Whittier Trust Co. Decreases Stock Holdings in Medtronic plc (NYSE:MDT)

Whittier Trust Co. reduced its position in shares of Medtronic plc (NYSE:MDT) by 13.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,236 shares of the medical technology company’s stock after selling 1,266 shares during the period. Whittier Trust Co.’s holdings in Medtronic were worth $648,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Equity Investment Corp increased its stake in shares of Medtronic by 27.9% during the fourth quarter. Equity Investment Corp now owns 1,341,079 shares of the medical technology company’s stock valued at $110,478,000 after buying an additional 292,459 shares during the period. Loudon Investment Management LLC lifted its position in shares of Medtronic by 9.5% in the 4th quarter. Loudon Investment Management LLC now owns 10,026 shares of the medical technology company’s stock worth $786,000 after purchasing an additional 874 shares during the period. Chemung Canal Trust Co. boosted its stake in shares of Medtronic by 1,467.5% during the 1st quarter. Chemung Canal Trust Co. now owns 47,902 shares of the medical technology company’s stock valued at $4,175,000 after purchasing an additional 44,846 shares in the last quarter. Manning & Napier Advisors LLC purchased a new position in shares of Medtronic during the second quarter valued at about $25,643,000. Finally, Apollon Wealth Management LLC raised its stake in Medtronic by 43.0% in the fourth quarter. Apollon Wealth Management LLC now owns 50,804 shares of the medical technology company’s stock worth $4,185,000 after buying an additional 15,265 shares in the last quarter. 82.06% of the stock is owned by institutional investors.

Medtronic Stock Performance

Shares of MDT traded down $0.04 during trading hours on Thursday, hitting $88.29. The stock had a trading volume of 1,550,413 shares, compared to its average volume of 6,258,008. The firm has a market capitalization of $113.21 billion, a PE ratio of 32.14, a PEG ratio of 2.35 and a beta of 0.82. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.03 and a quick ratio of 1.55. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $90.13. The stock has a fifty day moving average price of $80.85 and a 200 day moving average price of $82.33.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The business had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. During the same period in the previous year, the company posted $1.20 EPS. The business’s quarterly revenue was up 3.4% compared to the same quarter last year. Analysts anticipate that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be given a $0.70 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.80 annualized dividend and a yield of 3.17%. Medtronic’s payout ratio is presently 101.82%.

Insider Transactions at Medtronic

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

Analysts Set New Price Targets

A number of research firms have weighed in on MDT. UBS Group upgraded Medtronic from a “sell” rating to a “neutral” rating and upped their target price for the stock from $76.00 to $90.00 in a report on Thursday, August 15th. Barclays lifted their target price on shares of Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $92.00 price objective on shares of Medtronic in a research report on Wednesday, August 21st. Oppenheimer increased their target price on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 21st. Finally, Truist Financial increased their price objective on shares of Medtronic from $85.00 to $90.00 and gave the company a “hold” rating in a research report on Friday, August 23rd. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $92.92.

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.