WASHINGTON TRUST Co Has $7.54 Million Stake in Medtronic plc (NYSE:MDT)

WASHINGTON TRUST Co lowered its holdings in shares of Medtronic plc (NYSE:MDT) by 0.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 94,435 shares of the medical technology company’s stock after selling 649 shares during the quarter. WASHINGTON TRUST Co’s holdings in Medtronic were worth $7,543,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the stock. Cornerstone Wealth Management LLC boosted its holdings in Medtronic by 4.8% during the third quarter. Cornerstone Wealth Management LLC now owns 12,778 shares of the medical technology company’s stock worth $1,150,000 after purchasing an additional 586 shares during the last quarter. Good Life Advisors LLC grew its position in shares of Medtronic by 7.7% in the third quarter. Good Life Advisors LLC now owns 3,870 shares of the medical technology company’s stock valued at $348,000 after purchasing an additional 276 shares during the last quarter. Bleakley Financial Group LLC increased its position in Medtronic by 13.9% during the 3rd quarter. Bleakley Financial Group LLC now owns 63,622 shares of the medical technology company’s stock worth $5,728,000 after buying an additional 7,786 shares during the period. Teamwork Financial Advisors LLC bought a new position in Medtronic during the third quarter worth about $217,000. Finally, Cardinal Capital Management raised its position in shares of Medtronic by 1.1% in the third quarter. Cardinal Capital Management now owns 71,537 shares of the medical technology company’s stock valued at $6,490,000 after buying an additional 770 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.

Medtronic Stock Performance

Shares of MDT stock opened at $93.02 on Friday. Medtronic plc has a one year low of $75.96 and a one year high of $93.08. The firm has a 50-day moving average of $85.33 and a 200-day moving average of $86.72. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39. The company has a market cap of $119.28 billion, a P/E ratio of 28.45, a P/E/G ratio of 2.57 and a beta of 0.84.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.25 by $0.01. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The business had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.27 billion. During the same quarter last year, the company posted $1.25 earnings per share. The firm’s quarterly revenue was up 5.2% compared to the same quarter last year. Equities research analysts forecast that Medtronic plc will post 5.45 EPS for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.01%. The ex-dividend date was Friday, December 27th. Medtronic’s dividend payout ratio (DPR) is presently 85.63%.

Insider Activity at Medtronic

In related news, EVP Brett A. Wall sold 12,437 shares of the business’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the completion of the transaction, the executive vice president now owns 40,979 shares of the company’s stock, valued at approximately $3,688,110. The trade was a 23.28 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.20% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on MDT shares. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research note on Wednesday. Wells Fargo & Company cut their target price on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 20th. Truist Financial reduced their price target on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research report on Wednesday, December 18th. Barclays lifted their target price on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 26th. Finally, JPMorgan Chase & Co. cut their target price 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. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $95.00.

Medtronic Company 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.