Truist Financial Corp Has $73.65 Million Stock Position in Medtronic plc (NYSE:MDT)

Truist Financial Corp lessened its position in shares of Medtronic plc (NYSE:MDT) by 2.9% during the 2nd quarter, Holdings Channel.com reports. The firm owned 935,707 shares of the medical technology company’s stock after selling 27,575 shares during the quarter. Truist Financial Corp’s holdings in Medtronic were worth $73,649,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Capital Research Global Investors boosted its stake in Medtronic by 7.1% during the first quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after buying an additional 2,044,109 shares in the last quarter. Pzena Investment Management LLC boosted its position in shares of Medtronic by 8.3% during the 2nd quarter. Pzena Investment Management LLC now owns 8,307,123 shares of the medical technology company’s stock valued at $653,854,000 after acquiring an additional 637,931 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Medtronic by 7.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 7,120,554 shares of the medical technology company’s stock valued at $560,494,000 after acquiring an additional 515,751 shares in the last quarter. Longview Partners Guernsey LTD raised its position in Medtronic by 2.3% in the first quarter. Longview Partners Guernsey LTD now owns 6,635,054 shares of the medical technology company’s stock worth $578,245,000 after purchasing an additional 147,737 shares in the last quarter. Finally, Raymond James & Associates raised its position in Medtronic by 5.7% in the second quarter. Raymond James & Associates now owns 6,246,361 shares of the medical technology company’s stock worth $491,651,000 after purchasing an additional 336,618 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on MDT. Robert W. Baird increased their price target on shares of Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Stifel Nicolaus increased their price target on shares of Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research report on Wednesday, August 21st. Piper Sandler increased their price target on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. UBS Group raised shares of Medtronic from a “sell” rating to a “neutral” rating and increased their price target for the stock from $76.00 to $90.00 in a research report on Thursday, August 15th. Finally, Citigroup increased their price target on shares of Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research report on Tuesday. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $94.21.

Medtronic Stock Down 0.0 %

Medtronic stock opened at $89.99 on Wednesday. The firm has a market capitalization of $115.39 billion, a price-to-earnings ratio of 32.72, a PEG ratio of 2.56 and a beta of 0.84. The company’s 50 day simple moving average is $86.21 and its 200 day simple moving average is $83.19. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $91.49.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. The firm had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The business’s revenue was up 3.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.20 earnings per share. As a group, sell-side analysts anticipate that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.11%. The ex-dividend date is Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is currently 101.82%.

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.