Chevy Chase Trust Holdings LLC Cuts Stock Position in Medtronic PLC $MDT

Chevy Chase Trust Holdings LLC cut its stake in shares of Medtronic PLC (NYSE:MDT) by 3.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 653,892 shares of the medical technology company’s stock after selling 23,555 shares during the quarter. Chevy Chase Trust Holdings LLC’s holdings in Medtronic were worth $62,277,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Artisan Partners Limited Partnership lifted its position in Medtronic by 2.6% in the third quarter. Artisan Partners Limited Partnership now owns 1,234,550 shares of the medical technology company’s stock valued at $117,579,000 after purchasing an additional 31,314 shares during the period. AXQ Capital LP increased its position in Medtronic by 25.6% during the 2nd quarter. AXQ Capital LP now owns 9,890 shares of the medical technology company’s stock worth $862,000 after purchasing an additional 2,013 shares during the period. UMB Bank n.a. increased its position in Medtronic by 65.8% during the 3rd quarter. UMB Bank n.a. now owns 138,278 shares of the medical technology company’s stock worth $13,170,000 after purchasing an additional 54,898 shares during the period. Applied Finance Capital Management LLC purchased a new position in shares of Medtronic during the 3rd quarter worth approximately $1,308,000. Finally, Bleakley Financial Group LLC raised its stake in shares of Medtronic by 17.8% during the 3rd quarter. Bleakley Financial Group LLC now owns 87,313 shares of the medical technology company’s stock worth $8,316,000 after buying an additional 13,177 shares in the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MDT has been the topic of a number of analyst reports. Wells Fargo & Company initiated coverage on Medtronic in a research note on Friday, January 30th. They issued an “overweight” rating and a $114.00 price target on the stock. Weiss Ratings reiterated a “buy (b-)” rating on shares of Medtronic in a research report on Monday, December 29th. Daiwa Securities Group reduced their target price on Medtronic from $117.00 to $115.00 and set a “buy” rating for the company in a report on Friday, February 27th. Jefferies Financial Group restated a “hold” rating and set a $110.00 target price on shares of Medtronic in a research report on Wednesday, November 19th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $120.00 price target on shares of Medtronic in a research note on Tuesday, March 10th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $110.74.

Insiders Place Their Bets

In other Medtronic news, EVP Harry Skip Kiil sold 52,524 shares of the firm’s stock in a transaction on Thursday, February 19th. The stock was sold at an average price of $97.71, for a total transaction of $5,132,120.04. Following the completion of the transaction, the executive vice president owned 32,768 shares of the company’s stock, valued at approximately $3,201,761.28. This trade represents a 61.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.26% of the company’s stock.

Medtronic Stock Performance

NYSE MDT opened at $87.05 on Monday. The business has a 50 day moving average price of $97.96 and a 200 day moving average price of $96.91. The company has a market capitalization of $111.77 billion, a P/E ratio of 24.25, a PEG ratio of 2.24 and a beta of 0.71. Medtronic PLC has a 1-year low of $79.55 and a 1-year high of $106.33. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.54 and a quick ratio of 1.87.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, February 17th. The medical technology company reported $1.36 EPS for the quarter, topping analysts’ consensus estimates of $1.34 by $0.02. The company had revenue of $9.02 billion for the quarter, compared to the consensus estimate of $8.89 billion. Medtronic had a return on equity of 14.82% and a net margin of 13.00%.Medtronic’s quarterly revenue was up 5.8% compared to the same quarter last year. During the same period in the previous year, the business earned $1.38 earnings per share. Medtronic has set its FY 2026 guidance at 5.620-5.660 EPS. Sell-side analysts expect that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, April 17th. Investors of record on Friday, March 27th will be paid a $0.71 dividend. The ex-dividend date of this dividend is Friday, March 27th. This represents a $2.84 dividend on an annualized basis and a yield of 3.3%. Medtronic’s dividend payout ratio is presently 79.11%.

Medtronic Company Profile

Medtronic plc is a global medical technology company that develops and manufactures a broad range of therapeutic devices and health care solutions. Headquartered legally in Ireland with principal operational offices in the United States, the company markets products to hospitals, physicians and health systems worldwide and has grown from its founding in 1949 into one of the largest medical-device manufacturers serving global health-care markets.

Medtronic’s offerings span several clinical areas, including cardiac rhythm and heart failure (pacemakers, implantable cardioverter?defibrillators and related cardiac therapies), minimally invasive and surgical technologies (laparoscopic and advanced energy devices, visualization systems and surgical innovations), restorative therapies (spine and orthopedics, neuromodulation and neurovascular treatments) and diabetes management (insulin-delivery systems and glucose monitoring solutions).