Bank & Trust Co Reduces Stock Holdings in Medtronic plc (NYSE:MDT)

Bank & Trust Co reduced its stake in shares of Medtronic plc (NYSE:MDT) by 9.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,716 shares of the medical technology company’s stock after selling 292 shares during the quarter. Bank & Trust Co’s holdings in Medtronic were worth $217,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Copley Financial Group Inc. bought a new position in Medtronic in the third quarter worth about $694,000. Olstein Capital Management L.P. lifted its position in Medtronic by 19.2% during the third quarter. Olstein Capital Management L.P. now owns 87,000 shares of the medical technology company’s stock valued at $7,833,000 after buying an additional 14,000 shares during the period. Y Intercept Hong Kong Ltd grew its position in shares of Medtronic by 322.6% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 73,593 shares of the medical technology company’s stock worth $6,626,000 after buying an additional 56,178 shares during the period. Ferguson Wellman Capital Management Inc. bought a new position in shares of Medtronic in the 3rd quarter worth about $9,486,000. Finally, Soltis Investment Advisors LLC lifted its position in Medtronic by 30.0% during the 3rd quarter. Soltis Investment Advisors LLC now owns 88,110 shares of the medical technology company’s stock valued at $7,933,000 after acquiring an additional 20,352 shares during the period. 82.06% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Royal Bank of Canada upgraded shares of Medtronic from a “sector perform” rating to an “outperform” rating and lifted their target price for the company from $98.00 to $105.00 in a report on Thursday, October 10th. Wells Fargo & Company dropped their target price on Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a report on Wednesday, November 20th. JPMorgan Chase & Co. dropped their price target on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research note on Friday, November 15th. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Monday, November 18th. Finally, Truist Financial dropped their target price on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research note on Wednesday, December 18th. One analyst has rated the stock with a sell rating, nine have given a hold rating, six have given 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 $95.00.

Medtronic Stock Performance

NYSE MDT traded up $0.29 on Tuesday, reaching $80.13. 2,174,814 shares of the stock were exchanged, compared to its average volume of 5,215,988. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. Medtronic plc has a one year low of $75.96 and a one year high of $92.68. The firm has a market capitalization of $102.75 billion, a PE ratio of 24.50, a PEG ratio of 2.33 and a beta of 0.83. The company’s 50-day simple moving average is $84.67 and its two-hundred day simple moving average is $84.93.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS 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 business had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.27 billion. During the same period last year, the firm earned $1.25 earnings per share. The business’s quarterly revenue was up 5.2% on a year-over-year basis. Analysts expect that Medtronic plc will post 5.45 EPS for the current fiscal year.

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Friday, December 27th will be given a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.49%. Medtronic’s dividend payout ratio 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.