Cim Investment Management Inc. Boosts Stock Holdings in Medtronic PLC $MDT

Cim Investment Management Inc. lifted its stake in Medtronic PLC (NYSE:MDT) by 99.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 15,675 shares of the medical technology company’s stock after buying an additional 7,822 shares during the period. Cim Investment Management Inc.’s holdings in Medtronic were worth $1,309,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in Medtronic by 1.5% in the 2nd quarter. Vanguard Group Inc. now owns 126,909,406 shares of the medical technology company’s stock worth $11,062,693,000 after purchasing an additional 1,895,165 shares during the period. Geode Capital Management LLC increased its stake in shares of Medtronic by 1.1% in the second quarter. Geode Capital Management LLC now owns 28,227,006 shares of the medical technology company’s stock worth $2,448,699,000 after buying an additional 310,684 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Medtronic by 2.9% in the second quarter. Bank of New York Mellon Corp now owns 21,275,850 shares of the medical technology company’s stock worth $1,854,616,000 after buying an additional 595,549 shares during the period. Invesco Ltd. raised its holdings in Medtronic by 3.9% during the 2nd quarter. Invesco Ltd. now owns 17,647,149 shares of the medical technology company’s stock valued at $1,538,302,000 after buying an additional 666,557 shares during the last quarter. Finally, Norges Bank purchased a new stake in Medtronic during the 2nd quarter valued at $1,432,698,000. Institutional investors own 82.06% of the company’s stock.

Medtronic Trading Up 0.1%

NYSE:MDT opened at $99.86 on Friday. The firm has a market capitalization of $128.02 billion, a P/E ratio of 26.92, a PEG ratio of 2.63 and a beta of 0.71. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.42 and a quick ratio of 1.80. Medtronic PLC has a one year low of $79.29 and a one year high of $106.33. The company’s 50-day simple moving average is $97.27 and its 200 day simple moving average is $92.88.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, November 18th. The medical technology company reported $1.36 earnings per share for the quarter, beating analysts’ consensus estimates of $1.31 by $0.05. Medtronic had a net margin of 13.71% and a return on equity of 14.86%. The business had revenue of $8.96 billion during the quarter, compared to the consensus estimate of $8.86 billion. During the same quarter last year, the firm earned $1.26 earnings per share. The business’s revenue for the quarter was up 6.6% on a year-over-year basis. Medtronic has set its FY 2026 guidance at 5.620-5.660 EPS. As a group, analysts forecast that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 16th. Shareholders of record on Friday, December 26th will be issued a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Friday, December 26th. Medtronic’s payout ratio is 76.55%.

Analysts Set New Price Targets

MDT has been the subject of several recent analyst reports. Stifel Nicolaus upped their price objective on shares of Medtronic from $90.00 to $105.00 and gave the company a “hold” rating in a research note on Thursday, October 9th. Piper Sandler restated a “neutral” rating on shares of Medtronic in a report on Friday, November 14th. Sanford C. Bernstein set a $111.00 price objective on Medtronic in a report on Wednesday, November 19th. Barclays lifted their price objective on Medtronic from $109.00 to $111.00 and gave the stock an “overweight” rating in a research report on Thursday, November 20th. Finally, JPMorgan Chase & Co. upped their target price on Medtronic from $90.00 to $100.00 and gave the company a “neutral” rating in a report on Thursday, November 13th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and twelve have issued a Hold rating to the company’s stock. According to MarketBeat.com, Medtronic has a consensus rating of “Moderate Buy” and a consensus price target of $110.44.

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.