Chemung Canal Trust Co. Cuts Stock Position in Medtronic plc (NYSE:MDT)

Chemung Canal Trust Co. trimmed its holdings in shares of Medtronic plc (NYSE:MDT) by 22.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 38,731 shares of the medical technology company’s stock after selling 11,157 shares during the period. Chemung Canal Trust Co.’s holdings in Medtronic were worth $3,487,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in MDT. LifeSteps Financial Inc. bought a new position in shares of Medtronic during the 1st quarter valued at $27,000. Lynx Investment Advisory bought a new position in Medtronic in the 2nd quarter worth $28,000. Tributary Capital Management LLC bought a new position in Medtronic in the 1st quarter worth $33,000. Fortis Group Advisors LLC raised its holdings in Medtronic by 100.0% in the 4th quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock worth $38,000 after purchasing an additional 230 shares during the period. Finally, Riverview Trust Co bought a new position in Medtronic in the 1st quarter worth $39,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Trading Down 0.1 %

Shares of NYSE MDT traded down $0.07 during midday trading on Friday, reaching $87.70. 968,279 shares of the stock were exchanged, compared to its average volume of 6,341,835. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $91.49. The stock has a market capitalization of $112.46 billion, a P/E ratio of 31.95, a PEG ratio of 2.56 and a beta of 0.84. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. The company has a 50 day simple moving average of $86.58 and a 200 day simple moving average of $83.26.

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

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be given a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.19%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s payout ratio is currently 101.82%.

Analyst Upgrades and Downgrades

MDT has been the topic of a number of recent research reports. Oppenheimer raised their target price on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a report on Wednesday, August 21st. UBS Group upgraded 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 note on Thursday, August 15th. Robert W. Baird raised their price objective on Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. Stifel Nicolaus lifted their price target on Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research report on Wednesday, August 21st. Finally, Daiwa America upgraded Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $94.21.

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.