Geode Capital Management LLC Increases Position in Medtronic PLC $MDT

Geode Capital Management LLC increased its holdings in shares of Medtronic PLC (NYSE:MDT) by 1.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 28,227,006 shares of the medical technology company’s stock after purchasing an additional 310,684 shares during the quarter. Geode Capital Management LLC’s holdings in Medtronic were worth $2,448,699,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of MDT. Gilbert & Cook Inc. lifted its stake in Medtronic by 1.9% in the second quarter. Gilbert & Cook Inc. now owns 6,103 shares of the medical technology company’s stock valued at $532,000 after buying an additional 114 shares during the last quarter. Red Spruce Capital LLC increased 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 purchasing an additional 118 shares during the period. Certior Financial Group LLC increased its stake in shares of Medtronic by 3.7% during the first quarter. Certior Financial Group LLC now owns 3,450 shares of the medical technology company’s stock worth $310,000 after acquiring an additional 122 shares during the period. PrairieView Partners LLC boosted its holdings in Medtronic by 3.6% in the 2nd quarter. PrairieView Partners LLC now owns 3,726 shares of the medical technology company’s stock valued at $324,000 after purchasing an additional 128 shares in the last quarter. Finally, Motco raised its stake in shares of Medtronic by 27.0% during the 1st quarter. Motco now owns 635 shares of the medical technology company’s stock worth $57,000 after buying an additional 135 shares in the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have commented on MDT. Stifel Nicolaus raised their target price on Medtronic from $90.00 to $105.00 and gave the company a “hold” rating in a report on Thursday, October 9th. Wells Fargo & Company boosted their price objective on shares of Medtronic from $98.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday, August 20th. Truist Financial increased their target price on shares of Medtronic from $96.00 to $103.00 and gave the company a “hold” rating in a report on Wednesday, October 15th. Royal Bank Of Canada reissued an “outperform” rating and set a $111.00 price target on shares of Medtronic in a research note on Friday, October 10th. Finally, Mizuho boosted their target price on Medtronic from $98.00 to $100.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 16th. 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 given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $102.82.

Insiders Place Their Bets

In other Medtronic news, Director William R. Jellison bought 2,500 shares of the company’s stock in a transaction dated Monday, August 25th. The shares were acquired at an average cost of $92.37 per share, with a total value of $230,925.00. Following the completion of the transaction, the director owned 5,000 shares in the company, valued at $461,850. The trade was a 100.00% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 value of $788,045.90. Following the completion of the transaction, 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 position. The disclosure for this sale is available in the SEC filing. 0.26% of the stock is currently owned by company insiders.

Medtronic Stock Up 2.9%

Shares of MDT opened at $95.32 on Wednesday. Medtronic PLC has a fifty-two week low of $79.29 and a fifty-two week high of $99.37. The company’s fifty day moving average is $94.24 and its two-hundred day moving average is $90.18. The firm has a market cap of $122.27 billion, a PE ratio of 26.26, a price-to-earnings-growth ratio of 2.42 and a beta of 0.77. 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 released its quarterly earnings data 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. The business had revenue of $8.58 billion for the quarter, compared to analyst estimates of $8.37 billion. Medtronic had a return on equity of 14.61% and a net margin of 13.63%.The company’s revenue was up 7.7% compared to the same quarter last year. During the same period in the previous year, the company posted $1.23 EPS. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. Analysts forecast that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

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

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.