Convergence Investment Partners LLC Sells 8,008 Shares of Medtronic PLC $MDT

Convergence Investment Partners LLC cut its holdings in Medtronic PLC (NYSE:MDT) by 24.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,172 shares of the medical technology company’s stock after selling 8,008 shares during the period. Convergence Investment Partners LLC’s holdings in Medtronic were worth $2,107,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Red Spruce Capital LLC grew its holdings in shares of Medtronic by 0.5% in the second quarter. Red Spruce Capital LLC now owns 23,707 shares of the medical technology company’s stock valued at $2,067,000 after acquiring an additional 118 shares in the last quarter. Certior Financial Group LLC lifted its stake in Medtronic by 3.7% in the first quarter. Certior Financial Group LLC now owns 3,450 shares of the medical technology company’s stock valued at $310,000 after purchasing an additional 122 shares during the last quarter. Cidel Asset Management Inc. lifted its stake in Medtronic by 1.3% in the first quarter. Cidel Asset Management Inc. now owns 9,531 shares of the medical technology company’s stock valued at $856,000 after purchasing an additional 126 shares during the last quarter. PrairieView Partners LLC increased its position in Medtronic by 3.6% in the second quarter. PrairieView Partners LLC now owns 3,726 shares of the medical technology company’s stock worth $324,000 after buying an additional 128 shares during the last quarter. Finally, Motco increased its position in Medtronic by 27.0% in the first quarter. Motco now owns 635 shares of the medical technology company’s stock worth $57,000 after buying an additional 135 shares during the last quarter. 82.06% of the stock is owned by institutional investors.

Medtronic Trading Down 0.5%

NYSE:MDT opened at $93.76 on Monday. The company has a market cap of $120.26 billion, a P/E ratio of 25.83, a P/E/G ratio of 2.47 and a beta of 0.78. The stock’s fifty day moving average price is $94.32 and its two-hundred day moving average price is $89.42. Medtronic PLC has a 1 year low of $79.29 and a 1 year high of $99.37. 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 posted its earnings results 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 firm 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%.The business’s quarterly revenue was up 7.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.23 earnings per share. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. As a group, analysts expect that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 17th. Investors 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 3.0%. The ex-dividend date was Friday, September 26th. Medtronic’s dividend payout ratio (DPR) is 78.24%.

Insiders Place Their Bets

In related news, EVP Harry Skip Kiil sold 8,605 shares of the stock in a transaction 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 owned 35,615 shares in the company, valued at approximately $3,261,621.70. This trade represents a 19.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director William R. Jellison acquired 2,500 shares of the stock in a transaction that occurred on Monday, August 25th. The stock was acquired at an average price of $92.37 per share, for a total transaction of $230,925.00. Following the transaction, the director directly owned 5,000 shares of the company’s stock, valued at $461,850. This represents a 100.00% increase in their position. The disclosure for this purchase can be found here. Company insiders own 0.26% of the company’s stock.

Analysts Set New Price Targets

MDT has been the topic of several research reports. Royal Bank Of Canada restated an “outperform” rating and issued a $111.00 target price on shares of Medtronic in a research note on Friday, October 10th. William Blair upgraded Medtronic to a “hold” rating in a research note on Friday, July 11th. Wall Street Zen upgraded Medtronic from a “hold” rating to a “buy” rating in a research note on Saturday. UBS Group boosted their target price on Medtronic from $94.00 to $95.00 and gave the company a “neutral” rating in a research note on Wednesday, August 20th. Finally, BTIG Research restated a “neutral” rating on shares of Medtronic in a research note on Friday, July 11th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $102.82.

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.