Thomasville National Bank Cuts Stock Position in Medtronic plc (NYSE:MDT)

Thomasville National Bank lessened its holdings in Medtronic plc (NYSE:MDT) by 34.1% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 3,863 shares of the medical technology company’s stock after selling 1,997 shares during the period. Thomasville National Bank’s holdings in Medtronic were worth $337,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Fortitude Family Office LLC purchased a new position in shares of Medtronic during the fourth quarter valued at about $25,000. MeadowBrook Investment Advisors LLC purchased a new position in shares of Medtronic during the fourth quarter valued at about $27,000. Financial Gravity Asset Management Inc. grew its position in shares of Medtronic by 317.0% during the third quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock valued at $29,000 after purchasing an additional 279 shares in the last quarter. Fortis Group Advisors LLC grew its position in shares of Medtronic by 100.0% during the fourth quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock valued at $38,000 after purchasing an additional 230 shares in the last quarter. Finally, Hartford Financial Management Inc. grew its position in shares of Medtronic by 52.1% during the fourth quarter. Hartford Financial Management Inc. now owns 479 shares of the medical technology company’s stock valued at $39,000 after purchasing an additional 164 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Stock Up 0.5 %

Shares of NYSE MDT opened at $80.18 on Friday. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.03 and a quick ratio of 1.55. The company has a market cap of $106.46 billion, a P/E ratio of 29.16, a PEG ratio of 2.32 and a beta of 0.83. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $91.00. The firm has a 50-day simple moving average of $81.78 and a two-hundred day simple moving average of $83.46.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share 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 firm had revenue of $8.59 billion during the quarter, compared to the consensus estimate of $8.44 billion. During the same quarter 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. Research analysts anticipate that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 28th will be paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.49%. The ex-dividend date is Friday, June 28th. This is an increase from Medtronic’s previous quarterly dividend of $0.69. Medtronic’s payout ratio is currently 100.36%.

Insider Activity

In other news, EVP Michael Marinaro sold 854 shares of Medtronic stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $83.14, for a total transaction of $71,001.56. Following the completion of the sale, the executive vice president now owns 27,925 shares of the company’s stock, valued at $2,321,684.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP Michael Marinaro sold 854 shares of Medtronic stock in a transaction that occurred on Monday, April 8th. The shares were 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 $2,321,684.50. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Geoffrey Martha sold 19,113 shares of Medtronic stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $83.77, for a total transaction of $1,601,096.01. Following the transaction, the chief executive officer now directly owns 143,348 shares in the company, valued at $12,008,261.96. The disclosure for this sale can be found here. Insiders own 0.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on MDT shares. Truist Financial lowered their price target on shares of Medtronic from $90.00 to $88.00 and set a “hold” rating for the company in a report on Friday, May 24th. The Goldman Sachs Group started coverage on shares of Medtronic in a report on Thursday, May 30th. They issued a “sell” rating and a $83.00 price target for the company. Wells Fargo & Company increased their price target on shares of Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a report on Friday, May 24th. UBS Group increased their price target on shares of Medtronic from $75.00 to $76.00 and gave the company a “sell” rating in a report on Friday, May 24th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Friday, May 24th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $93.00.

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.