Econ Financial Services Corp Makes New Investment in Medtronic PLC $MDT

Econ Financial Services Corp purchased a new stake in Medtronic PLC (NYSE:MDT) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 24,774 shares of the medical technology company’s stock, valued at approximately $2,160,000. Medtronic comprises 1.1% of Econ Financial Services Corp’s investment portfolio, making the stock its 27th biggest holding.

Several other hedge funds have also made changes to their positions in MDT. Boston Partners boosted its holdings in Medtronic by 122.8% during the first quarter. Boston Partners now owns 6,912,055 shares of the medical technology company’s stock valued at $619,460,000 after purchasing an additional 3,809,450 shares in the last quarter. Ameriprise Financial Inc. raised its position in Medtronic by 28.8% in the 1st quarter. Ameriprise Financial Inc. now owns 15,481,028 shares of the medical technology company’s stock worth $1,391,141,000 after purchasing an additional 3,461,221 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in Medtronic by 42.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 10,059,135 shares of the medical technology company’s stock worth $903,915,000 after purchasing an additional 3,017,849 shares during the last quarter. Nuveen LLC bought a new stake in shares of Medtronic during the 1st quarter valued at $260,649,000. Finally, Mackenzie Financial Corp raised its position in shares of Medtronic by 220.9% during the 1st 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 during the last quarter. Institutional investors own 82.06% of the company’s stock.

Insider Activity

In related news, EVP Harry Skip Kiil sold 8,605 shares of the company’s stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $91.58, for a total transaction of $788,045.90. Following the sale, the executive vice president owned 35,615 shares of the company’s stock, 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 SEC, which is accessible through this hyperlink. Also, Director William R. Jellison bought 2,500 shares of the firm’s stock in a transaction that occurred on Monday, August 25th. The shares were purchased at an average cost of $92.37 per share, for a total transaction of $230,925.00. Following the acquisition, the director directly owned 5,000 shares in the company, valued at $461,850. This trade represents a 100.00% increase in their position. The SEC filing for this purchase provides additional information. Insiders own 0.26% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. William Blair upgraded shares of Medtronic to a “hold” rating in a research report on Friday, July 11th. Truist Financial increased their price objective on shares of Medtronic from $96.00 to $103.00 and gave the stock a “hold” rating in a research note on Wednesday, October 15th. The Goldman Sachs Group dropped their target price on shares of Medtronic from $82.00 to $81.00 and set a “sell” rating on the stock in a report on Wednesday, October 1st. Daiwa Capital Markets increased their price target on shares of Medtronic from $101.00 to $104.00 and gave the company a “buy” rating in a report on Friday, September 12th. Finally, Wall Street Zen upgraded shares of Medtronic from a “hold” rating to a “buy” rating in a research report on Saturday. One equities research 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 issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $102.82.

Medtronic Price Performance

Shares of NYSE MDT opened at $93.33 on Wednesday. Medtronic PLC has a twelve month low of $79.29 and a twelve month high of $99.37. The firm has a fifty day simple moving average of $94.42 and a 200 day simple moving average of $89.55. The company has a market capitalization of $119.72 billion, a PE ratio of 25.71, a P/E/G ratio of 2.48 and a beta of 0.78. The company has a quick ratio of 1.50, a current ratio of 2.01 and a debt-to-equity ratio of 0.54.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, August 19th. The medical technology company reported $1.26 earnings per share 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 14.61%. The firm had revenue of $8.58 billion during the quarter, compared to the consensus estimate of $8.37 billion. During the same period in the previous year, the firm posted $1.23 earnings per share. The business’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, sell-side analysts forecast that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Dividend Announcement

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

Medtronic 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.