Renasant Bank Reduces Position in Medtronic PLC $MDT

Renasant Bank decreased its position in Medtronic PLC (NYSE:MDT) by 26.5% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,487 shares of the medical technology company’s stock after selling 898 shares during the period. Renasant Bank’s holdings in Medtronic were worth $217,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also added to or reduced their stakes in the company. 1248 Management LLC purchased a new stake in Medtronic in the first quarter valued at approximately $26,000. Twin Tree Management LP purchased a new stake in shares of Medtronic during the 1st quarter worth about $29,000. Activest Wealth Management grew its holdings in Medtronic by 3,577.8% in the first quarter. Activest Wealth Management now owns 331 shares of the medical technology company’s stock valued at $30,000 after purchasing an additional 322 shares during the period. Investment Management Corp VA ADV increased its position in shares of Medtronic by 144.2% in the first quarter. Investment Management Corp VA ADV now owns 403 shares of the medical technology company’s stock valued at $36,000 after buying an additional 238 shares in the last quarter. Finally, GFG Capital LLC purchased a new position in shares of Medtronic during the 2nd quarter valued at approximately $36,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Stock Up 2.9%

Shares of MDT opened at $95.32 on Wednesday. The firm has a market cap of $122.27 billion, a P/E ratio of 26.26, a price-to-earnings-growth ratio of 2.42 and a beta of 0.77. Medtronic PLC has a 12-month low of $79.29 and a 12-month high of $99.37. The company’s 50-day moving average price is $94.24 and its 200 day moving average price is $90.18. The company has a current ratio of 2.01, a quick ratio of 1.50 and a debt-to-equity ratio of 0.54.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, August 19th. The medical technology company reported $1.26 earnings per share for the quarter, topping 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 company had revenue of $8.58 billion during the quarter, compared to analyst estimates of $8.37 billion. During the same quarter last year, the firm posted $1.23 earnings per share. Medtronic’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 earnings per share for the current year.

Medtronic Dividend Announcement

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

Insider Buying and Selling

In other news, Director William R. Jellison purchased 2,500 shares of the firm’s stock in a transaction on Monday, August 25th. The shares were bought at an average cost of $92.37 per share, for a total transaction of $230,925.00. Following the completion of the purchase, the director directly owned 5,000 shares of the company’s stock, valued at approximately $461,850. This trade represents a 100.00% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Harry Skip Kiil sold 8,605 shares of Medtronic stock in a transaction on 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 sale, the executive vice president directly owned 35,615 shares of the company’s stock, valued at $3,261,621.70. The trade was a 19.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.26% of the stock is owned by insiders.

Analysts Set New Price Targets

Several brokerages recently commented on MDT. Robert W. Baird boosted their price target on shares of Medtronic from $94.00 to $96.00 and gave the stock a “neutral” rating in a report on Wednesday, August 20th. Daiwa Capital Markets upped their price target on shares of Medtronic from $101.00 to $104.00 and gave the stock a “buy” rating in a research report on Friday, September 12th. Morgan Stanley reiterated an “overweight” rating and issued a $107.00 price objective (up from $98.00) on shares of Medtronic in a report on Tuesday, July 15th. The Goldman Sachs Group reduced their target price on Medtronic from $82.00 to $81.00 and set a “sell” rating for the company in a report on Wednesday, October 1st. Finally, Argus increased their price objective on Medtronic from $105.00 to $115.00 and gave the company a “buy” rating in a research note on Tuesday, August 26th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $102.82.

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.