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GALWAY, Ireland - Medtronic plc (NYSE:MDT), a prominent healthcare equipment manufacturer with a market capitalization of $118.65 billion and annual revenue of $33.54 billion, announced Tuesday the appointment of two new independent directors to its board and the formation of special committees focused on growth and operations. According to InvestingPro analysis, the company is currently trading near its 52-week high, reflecting strong market confidence in its strategic direction.
John Groetelaars and Bill Jellison have joined the medical technology company’s board effective immediately, according to a company press release. Groetelaars previously served as interim CEO at Dentsply Sirona and as President and CEO of Hillrom until its acquisition by Baxter International in 2021. Jellison is the former Chief Financial Officer of Stryker Corporation and held leadership positions at Dentsply International. The appointments come as Medtronic maintains its impressive 49-year streak of consecutive dividend payments, currently offering a 3.06% yield.
The company has established two new board committees: a Growth Committee to guide M&A activities, R&D investments, and potential divestitures, including the planned separation of its Diabetes business; and an Operating Committee to focus on optimizing operational performance and margin expansion.
"We are at an exciting inflection point and in a period of strong momentum," said Geoff Martha, chairman and chief executive officer of Medtronic, who will chair both committees. The new directors will serve on one or both committees.
The initiatives follow what the company described as "constructive dialogue" with Elliott Investment Management, one of Medtronic’s largest investors. Marc Steinberg, Elliott Partner, expressed confidence that Medtronic is "entering a new chapter of exceptional value creation defined by accelerating growth, operational improvement and enhanced strategic clarity." Discover more detailed insights and 8 additional exclusive ProTips about Medtronic’s growth potential through a comprehensive InvestingPro subscription, which includes in-depth analysis of 1,400+ top US stocks.
Medtronic plans to host an Investor Day in mid-2026 to discuss the committees’ work, including strategic priorities and financial targets.
The new directors will be nominated for election at Medtronic’s 2025 Annual General Meeting of Shareholders.
In other recent news, Medtronic has announced a quarterly cash dividend of $0.71 per share for the second quarter of fiscal year 2026, payable on October 17, 2025. The company is also set to release its fiscal first-quarter earnings report soon, with analysts from Raymond James and Needham maintaining their Market Perform and Hold ratings, respectively, on the stock ahead of the announcement. In Europe, Medtronic has received CE Mark approval to expand the indications for its MiniMed 780G insulin delivery system. This expansion includes use by children as young as 2 years old, pregnant women, and individuals with type 2 diabetes who require insulin. The approval was supported by data from the LENNY trial, which showed improved outcomes in young children with type 1 diabetes. Additionally, the Centers for Medicare and Medicaid Services (CMS) has proposed coverage for renal denervation procedures, including those offered by Medtronic. A final decision on this proposal is expected by October 8, 2025, which could potentially increase patient access to these procedures.
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