Hartford Investment Management Co. Sells 937 Shares of Medtronic PLC $MDT

Hartford Investment Management Co. decreased its holdings in shares of Medtronic PLC (NYSE:MDT) by 1.2% during the second quarter, HoldingsChannel reports. The fund owned 77,350 shares of the medical technology company’s stock after selling 937 shares during the quarter. Hartford Investment Management Co.’s holdings in Medtronic were worth $6,743,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Burkett Financial Services LLC increased its position in shares of Medtronic by 185.0% during the first quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company’s stock valued at $26,000 after buying an additional 185 shares during the period. 1248 Management LLC bought a new position in shares of Medtronic in the first quarter valued at approximately $26,000. Wood Tarver Financial Group LLC purchased a new position in Medtronic during the fourth quarter valued at approximately $27,000. Columbia River Financial Group LLC bought a new stake in Medtronic during the 1st quarter worth approximately $28,000. Finally, Twin Tree Management LP bought a new stake in Medtronic during the 1st quarter worth approximately $29,000. 82.06% of the stock is owned by institutional investors.

Insider Activity

In related news, Director William R. Jellison bought 2,500 shares of the stock in a transaction dated Monday, August 25th. The stock was bought at an average price of $92.37 per share, with a total value of $230,925.00. Following the purchase, the director owned 5,000 shares in the company, valued at approximately $461,850. The trade was a 100.00% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Harry Skip Kiil sold 8,605 shares of the firm’s stock in a transaction that occurred 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 transaction, the executive vice president owned 35,615 shares in the company, valued at approximately $3,261,621.70. The trade was a 19.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.26% of the stock is currently owned by insiders.

Medtronic Stock Down 1.5%

Shares of NYSE MDT opened at $94.26 on Friday. The stock has a market capitalization of $120.91 billion, a P/E ratio of 25.97, a PEG ratio of 2.52 and a beta of 0.77. Medtronic PLC has a one year low of $79.29 and a one year high of $96.25. The firm’s 50 day simple moving average is $92.48 and its two-hundred day simple moving average is $88.39. 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 announced its quarterly earnings data on Tuesday, August 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $8.37 billion. During the same quarter in the prior year, the company earned $1.23 EPS. The firm’s revenue was up 7.7% on a year-over-year basis. 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 fiscal year.

Medtronic Announces Dividend

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

Analysts Set New Price Targets

A number of research firms have recently commented on MDT. Wells Fargo & Company boosted their price target on shares of Medtronic from $98.00 to $100.00 and gave the company an “overweight” rating in a research report on Wednesday, August 20th. Robert W. Baird upped their target price on Medtronic from $94.00 to $96.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 20th. Daiwa Capital Markets raised their price target on Medtronic from $101.00 to $104.00 and gave the company a “buy” rating in a report on Friday, September 12th. Evercore ISI lifted their price target on Medtronic from $103.00 to $106.00 and gave the company an “outperform” rating in a research report on Tuesday, July 8th. Finally, Wall Street Zen upgraded shares of Medtronic from a “hold” rating to a “buy” rating in a research report on Saturday, August 30th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $102.27.

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.