First Financial Bank Trust Division Sells 3,344 Shares of Medtronic plc (NYSE:MDT)

First Financial Bank Trust Division lowered its stake in shares of Medtronic plc (NYSE:MDT) by 43.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,385 shares of the medical technology company’s stock after selling 3,344 shares during the quarter. First Financial Bank Trust Division’s holdings in Medtronic were worth $345,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in the company. Hudson Valley Investment Advisors Inc. ADV increased its holdings in shares of Medtronic by 0.9% during the second quarter. Hudson Valley Investment Advisors Inc. ADV now owns 106,116 shares of the medical technology company’s stock valued at $9,186,000 after acquiring an additional 923 shares in the last quarter. Massmutual Trust Co. FSB ADV lifted its stake in shares of Medtronic by 1.7% during the second quarter. Massmutual Trust Co. FSB ADV now owns 101,247 shares of the medical technology company’s stock worth $7,969,000 after buying an additional 1,668 shares during the period. First Hawaiian Bank grew its holdings in shares of Medtronic by 3.2% during the second quarter. First Hawaiian Bank now owns 18,409 shares of the medical technology company’s stock valued at $1,449,000 after buying an additional 571 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Medtronic by 39.6% in the 2nd quarter. GAMMA Investing LLC now owns 9,735 shares of the medical technology company’s stock valued at $766,000 after acquiring an additional 2,760 shares during the period. Finally, Transcend Capital Advisors LLC raised its stake in Medtronic by 3.2% in the 2nd quarter. Transcend Capital Advisors LLC now owns 71,929 shares of the medical technology company’s stock worth $5,662,000 after acquiring an additional 2,219 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors.

Medtronic Trading Down 1.4 %

Shares of NYSE:MDT traded down $1.18 during midday trading on Monday, reaching $80.33. 7,501,550 shares of the company’s stock were exchanged, compared to its average volume of 6,320,376. The stock has a market cap of $103.00 billion, a price-to-earnings ratio of 29.21, a P/E/G ratio of 2.35 and a beta of 0.82. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $89.18. The firm’s 50 day simple moving average is $80.04 and its two-hundred day simple moving average is $82.62. 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 (NYSE:MDT) last issued its quarterly earnings data on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share for the quarter, beating analysts’ consensus estimates of $1.45 by $0.01. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The business had revenue of $8.59 billion during the quarter, compared to analysts’ expectations of $8.44 billion. During the same period in the previous year, the firm posted $1.57 earnings per share. The company’s revenue was up .5% on a year-over-year basis. As a group, sell-side analysts forecast that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Friday, June 28th were issued a dividend of $0.70 per share. The ex-dividend date was Friday, June 28th. This is a positive change from Medtronic’s previous quarterly dividend of $0.69. This represents a $2.80 dividend on an annualized basis and a yield of 3.49%. Medtronic’s dividend payout ratio is 101.82%.

Insider Buying and Selling at Medtronic

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

Analyst Upgrades and Downgrades

Several research firms have weighed in on MDT. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research note on Friday, May 24th. Wells Fargo & Company lifted their price objective on shares of Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a research note on Friday, May 24th. UBS Group increased their price objective on shares of Medtronic from $75.00 to $76.00 and gave the stock a “sell” rating in a research note on Friday, May 24th. Citigroup decreased their target price on shares of Medtronic from $90.00 to $85.00 and set a “neutral” rating for the company in a research report on Wednesday, July 10th. Finally, Truist Financial cut their price target on Medtronic from $88.00 to $85.00 and set a “hold” rating on the stock in a research report on Tuesday, July 16th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $90.90.

About Medtronic

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.