American National Bank & Trust Purchases 38,908 Shares of Medtronic plc (NYSE:MDT)

American National Bank & Trust grew its position in shares of Medtronic plc (NYSE:MDT) by 84.7% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 84,861 shares of the medical technology company’s stock after acquiring an additional 38,908 shares during the quarter. American National Bank & Trust’s holdings in Medtronic were worth $7,640,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. LifeSteps Financial Inc. bought a new position in Medtronic in the first quarter valued at $27,000. Lynx Investment Advisory bought a new position in shares of Medtronic in the 2nd quarter valued at about $28,000. Tributary Capital Management LLC bought a new position in shares of Medtronic in the 1st quarter valued at about $33,000. Riverview Trust Co acquired a new stake in shares of Medtronic in the first quarter valued at about $39,000. Finally, Fortis Group Advisors LLC raised its holdings in Medtronic by 100.0% during the fourth quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock worth $38,000 after acquiring an additional 230 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Price Performance

Shares of NYSE MDT opened at $89.10 on Thursday. The firm has a market cap of $114.25 billion, a P/E ratio of 32.40, a price-to-earnings-growth ratio of 2.56 and a beta of 0.84. The business’s 50 day moving average is $86.39 and its 200-day moving average is $83.23. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $91.49.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.03. The firm had revenue of $7.97 billion for the quarter, compared to analysts’ expectations of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The company’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same quarter last year, the business earned $1.20 EPS. Equities research analysts predict that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.14%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s dividend payout ratio is currently 101.82%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on MDT shares. UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and boosted their price target for the stock from $76.00 to $90.00 in a research report on Thursday, August 15th. Robert W. Baird upped 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 lifted their price objective on shares of Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research report on Wednesday, August 21st. Evercore ISI boosted their price objective on shares of Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research note on Tuesday. Finally, Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Medtronic has a consensus rating of “Hold” and a consensus target price of $94.21.

Medtronic 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.