Chemung Canal Trust Co. Purchases 44,846 Shares of Medtronic plc (NYSE:MDT)

Chemung Canal Trust Co. grew its position in shares of Medtronic plc (NYSE:MDT) by 1,467.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 47,902 shares of the medical technology company’s stock after buying an additional 44,846 shares during the quarter. Chemung Canal Trust Co.’s holdings in Medtronic were worth $4,175,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Morgan Stanley increased its holdings in Medtronic by 9.2% during the 3rd quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock valued at $1,863,229,000 after purchasing an additional 1,994,123 shares in the last quarter. Norges Bank bought a new position in shares of Medtronic in the fourth quarter valued at about $1,229,726,000. Sanders Capital LLC lifted its position in Medtronic by 2.8% during the 4th quarter. Sanders Capital LLC now owns 12,634,161 shares of the medical technology company’s stock worth $1,040,802,000 after buying an additional 346,641 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Medtronic by 0.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 11,089,400 shares of the medical technology company’s stock worth $893,352,000 after acquiring an additional 101,111 shares during the last quarter. Finally, American Century Companies Inc. increased its position in Medtronic by 6.7% in the 3rd 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 in the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on the stock. The Goldman Sachs Group began coverage on shares of Medtronic in a research note on Thursday, May 30th. They set a “sell” rating and a $83.00 price target on the stock. Truist Financial lowered their target price on Medtronic from $90.00 to $88.00 and set a “hold” rating for the company in a research note on Friday, May 24th. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research note on Friday, May 24th. Wells Fargo & Company lifted their price objective on Medtronic from $102.00 to $105.00 and gave the stock an “overweight” rating in a research report on Friday, May 24th. Finally, UBS Group upped their target price 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 given a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $93.00.

Medtronic Stock Performance

Shares of Medtronic stock opened at $78.71 on Friday. The stock’s fifty day simple moving average is $81.85 and its 200 day simple moving average is $83.52. The company has a current ratio of 2.03, a quick ratio of 1.55 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $100.93 billion, a PE ratio of 28.62, a PEG ratio of 2.29 and a beta of 0.83. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $91.00.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Thursday, May 23rd. The medical technology company reported $1.46 EPS for the quarter, topping 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 company had revenue of $8.59 billion for the quarter, compared to analyst estimates of $8.44 billion. During the same quarter last year, the firm posted $1.57 earnings per share. Medtronic’s revenue was up .5% compared to the same quarter last year. On average, research analysts predict 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 issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.56%. This is a positive change from Medtronic’s previous quarterly dividend of $0.69. The ex-dividend date is Friday, June 28th. Medtronic’s dividend payout ratio (DPR) is presently 100.36%.

Insider Activity at Medtronic

In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of the 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 owns 143,348 shares in the company, valued at approximately $12,008,261.96. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, EVP Michael Marinaro sold 854 shares of the stock in a transaction 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 transaction, the executive vice president now owns 27,925 shares in the company, valued at $2,321,684.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 transaction of $1,601,096.01. Following the completion of the sale, the chief executive officer now owns 143,348 shares in the company, valued at $12,008,261.96. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by insiders.

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.