First Citizens Bank & Trust Co. trimmed its position in shares of Medtronic PLC (NYSE:MDT) by 4.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,563 shares of the medical technology company’s stock after selling 166 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in Medtronic were worth $324,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also recently modified their holdings of the company. Centaurus Financial Inc. purchased a new stake in shares of Medtronic during the second quarter worth about $240,000. Tiedemann Advisors LLC purchased a new stake in shares of Medtronic during the second quarter worth about $204,000. Carnegie Capital Asset Management LLC grew its stake in Medtronic by 27.0% in the second quarter. Carnegie Capital Asset Management LLC now owns 7,709 shares of the medical technology company’s stock worth $702,000 after purchasing an additional 1,640 shares in the last quarter. Global X Management Co LLC grew its stake in Medtronic by 6.0% in the second quarter. Global X Management Co LLC now owns 26,999 shares of the medical technology company’s stock worth $2,311,000 after purchasing an additional 1,538 shares in the last quarter. Finally, Andra AP fonden grew its stake in Medtronic by 3.7% in the second quarter. Andra AP fonden now owns 78,800 shares of the medical technology company’s stock worth $6,746,000 after purchasing an additional 2,800 shares in the last quarter. 80.61% of the stock is currently owned by hedge funds and other institutional investors.
In other Medtronic news, CFO Karen L. Parkhill acquired 3,000 shares of Medtronic stock in a transaction dated Wednesday, January 9th. The stock was acquired at an average cost of $83.87 per share, for a total transaction of $251,610.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Omar Ishrak acquired 12,000 shares of Medtronic stock in a transaction dated Wednesday, January 9th. The shares were acquired at an average price of $84.05 per share, with a total value of $1,008,600.00. The disclosure for this purchase can be found here. Insiders own 0.28% of the company’s stock.
A number of research firms recently commented on MDT. Zacks Investment Research downgraded Medtronic from a “buy” rating to a “hold” rating in a research note on Friday, November 16th. Barclays began coverage on Medtronic in a research note on Monday, October 15th. They issued an “overweight” rating and a $113.00 price target for the company. UBS Group began coverage on Medtronic in a research note on Wednesday, November 28th. They issued a “buy” rating and a $112.00 price target for the company. JPMorgan Chase & Co. upgraded Medtronic from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $100.00 to $109.00 in a research note on Wednesday, December 19th. Finally, Raymond James decreased their price target on Medtronic from $105.00 to $104.00 and set an “outperform” rating for the company in a research note on Wednesday, November 21st. Nine investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $104.09.
MDT stock traded up $0.11 during midday trading on Friday, reaching $89.01. The company had a trading volume of 3,982,248 shares, compared to its average volume of 5,326,713. The company has a quick ratio of 2.11, a current ratio of 2.56 and a debt-to-equity ratio of 0.48. Medtronic PLC has a fifty-two week low of $76.41 and a fifty-two week high of $100.15. The company has a market cap of $119.54 billion, a P/E ratio of 18.66, a PEG ratio of 2.37 and a beta of 0.82.
Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, November 20th. The medical technology company reported $1.22 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.15 by $0.07. The business had revenue of $7.48 billion during the quarter, compared to the consensus estimate of $7.35 billion. Medtronic had a return on equity of 13.51% and a net margin of 7.44%. The business’s revenue was up 6.1% on a year-over-year basis. During the same period in the previous year, the firm posted $1.07 earnings per share. Analysts expect that Medtronic PLC will post 5.13 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 18th. Stockholders of record on Friday, December 28th were given a dividend of $0.50 per share. The ex-dividend date was Thursday, December 27th. This represents a $2.00 annualized dividend and a dividend yield of 2.25%. Medtronic’s dividend payout ratio is presently 41.93%.
Medtronic Company Profile
Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.
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