Medtronic plc (NYSE:MDT) Shares Sold by Central Bank & Trust Co.

Central Bank & Trust Co. lowered its stake in shares of Medtronic plc (NYSE:MDT) by 78.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,568 shares of the medical technology company’s stock after selling 5,706 shares during the period. Central Bank & Trust Co.’s holdings in Medtronic were worth $137,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Equity Investment Corp boosted its stake in Medtronic by 27.9% in the 4th quarter. Equity Investment Corp now owns 1,341,079 shares of the medical technology company’s stock worth $110,478,000 after buying an additional 292,459 shares during the last quarter. Loudon Investment Management LLC boosted its stake in Medtronic by 9.5% in the 4th quarter. Loudon Investment Management LLC now owns 10,026 shares of the medical technology company’s stock worth $786,000 after buying an additional 874 shares during the last quarter. BKM Wealth Management LLC acquired a new stake in Medtronic in the 4th quarter worth about $941,000. International Assets Investment Management LLC boosted its stake in Medtronic by 8,340.3% in the 4th quarter. International Assets Investment Management LLC now owns 1,038,579 shares of the medical technology company’s stock worth $85,558,000 after buying an additional 1,026,274 shares during the last quarter. Finally, Tower Research Capital LLC TRC boosted its stake in Medtronic by 69.3% in the 3rd quarter. Tower Research Capital LLC TRC now owns 40,476 shares of the medical technology company’s stock worth $3,172,000 after buying an additional 16,574 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Stock Up 1.8 %

MDT stock traded up $1.47 during midday trading on Friday, hitting $81.64. 11,096,007 shares of the company’s stock were exchanged, compared to its average volume of 6,170,630. The stock has a market capitalization of $108.40 billion, a price-to-earnings ratio of 29.69, a price-to-earnings-growth ratio of 2.34 and a beta of 0.83. The firm has a 50 day moving average price of $81.81 and a 200-day moving average price of $83.51. 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 12-month low of $68.84 and a 12-month high of $91.00.

Medtronic (NYSE:MDT) last issued its earnings results on Thursday, May 23rd. The medical technology company reported $1.46 EPS for the quarter, topping the consensus estimate of $1.45 by $0.01. The company had revenue of $8.59 billion during the quarter, compared to analyst estimates of $8.44 billion. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The business’s revenue was up .5% on a year-over-year basis. During the same quarter last year, the firm earned $1.57 EPS. On average, analysts anticipate that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 28th will be given a dividend of $0.70 per share. The ex-dividend date is Friday, June 28th. This represents a $2.80 dividend on an annualized basis and a yield of 3.43%. This is a positive change from Medtronic’s previous quarterly dividend of $0.69. Medtronic’s payout ratio is currently 100.36%.

Insider Activity at Medtronic

In related news, EVP Michael Marinaro sold 854 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the executive vice president now owns 27,925 shares in the company, valued at approximately $2,321,684.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of the business’s stock in a transaction on 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 owns 143,348 shares in the company, valued at approximately $12,008,261.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 value of $71,001.56. Following the transaction, the executive vice president now 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. Insiders own 0.30% of the company’s stock.

Analyst Upgrades and Downgrades

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

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.