Summit Investment Advisors Inc. Decreases Stake in Medtronic PLC $MDT

Summit Investment Advisors Inc. lessened its holdings in shares of Medtronic PLC (NYSE:MDT) by 17.2% in the first quarter, Holdings Channel reports. The firm owned 12,427 shares of the medical technology company’s stock after selling 2,579 shares during the period. Summit Investment Advisors Inc.’s holdings in Medtronic were worth $1,117,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Brighton Jones LLC raised its position in Medtronic by 1,368.0% in the fourth quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company’s stock valued at $3,194,000 after purchasing an additional 37,265 shares during the period. Schechter Investment Advisors LLC grew its stake in shares of Medtronic by 58.8% in the first quarter. Schechter Investment Advisors LLC now owns 11,024 shares of the medical technology company’s stock valued at $991,000 after buying an additional 4,082 shares in the last quarter. Florida Financial Advisors LLC purchased a new stake in shares of Medtronic during the 1st quarter valued at about $229,000. Edgestream Partners L.P. purchased a new stake in shares of Medtronic during the 1st quarter valued at about $325,000. Finally, Signaturefd LLC lifted its position in Medtronic by 14.3% during the 1st quarter. Signaturefd LLC now owns 14,325 shares of the medical technology company’s stock worth $1,287,000 after acquiring an additional 1,797 shares in the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on MDT shares. Truist Financial lifted their price objective on shares of Medtronic from $96.00 to $103.00 and gave the company a “hold” rating in a research note on Wednesday, October 15th. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research note on Thursday, August 14th. Mizuho upped their price objective on shares of Medtronic from $98.00 to $100.00 and gave the company an “outperform” rating in a research report on Wednesday, July 16th. Citigroup lifted their target price on Medtronic from $101.00 to $112.00 and gave the stock a “buy” rating in a research report on Tuesday, October 7th. Finally, Robert W. Baird boosted their price target on Medtronic from $94.00 to $96.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 20th. One 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 company. According to MarketBeat, Medtronic has an average rating of “Moderate Buy” and an average target price of $102.82.

Insider Transactions at Medtronic

In other Medtronic news, 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, with a total value of $230,925.00. Following the transaction, the director directly owned 5,000 shares in the company, valued at approximately $461,850. This represents a 100.00% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Harry Skip Kiil sold 8,605 shares of the firm’s stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $91.58, for a total transaction of $788,045.90. Following the completion of the transaction, the executive vice president directly owned 35,615 shares in the company, valued at $3,261,621.70. This represents a 19.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.26% of the stock is owned by corporate insiders.

Medtronic Trading Up 2.9%

Shares of NYSE MDT opened at $95.32 on Wednesday. The stock has a market capitalization of $122.27 billion, a P/E ratio of 26.26, a PEG ratio of 2.42 and a beta of 0.77. The stock’s 50 day moving average price is $94.24 and its two-hundred day moving average price is $90.18. 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 PLC has a 52-week low of $79.29 and a 52-week high of $99.37.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, August 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.23 by $0.03. Medtronic had a return on equity of 14.61% and a net margin of 13.63%.The business had revenue of $8.58 billion for the quarter, compared to analyst estimates of $8.37 billion. During the same period in the prior year, the company posted $1.23 EPS. The business’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, analysts anticipate that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 17th. Stockholders 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 presently 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.