Canandaigua National Bank & Trust Co. Trims Position in Medtronic plc (NYSE:MDT)

Canandaigua National Bank & Trust Co. decreased its position in shares of Medtronic plc (NYSE:MDT) by 5.5% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 12,250 shares of the medical technology company’s stock after selling 711 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in Medtronic were worth $1,103,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Farmers Trust Co. raised its stake in Medtronic by 1.4% during the third quarter. Farmers Trust Co. now owns 64,945 shares of the medical technology company’s stock worth $5,847,000 after purchasing an additional 884 shares during the period. Curbstone Financial Management Corp purchased a new position in Medtronic during the third quarter worth approximately $413,000. Czech National Bank raised its stake in Medtronic by 3.3% during the third quarter. Czech National Bank now owns 261,279 shares of the medical technology company’s stock worth $23,523,000 after purchasing an additional 8,249 shares during the period. Central Pacific Bank Trust Division raised its stake in Medtronic by 14.8% during the third quarter. Central Pacific Bank Trust Division now owns 2,411 shares of the medical technology company’s stock worth $217,000 after purchasing an additional 311 shares during the period. Finally, Cascade Investment Advisors Inc. raised its stake in Medtronic by 4.0% during the third quarter. Cascade Investment Advisors Inc. now owns 21,884 shares of the medical technology company’s stock worth $1,970,000 after purchasing an additional 840 shares during the period. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analyst Upgrades and Downgrades

MDT has been the topic of a number of recent analyst reports. 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 note on Thursday, August 15th. Daiwa America raised shares of Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Robert W. Baird raised their target price on shares of Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research note on Tuesday, August 20th. Finally, Wells Fargo & Company raised their price target on shares of Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. 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. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $94.21.

Medtronic Stock Up 0.6 %

MDT stock traded up $0.49 during mid-day trading on Friday, hitting $88.26. 3,598,594 shares of the company were exchanged, compared to its average volume of 6,355,535. The company has a market capitalization of $113.17 billion, a PE ratio of 32.09, a price-to-earnings-growth ratio of 2.56 and a beta of 0.84. 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 twelve month low of $68.84 and a twelve month high of $91.49. The firm has a fifty day simple moving average of $86.77 and a 200 day simple moving average of $83.30.

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

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be issued a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.17%. The ex-dividend date is Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is presently 101.82%.

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.