Summit X LLC Buys New Shares in Medtronic PLC $MDT

Summit X LLC bought a new position in shares of Medtronic PLC (NYSE:MDT) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,994 shares of the medical technology company’s stock, valued at approximately $261,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MDT. 1248 Management LLC acquired a new stake in shares of Medtronic in the first quarter worth approximately $26,000. Twin Tree Management LP purchased a new stake in Medtronic during the first quarter valued at about $29,000. Activest Wealth Management increased its stake in Medtronic by 3,577.8% during the first quarter. Activest Wealth Management now owns 331 shares of the medical technology company’s stock worth $30,000 after acquiring an additional 322 shares during the last quarter. Hughes Financial Services LLC acquired a new stake in Medtronic during the first quarter worth about $32,000. Finally, Investment Management Corp VA ADV raised its holdings in shares of Medtronic by 144.2% in the 1st quarter. Investment Management Corp VA ADV now owns 403 shares of the medical technology company’s stock worth $36,000 after purchasing an additional 238 shares during the period. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Argus boosted their target price on Medtronic from $105.00 to $115.00 and gave the stock a “buy” rating in a report on Tuesday, August 26th. Mizuho lifted their price target on shares of Medtronic from $98.00 to $100.00 and gave the company an “outperform” rating in a research report on Wednesday, July 16th. Sanford C. Bernstein reiterated an “outperform” rating and set a $98.00 price objective on shares of Medtronic in a research note on Friday, October 31st. Stifel Nicolaus raised their target price on shares of Medtronic from $90.00 to $105.00 and gave the company a “hold” rating in a research note on Thursday, October 9th. Finally, UBS Group lifted their target price on shares of Medtronic from $94.00 to $95.00 and gave the company a “neutral” rating in a report on Wednesday, August 20th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $102.82.

Medtronic Trading Up 2.4%

NYSE:MDT opened at $92.22 on Monday. The stock has a market cap of $118.29 billion, a price-to-earnings ratio of 25.41, a price-to-earnings-growth ratio of 2.42 and a beta of 0.77. Medtronic PLC has a one year low of $79.29 and a one year high of $99.37. 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’s 50-day simple moving average is $94.20 and its 200 day simple moving average is $90.05.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, August 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.23 by $0.03. The company had revenue of $8.58 billion for the quarter, compared to the consensus estimate of $8.37 billion. Medtronic had a return on equity of 14.61% and a net margin of 13.63%.Medtronic’s revenue for the quarter was up 7.7% compared to the same quarter last year. During the same period in the previous year, the business earned $1.23 EPS. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. As a group, sell-side analysts predict that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 17th. Stockholders of record on Friday, September 26th were given a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date was Friday, September 26th. Medtronic’s dividend payout ratio (DPR) is presently 78.24%.

Insider Activity

In related news, EVP Harry Skip Kiil sold 8,605 shares of the stock in a transaction dated 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 in the company, valued at $3,261,621.70. This represents a 19.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director William R. Jellison bought 2,500 shares of the business’s stock in a transaction on Monday, August 25th. The stock was acquired 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 of the company’s stock, valued at $461,850. The trade was a 100.00% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders own 0.26% of the company’s stock.

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.