Worth Asset Management LLC Buys New Holdings in Medtronic PLC $MDT

Worth Asset Management LLC purchased a new position in Medtronic PLC (NYSE:MDT) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 12,237 shares of the medical technology company’s stock, valued at approximately $1,056,000.

A number of other large investors also recently modified their holdings of the company. Gradient Investments LLC lifted its stake in Medtronic by 3.9% during the second quarter. Gradient Investments LLC now owns 496,513 shares of the medical technology company’s stock worth $38,842,000 after purchasing an additional 18,509 shares during the last quarter. Czech National Bank boosted its holdings in Medtronic by 4.7% in the second quarter. Czech National Bank now owns 365,443 shares of the medical technology company’s stock valued at $28,589,000 after purchasing an additional 16,292 shares in the last quarter. Cerity Partners LLC increased its stake in Medtronic by 12.7% in the fourth quarter. Cerity Partners LLC now owns 791,015 shares of the medical technology company’s stock valued at $75,988,000 after purchasing an additional 89,111 shares during the last quarter. MassMutual Private Wealth & Trust FSB raised its holdings in Medtronic by 14.8% during the third quarter. MassMutual Private Wealth & Trust FSB now owns 149,708 shares of the medical technology company’s stock worth $12,918,000 after purchasing an additional 19,315 shares in the last quarter. Finally, Verity & Verity LLC raised its holdings in Medtronic by 5.1% during the second quarter. Verity & Verity LLC now owns 229,707 shares of the medical technology company’s stock worth $17,970,000 after purchasing an additional 11,197 shares in the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Stock Performance

Shares of MDT stock traded down $0.45 during mid-day trading on Wednesday, hitting $86.64. The stock had a trading volume of 21,351,172 shares, compared to its average volume of 9,883,359. Medtronic PLC has a fifty-two week low of $73.31 and a fifty-two week high of $106.33. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.07 and a quick ratio of 1.54. The company’s 50-day simple moving average is $90.22 and its 200-day simple moving average is $84.76. The firm has a market cap of $110.83 billion, a PE ratio of 21.32, a PEG ratio of 2.00 and a beta of 0.55.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, September 1st. The medical technology company reported $1.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.06. The company had revenue of $9.76 billion for the quarter, compared to analysts’ expectations of $9.55 billion. Medtronic had a return on equity of 14.78% and a net margin of 13.93%.The firm’s quarterly revenue was up 13.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.26 EPS. Medtronic has set its Q2 2027 guidance at 1.320-1.340 EPS and its FY 2027 guidance at 5.940-6.000 EPS. Sell-side analysts anticipate that Medtronic PLC will post 5.98 earnings per share for the current year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 16th. Shareholders of record on Friday, September 25th will be issued a $0.72 dividend. The ex-dividend date of this dividend is Friday, September 25th. This represents a $2.88 dividend on an annualized basis and a yield of 3.3%. Medtronic’s dividend payout ratio (DPR) is 70.94%.

Insider Activity at Medtronic

In other Medtronic news, EVP Harry Kiil sold 1,483 shares of the business’s stock in a transaction on Wednesday, September 16th. The shares were sold at an average price of $93.65, for a total transaction of $138,882.95. Following the sale, the executive vice president directly owned 42,186 shares in the company, valued at approximately $3,950,718.90. The trade was a 3.40% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Stifel Nicolaus upped their target price on shares of Medtronic from $80.00 to $95.00 and gave the company a “hold” rating in a report on Wednesday, September 2nd. Weiss Ratings upgraded shares of Medtronic from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, September 4th. UBS Group lifted their target price on Medtronic from $100.00 to $110.00 and gave the stock a “buy” rating in a research report on Thursday, September 3rd. Robert W. Baird upped their target price on Medtronic from $91.00 to $100.00 and gave the company a “neutral” rating in a research report on Wednesday, September 2nd. Finally, TD Cowen reaffirmed a “buy” rating and set a $110.00 price target on shares of Medtronic in a research report on Wednesday, September 30th. Eighteen analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat, Medtronic has an average rating of “Moderate Buy” and a consensus target price of $102.92.

About Medtronic

Medtronic plc is a global medical technology company that develops and manufactures devices, therapies and healthcare solutions for treating chronic and acute conditions. Its products are used in areas including cardiac and vascular care, neuroscience, medical and surgical procedures, and diabetes management.

The company’s portfolio includes pacemakers, implantable cardioverter-defibrillators, cardiac ablation systems, stents and other cardiovascular products; neuromodulation systems, deep-brain stimulation devices and spinal technologies; surgical instruments, robotic-assisted surgery systems and gastrointestinal diagnostic tools; and insulin pumps and related diabetes technologies.

Medtronic traces its origins to 1949, when Earl Bakken and Palmer Hermundslie founded the company in Minneapolis, Minnesota.