Perkins Coie Trust Co Buys 1,117,570 Shares of Medtronic PLC $MDT

Perkins Coie Trust Co lifted its stake in shares of Medtronic PLC (NYSE:MDT) by 2,952.2% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,155,425 shares of the medical technology company’s stock after purchasing an additional 1,117,570 shares during the period. Medtronic makes up about 17.2% of Perkins Coie Trust Co’s holdings, making the stock its biggest position. Perkins Coie Trust Co’s holdings in Medtronic were worth $100,718,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of MDT. Boston Partners raised its position in shares of Medtronic by 122.8% during the first quarter. Boston Partners now owns 6,912,055 shares of the medical technology company’s stock worth $619,460,000 after purchasing an additional 3,809,450 shares during the period. Ameriprise Financial Inc. raised its position in shares of Medtronic by 28.8% during the first quarter. Ameriprise Financial Inc. now owns 15,481,028 shares of the medical technology company’s stock worth $1,391,141,000 after purchasing an additional 3,461,221 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of Medtronic by 42.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 10,059,135 shares of the medical technology company’s stock worth $903,915,000 after purchasing an additional 3,017,849 shares during the period. Nuveen LLC acquired a new stake in shares of Medtronic during the first quarter worth $260,649,000. Finally, Burgundy Asset Management Ltd. acquired a new position in Medtronic during the fourth quarter valued at $174,329,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Robert W. Baird upped their price target on Medtronic from $94.00 to $96.00 and gave the company a “neutral” rating in a research report on Wednesday, August 20th. Sanford C. Bernstein upped their price target on Medtronic from $97.00 to $98.00 and gave the company an “outperform” rating in a research report on Wednesday, August 20th. Wolfe Research raised Medtronic from an “underperform” rating to a “peer perform” rating in a research report on Monday, June 30th. Citigroup upped their price target on Medtronic from $99.00 to $101.00 and gave the company a “buy” rating in a research report on Thursday, August 21st. Finally, Daiwa Capital Markets upped their price target on Medtronic from $101.00 to $104.00 and gave the company a “buy” rating in a research report on Friday, September 12th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $102.27.

Insider Buying and Selling

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

Medtronic Stock Performance

MDT opened at $95.60 on Friday. The company has a market cap of $122.62 billion, a PE ratio of 26.34, a price-to-earnings-growth ratio of 2.49 and a beta of 0.77. The stock has a 50-day moving average of $91.96 and a 200-day moving average of $88.35. Medtronic PLC has a 52-week low of $79.29 and a 52-week high of $96.25. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.50 and a current ratio of 2.01.

Medtronic (NYSE:MDT) last released its quarterly 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 company had revenue of $8.58 billion during 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 firm’s revenue was up 7.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.23 EPS. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. As a group, equities research analysts forecast that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The business also recently announced 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 of this dividend is Friday, September 26th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.0%. Medtronic’s dividend payout ratio is presently 78.24%.

Medtronic 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.