Webster Bank N. A. Trims Stock Position in Medtronic plc (NYSE:MDT)

Webster Bank N. A. cut its stake in shares of Medtronic plc (NYSE:MDT) by 16.0% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 22,384 shares of the medical technology company’s stock after selling 4,268 shares during the period. Webster Bank N. A.’s holdings in Medtronic were worth $2,015,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MDT. M&G Plc purchased a new position in shares of Medtronic during the 1st quarter worth approximately $259,160,000. Capital Research Global Investors raised its stake in shares of Medtronic by 7.1% during the 1st quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after buying an additional 2,044,109 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its stake in shares of Medtronic by 1,195.9% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,837,600 shares of the medical technology company’s stock worth $144,637,000 after buying an additional 1,695,800 shares in the last quarter. Troy Asset Management Ltd purchased a new position in shares of Medtronic during the 2nd quarter worth approximately $85,440,000. Finally, 1832 Asset Management L.P. raised its stake in shares of Medtronic by 26.9% during the 2nd quarter. 1832 Asset Management L.P. now owns 4,915,609 shares of the medical technology company’s stock worth $386,908,000 after buying an additional 1,041,863 shares in the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Price Performance

MDT traded up $0.51 during trading on Friday, reaching $89.36. The stock had a trading volume of 4,482,912 shares, compared to its average volume of 6,290,060. The firm has a market capitalization of $114.58 billion, a price-to-earnings ratio of 32.49, a price-to-earnings-growth ratio of 2.53 and a beta of 0.84. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $91.49. The stock has a 50 day moving average of $87.54 and a two-hundred day moving average of $83.46.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $7.90 billion. During the same quarter in the prior year, the firm earned $1.20 EPS. The company’s quarterly revenue was up 3.4% compared to the same quarter last year. As a group, equities analysts anticipate that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.13%. The ex-dividend date was Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is currently 101.82%.

Analyst Upgrades and Downgrades

MDT has been the topic of a number of research reports. Citigroup upped their price target on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a report on Tuesday, October 1st. Evercore ISI upped their price target on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. UBS Group upgraded Medtronic from a “sell” rating to a “neutral” rating and upped their price target for the stock from $76.00 to $90.00 in a report on Thursday, August 15th. Wells Fargo & Company increased their target price on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. Finally, Barclays increased their target price on Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. One analyst has rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $95.14.

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.