First National Trust Co Cuts Stock Holdings in Medtronic plc (NYSE:MDT)

First National Trust Co lowered its stake in Medtronic plc (NYSE:MDT) by 44.7% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 63,938 shares of the medical technology company’s stock after selling 51,777 shares during the quarter. First National Trust Co’s holdings in Medtronic were worth $5,033,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in MDT. Boyar Asset Management Inc. increased its holdings in Medtronic by 2.6% in the fourth quarter. Boyar Asset Management Inc. now owns 4,655 shares of the medical technology company’s stock valued at $383,000 after buying an additional 120 shares in the last quarter. Quent Capital LLC grew its position in shares of Medtronic by 8.0% during the 1st quarter. Quent Capital LLC now owns 1,680 shares of the medical technology company’s stock valued at $146,000 after acquiring an additional 125 shares during the period. Abbrea Capital LLC increased its stake in shares of Medtronic by 2.5% in the 1st quarter. Abbrea Capital LLC now owns 5,077 shares of the medical technology company’s stock valued at $446,000 after purchasing an additional 125 shares in the last quarter. Waterway Wealth Management LLC increased its stake in shares of Medtronic by 4.8% in the 2nd quarter. Waterway Wealth Management LLC now owns 2,759 shares of the medical technology company’s stock valued at $217,000 after purchasing an additional 126 shares in the last quarter. Finally, Angeles Investment Advisors LLC raised its holdings in Medtronic by 1.0% in the 4th quarter. Angeles Investment Advisors LLC now owns 12,627 shares of the medical technology company’s stock worth $1,046,000 after purchasing an additional 128 shares during the period. Institutional investors own 82.06% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Tuesday, August 20th. Royal Bank of Canada reissued a “sector perform” rating and issued a $92.00 price target on shares of Medtronic in a report on Wednesday, August 21st. Piper Sandler increased their price objective on shares of Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. Robert W. Baird boosted their target price on shares of Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Finally, Oppenheimer raised their price target on shares of Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research note on Wednesday, August 21st. 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. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $92.92.

Medtronic Price Performance

MDT stock opened at $88.98 on Wednesday. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $90.13. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61. The firm has a market capitalization of $114.10 billion, a PE ratio of 32.36, a price-to-earnings-growth ratio of 2.52 and a beta of 0.82. The business has a 50 day simple moving average of $81.64 and a 200-day simple moving average of $82.48.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The company had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. During the same period in the prior year, the business earned $1.20 EPS. The firm’s quarterly revenue was up 3.4% on a year-over-year basis. Equities research analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.15%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s payout ratio is currently 101.82%.

Insiders Place Their Bets

In other news, CEO Geoffrey Martha sold 19,113 shares of the stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $83.77, for a total value of $1,601,096.01. Following the completion of the sale, the chief executive officer now owns 143,348 shares of the company’s stock, valued at approximately $12,008,261.96. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.30% of the stock is owned by insiders.

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.