Plimoth Trust Co. LLC Has $2.05 Million Position in Medtronic plc (NYSE:MDT)

Plimoth Trust Co. LLC reduced its holdings in shares of Medtronic plc (NYSE:MDT) by 25.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 23,516 shares of the medical technology company’s stock after selling 8,112 shares during the quarter. Plimoth Trust Co. LLC’s holdings in Medtronic were worth $2,049,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in MDT. Fortitude Family Office LLC bought a new position in shares of Medtronic during the 4th quarter worth approximately $25,000. MeadowBrook Investment Advisors LLC purchased a new position in Medtronic in 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 3rd quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock valued at $29,000 after acquiring an additional 279 shares during the period. Tributary Capital Management LLC bought a new stake in shares of Medtronic in the first quarter valued at $33,000. Finally, Riverview Trust Co bought a new position in Medtronic during the first quarter worth about $39,000. 82.06% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

MDT has been the subject of a number of recent analyst reports. Truist Financial reduced their target price on Medtronic from $90.00 to $88.00 and set a “hold” rating for the company in a report on Friday, May 24th. Wells Fargo & Company lifted their price target on shares of Medtronic from $102.00 to $105.00 and gave the stock an “overweight” rating in a research note on Friday, May 24th. UBS Group boosted their price objective on Medtronic from $75.00 to $76.00 and gave the company a “sell” rating in a research report on Friday, May 24th. The Goldman Sachs Group initiated coverage on shares of Medtronic in a report on Thursday, May 30th. They set a “sell” rating and a $83.00 target price for the company. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $92.00 price objective on shares of Medtronic in a report on Wednesday, June 5th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, Medtronic has an average rating of “Hold” and an average price target of $91.70.

Medtronic Stock Performance

NYSE:MDT opened at $77.37 on Wednesday. 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 $99.21 billion, a price-to-earnings ratio of 28.13, a PEG ratio of 2.29 and a beta of 0.82. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $91.00. The stock’s 50 day simple moving average is $81.78 and its two-hundred day simple moving average is $83.49.

Medtronic (NYSE:MDT) last announced its earnings results 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 return on equity of 13.47% and a net margin of 11.36%. 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 earnings per share. The company’s revenue for the quarter was up .5% compared to the same quarter last year. As a group, equities analysts anticipate that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be issued a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.62%. The ex-dividend date is Friday, June 28th. This is an increase from Medtronic’s previous quarterly dividend of $0.69. Medtronic’s dividend payout ratio (DPR) is currently 101.82%.

Insiders Place Their Bets

In other news, CEO Geoffrey Martha sold 19,113 shares of the company’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $83.77, for a total value of $1,601,096.01. Following the sale, the chief executive officer now owns 143,348 shares in the company, valued at $12,008,261.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Medtronic news, 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 owns 27,925 shares of the company’s stock, valued at $2,321,684.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Geoffrey Martha sold 19,113 shares of the company’s stock in a transaction dated 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 directly owns 143,348 shares of the company’s stock, valued at approximately $12,008,261.96. The disclosure for this sale can be found here. 0.30% of the stock is 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.