Webster Bank N. A. Cuts Stock Holdings in Medtronic plc (NYSE:MDT)

Webster Bank N. A. lowered its position in Medtronic plc (NYSE:MDT) by 2.3% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 22,042 shares of the medical technology company’s stock after selling 524 shares during the period. Webster Bank N. A.’s holdings in Medtronic were worth $1,942,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Sageworth Trust Co bought a new position in shares of Medtronic during the 1st quarter worth approximately $26,000. Laurel Wealth Advisors LLC lifted its holdings in Medtronic by 250.0% during the first quarter. Laurel Wealth Advisors LLC now owns 350 shares of the medical technology company’s stock worth $28,000 after acquiring an additional 250 shares during the period. Trivant Custom Portfolio Group LLC purchased a new position in Medtronic in the first quarter worth $31,000. Certified Advisory Corp bought a new position in Medtronic in the 1st quarter valued at $31,000. Finally, Tucker Asset Management LLC purchased a new stake in shares of Medtronic during the 1st quarter valued at $32,000. 80.75% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on MDT shares. Sanford C. Bernstein reduced their price target on shares of Medtronic from $100.00 to $99.00 in a research report on Friday, May 26th. Morgan Stanley raised shares of Medtronic from an “equal weight” rating to an “overweight” rating and set a $104.00 price target on the stock in a report on Tuesday, May 30th. Oppenheimer restated a “market perform” rating and issued a $89.00 target price on shares of Medtronic in a research note on Wednesday, August 23rd. Stifel Nicolaus increased their price target on Medtronic from $92.00 to $95.00 and gave the stock a “buy” rating in a research note on Tuesday, August 22nd. Finally, StockNews.com downgraded shares of Medtronic from a “strong-buy” rating to a “buy” rating in a report on Thursday, September 7th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, Medtronic presently has a consensus rating of “Hold” and a consensus target price of $91.67.

Insider Activity

In other Medtronic news, EVP Gregory L. Smith sold 10,000 shares of Medtronic stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $83.84, for a total transaction of $838,400.00. Following the completion of the sale, the executive vice president now owns 46,723 shares of the company’s stock, valued at $3,917,256.32. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Medtronic news, EVP Gregory L. Smith sold 10,000 shares of Medtronic stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $83.84, for a total transaction of $838,400.00. Following the transaction, the executive vice president now directly owns 46,723 shares of the company’s stock, valued at $3,917,256.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Brett A. Wall sold 1,000 shares of Medtronic stock in a transaction on Monday, August 14th. The stock was sold at an average price of $83.38, for a total transaction of $83,380.00. Following the completion of the transaction, the executive vice president now owns 33,573 shares in the company, valued at approximately $2,799,316.74. The disclosure for this sale can be found here. In the last quarter, insiders have sold 19,866 shares of company stock worth $1,688,839. 0.30% of the stock is currently owned by corporate insiders.

Medtronic Price Performance

Shares of MDT stock traded down $0.35 on Tuesday, reaching $82.45. The company’s stock had a trading volume of 2,179,508 shares, compared to its average volume of 5,680,592. The company has a market capitalization of $109.70 billion, a P/E ratio of 30.54, a PEG ratio of 2.87 and a beta of 0.71. Medtronic plc has a 12-month low of $75.76 and a 12-month high of $92.02. The stock’s 50 day simple moving average is $84.16 and its 200-day simple moving average is $84.35. The company has a quick ratio of 1.79, a current ratio of 2.42 and a debt-to-equity ratio of 0.48.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, August 22nd. The medical technology company reported $1.20 earnings per share for the quarter, beating the consensus estimate of $1.11 by $0.09. Medtronic had a return on equity of 13.81% and a net margin of 11.47%. The firm had revenue of $7.70 billion for the quarter, compared to analysts’ expectations of $7.57 billion. During the same quarter last year, the firm posted $1.13 EPS. The company’s revenue was up 4.5% compared to the same quarter last year. As a group, equities analysts predict that Medtronic plc will post 5.12 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Stockholders of record on Friday, September 22nd will be issued a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.35%. The ex-dividend date is Thursday, September 21st. Medtronic’s payout ratio is 101.85%.

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.