Stock Yards Bank & Trust Co. Sells 2,036 Shares of Medtronic plc (NYSE:MDT)

Stock Yards Bank & Trust Co. decreased its holdings in shares of Medtronic plc (NYSE:MDT) by 12.3% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 14,460 shares of the medical technology company’s stock after selling 2,036 shares during the period. Stock Yards Bank & Trust Co.’s holdings in Medtronic were worth $1,302,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Fortitude Family Office LLC bought a new stake in Medtronic in the third quarter valued at about $27,000. Highline Wealth Partners LLC acquired a new position in shares of Medtronic during the 3rd quarter worth about $27,000. Darwin Wealth Management LLC bought a new stake in shares of Medtronic in the 3rd quarter valued at about $27,000. J. Stern & Co. LLP acquired a new stake in shares of Medtronic in the 3rd quarter valued at approximately $30,000. Finally, Chelsea Counsel Co. bought a new position in Medtronic during the 3rd quarter worth approximately $45,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on MDT. Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and upped their target price for the company from $98.00 to $105.00 in a research note on Thursday, October 10th. Daiwa America raised Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and boosted their target price for the company from $76.00 to $90.00 in a research note on Thursday, August 15th. Truist Financial increased their price target on Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a report on Monday, October 14th. Finally, Stifel Nicolaus lifted their price objective on Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a report on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $95.27.

Medtronic Price Performance

Shares of NYSE MDT opened at $82.73 on Friday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39. The business has a 50-day moving average of $87.87 and a 200-day moving average of $85.00. The stock has a market capitalization of $106.08 billion, a price-to-earnings ratio of 25.30, a PEG ratio of 2.35 and a beta of 0.82. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $92.68.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, beating analysts’ consensus estimates of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The firm had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.27 billion. During the same period last year, the company earned $1.25 earnings per share. The business’s revenue was up 5.2% compared to the same quarter last year. As a group, sell-side analysts predict that Medtronic plc will post 5.45 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Friday, December 27th will be given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.38%. The ex-dividend date is Friday, December 27th. Medtronic’s dividend payout ratio (DPR) is currently 85.63%.

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.