,615 shares of the company’s stock, valued at $3,261,621.70. This represents a 19.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.26% of the company’s stock.

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.