Oakworth Capital Inc. Sells 729 Shares of Medtronic plc (NYSE:MDT)

Oakworth Capital Inc. reduced its stake in shares of Medtronic plc (NYSE:MDT) by 37.9% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,195 shares of the medical technology company’s stock after selling 729 shares during the quarter. Oakworth Capital Inc.’s holdings in Medtronic were worth $94,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. International Assets Investment Management LLC raised its holdings in Medtronic by 2.5% in the fourth quarter. International Assets Investment Management LLC now owns 12,607 shares of the medical technology company’s stock worth $1,039,000 after buying an additional 302 shares during the last quarter. Tennessee Valley Asset Management Partners bought a new stake in shares of Medtronic in the 4th quarter worth $60,000. TRUE Private Wealth Advisors bought a new position in shares of Medtronic during the fourth quarter valued at $355,000. Rakuten Securities Inc. purchased a new stake in shares of Medtronic during the fourth quarter valued at $49,000. Finally, Daiwa Securities Group Inc. increased its holdings in Medtronic by 8.1% in the 4th quarter. Daiwa Securities Group Inc. now owns 123,018 shares of the medical technology company’s stock worth $10,135,000 after buying an additional 9,245 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on MDT shares. The Goldman Sachs Group began coverage on shares of Medtronic in a research note on Thursday, May 30th. They issued a “sell” rating and a $83.00 price target for the company. Citigroup dropped their price target on Medtronic from $90.00 to $85.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 10th. UBS Group upgraded Medtronic from a “sell” rating to a “neutral” rating and upped their price objective for the company from $76.00 to $90.00 in a research report on Thursday. Truist Financial dropped their target price on Medtronic from $88.00 to $85.00 and set a “hold” rating on the stock in a research report on Tuesday, July 16th. Finally, Stifel Nicolaus cut shares of Medtronic from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $100.00 to $85.00 in a research note on Wednesday. One research analyst has rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $91.30.

Insider Activity

In related news, CEO Geoffrey Martha sold 19,113 shares of the business’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $83.77, for a total value of $1,601,096.01. Following the sale, the chief executive officer now owns 143,348 shares in the company, valued at $12,008,261.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.30% of the company’s stock.

Medtronic Price Performance

Shares of MDT stock traded up $0.95 during mid-day trading on Friday, hitting $84.60. The company had a trading volume of 5,374,797 shares, compared to its average volume of 6,239,440. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.03 and a quick ratio of 1.55. The stock’s 50 day moving average price is $80.00 and its 200-day moving average price is $82.34. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $89.18. The company has a market capitalization of $108.48 billion, a P/E ratio of 30.76, a P/E/G ratio of 2.35 and a beta of 0.82.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share for the quarter, beating analysts’ consensus estimates of $1.45 by $0.01. The firm had revenue of $8.59 billion during the quarter, compared to analyst estimates of $8.44 billion. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The business’s quarterly revenue was up .5% compared to the same quarter last year. During the same quarter last year, the business posted $1.57 earnings per share. Equities research analysts forecast that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be issued a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.31%. Medtronic’s dividend payout ratio (DPR) is 101.82%.

About Medtronic

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.