City Holding Co. Has $1.05 Million Stock Position in Medtronic plc (NYSE:MDT)

City Holding Co. reduced its holdings in shares of Medtronic plc (NYSE:MDT) by 9.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,082 shares of the medical technology company’s stock after selling 1,254 shares during the quarter. City Holding Co.’s holdings in Medtronic were worth $1,053,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Morgan Stanley boosted its stake in Medtronic by 9.2% in the third quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock valued at $1,863,229,000 after acquiring an additional 1,994,123 shares during the last quarter. Norges Bank purchased a new position in Medtronic in the fourth quarter valued at about $1,229,726,000. Sanders Capital LLC boosted its stake in Medtronic by 2.8% in the fourth quarter. Sanders Capital LLC now owns 12,634,161 shares of the medical technology company’s stock valued at $1,040,802,000 after acquiring an additional 346,641 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Medtronic by 0.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 11,089,400 shares of the medical technology company’s stock valued at $893,352,000 after acquiring an additional 101,111 shares during the last quarter. Finally, American Century Companies Inc. boosted its stake in Medtronic by 6.7% in the third quarter. American Century Companies Inc. now owns 10,297,135 shares of the medical technology company’s stock valued at $806,883,000 after acquiring an additional 649,367 shares during the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Price Performance

MDT stock traded down $0.01 during midday trading on Monday, reaching $81.63. The company had a trading volume of 1,416,136 shares, compared to its average volume of 6,266,645. 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 plc has a 1 year low of $68.84 and a 1 year high of $91.00. The company has a market capitalization of $108.39 billion, a P/E ratio of 29.69, a P/E/G 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 $83.54.

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

Medtronic Increases Dividend

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

Insider Buying and Selling at Medtronic

In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of the stock in a transaction 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 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of the stock in a transaction 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 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Michael Marinaro sold 854 shares of the company’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 completion of the transaction, the executive vice president now owns 27,925 shares of the company’s stock, valued at $2,321,684.50. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

MDT has been the topic of a number of research analyst reports. Truist Financial dropped their target price on shares of Medtronic from $90.00 to $88.00 and set a “hold” rating on the stock in a research note on Friday, May 24th. The Goldman Sachs Group assumed coverage on shares of Medtronic in a research report on Thursday, May 30th. They issued a “sell” rating and a $83.00 price target on the stock. Wells Fargo & Company boosted their price target on shares of Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a research report on Friday, May 24th. Royal Bank of Canada reissued a “sector perform” rating and issued a $92.00 price target on shares of Medtronic in a research report on Wednesday, June 5th. Finally, UBS Group boosted their price target on shares of Medtronic from $75.00 to $76.00 and gave the company a “sell” rating in a research report on Friday, May 24th. Two 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 stock. Based on data from MarketBeat.com, the company 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.