Webster Bank N. A. Has $2.02 Million Stock Holdings in Medtronic plc (NYSE:MDT)

Webster Bank N. A. cut its stake in Medtronic plc (NYSE:MDT) by 16.0% during the third quarter, HoldingsChannel reports. The fund owned 22,384 shares of the medical technology company’s stock after selling 4,268 shares during the quarter. Webster Bank N. A.’s holdings in Medtronic were worth $2,015,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of MDT. M&G Plc acquired a new position in shares of Medtronic in the first quarter worth $259,160,000. Capital Research Global Investors increased its stake in shares of Medtronic by 7.1% in the first quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after acquiring an additional 2,044,109 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its stake in shares of Medtronic by 1,195.9% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,837,600 shares of the medical technology company’s stock worth $144,637,000 after acquiring an additional 1,695,800 shares during the last quarter. Troy Asset Management Ltd acquired a new position in shares of Medtronic in the second quarter worth $85,440,000. Finally, 1832 Asset Management L.P. increased its stake in shares of Medtronic by 26.9% in the second quarter. 1832 Asset Management L.P. now owns 4,915,609 shares of the medical technology company’s stock worth $386,908,000 after acquiring an additional 1,041,863 shares during the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Trading Up 0.6 %

MDT stock traded up $0.51 during midday trading on Friday, reaching $89.36. The company’s stock had a trading volume of 4,482,912 shares, compared to its average volume of 6,290,060. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $91.49. The stock has a market cap of $114.58 billion, a PE ratio of 32.49, a price-to-earnings-growth ratio of 2.53 and a beta of 0.84. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. The business’s 50-day simple moving average is $87.54 and its 200-day simple moving average is $83.46.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The business had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. During the same period last year, the business posted $1.20 earnings per share. The firm’s quarterly revenue was up 3.4% on a year-over-year basis. As a group, sell-side analysts expect that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were paid a $0.70 dividend. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.80 annualized dividend and a yield of 3.13%. Medtronic’s payout ratio is currently 101.82%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Citigroup upped their price objective on shares of Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a report on Tuesday, October 1st. Evercore ISI upped their price objective on shares of Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. Royal Bank of Canada upgraded shares of Medtronic from a “sector perform” rating to an “outperform” rating and upped their price objective for the stock from $98.00 to $105.00 in a report on Thursday. Robert W. Baird upped their price objective on shares of Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Finally, Truist Financial upped their price objective on shares of Medtronic from $85.00 to $90.00 and gave the stock a “hold” rating in a report on Friday, August 23rd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $95.14.

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.