First Hawaiian Bank Cuts Holdings in Medtronic plc (NYSE:MDT)

First Hawaiian Bank reduced its position in Medtronic plc (NYSE:MDT) by 21.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 17,838 shares of the medical technology company’s stock after selling 4,900 shares during the quarter. First Hawaiian Bank’s holdings in Medtronic were worth $1,555,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in MDT. Boyar Asset Management Inc. increased its holdings in shares of 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. Marino Stram & Associates LLC increased its holdings in shares of Medtronic by 1.8% in the fourth quarter. Marino Stram & Associates LLC now owns 7,127 shares of the medical technology company’s stock valued at $587,000 after buying an additional 126 shares in the last quarter. Angeles Investment Advisors LLC increased its holdings in shares of Medtronic by 1.0% in the fourth quarter. Angeles Investment Advisors LLC now owns 12,627 shares of the medical technology company’s stock valued at $1,046,000 after buying an additional 128 shares in the last quarter. Rogco LP increased its holdings in shares of Medtronic by 1.9% in the fourth quarter. Rogco LP now owns 6,814 shares of the medical technology company’s stock valued at $561,000 after buying an additional 129 shares in the last quarter. Finally, Verity Asset Management Inc. grew its position in Medtronic by 4.3% during the 4th quarter. Verity Asset Management Inc. now owns 3,194 shares of the medical technology company’s stock worth $263,000 after purchasing an additional 132 shares in the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on MDT shares. UBS Group lifted their price objective on shares of Medtronic from $75.00 to $76.00 and gave the stock a “sell” rating in a research report on Friday, May 24th. Oppenheimer lifted their price objective on shares of Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 21st. Mizuho lifted their price objective on shares of Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a research report on Wednesday, February 21st. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research report on Friday, May 24th. Finally, Truist Financial lowered their price objective on shares of Medtronic from $90.00 to $88.00 and set a “hold” rating on the stock in a research report on Friday, May 24th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $93.00.

Medtronic Stock Down 0.3 %

MDT stock opened at $79.75 on Thursday. The company has a current ratio of 2.03, a quick ratio of 1.55 and a debt-to-equity ratio of 0.47. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $91.00. The company has a fifty day simple moving average of $81.82 and a 200 day simple moving average of $83.49. The firm has a market cap of $105.89 billion, a PE ratio of 29.00, a PEG ratio of 2.32 and a beta of 0.83.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.01. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. The business had revenue of $8.59 billion during the quarter, compared to analyst estimates of $8.44 billion. During the same quarter in the previous year, the business earned $1.57 EPS. Medtronic’s quarterly revenue was up .5% compared to the same quarter last year. Sell-side analysts anticipate that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 28th will be paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.51%. The ex-dividend date is Friday, June 28th. This is a positive change from Medtronic’s previous quarterly dividend of $0.69. Medtronic’s payout ratio is presently 100.36%.

Insider Activity at Medtronic

In related news, CEO Geoffrey Martha sold 19,113 shares of Medtronic stock in a transaction 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 document filed with the SEC, which can be accessed through the SEC website. In related news, CEO Geoffrey Martha sold 19,113 shares of Medtronic stock in a transaction 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 document filed with the SEC, which can be accessed through the SEC website. Also, EVP Michael Marinaro sold 854 shares of the business’s stock in a transaction on Monday, April 8th. The stock was sold at an average price of $83.14, for a total transaction of $71,001.56. Following the transaction, the executive vice president now directly owns 27,925 shares of the company’s stock, valued at approximately $2,321,684.50. The disclosure for this sale can be found here. 0.30% of the stock is owned by company insiders.

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.