Exchange Bank Has $257,000 Position in Medtronic plc (NYSE:MDT)

Exchange Bank reduced its holdings in Medtronic plc (NYSE:MDT) by 5.5% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 2,952 shares of the medical technology company’s stock after selling 171 shares during the period. Exchange Bank’s holdings in Medtronic were worth $257,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of MDT. Equity Investment Corp increased its holdings in shares of Medtronic by 27.9% during the fourth quarter. Equity Investment Corp now owns 1,341,079 shares of the medical technology company’s stock worth $110,478,000 after buying an additional 292,459 shares in the last quarter. Loudon Investment Management LLC increased its stake in shares of Medtronic by 9.5% in the fourth quarter. Loudon Investment Management LLC now owns 10,026 shares of the medical technology company’s stock valued at $786,000 after buying an additional 874 shares in the last quarter. BKM Wealth Management LLC acquired a new position in Medtronic during the 4th quarter worth about $941,000. International Assets Investment Management LLC increased its position in Medtronic by 8,340.3% in the 4th quarter. International Assets Investment Management LLC now owns 1,038,579 shares of the medical technology company’s stock valued at $85,558,000 after acquiring an additional 1,026,274 shares in the last quarter. Finally, Tower Research Capital LLC TRC lifted its position in shares of Medtronic by 69.3% during the third quarter. Tower Research Capital LLC TRC now owns 40,476 shares of the medical technology company’s stock worth $3,172,000 after purchasing an additional 16,574 shares in the last quarter. 82.06% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. UBS Group boosted their price objective on shares of Medtronic from $75.00 to $76.00 and gave the stock a “sell” rating in a research report on Friday, May 24th. Wells Fargo & Company upped their price target on Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a research note on Friday, May 24th. The Goldman Sachs Group assumed coverage on shares of Medtronic in a research report on Thursday, May 30th. They set a “sell” rating and a $83.00 target price on the stock. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $92.00 price objective on shares of Medtronic in a research note on Wednesday, June 5th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research note on Friday, May 24th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $93.00.

Medtronic Trading Down 0.8 %

Shares of NYSE:MDT traded down $0.68 during midday trading on Wednesday, reaching $79.73. The company’s stock had a trading volume of 1,763,968 shares, compared to its average volume of 6,266,159. The firm has a 50 day moving average price of $81.85 and a two-hundred day moving average price of $83.56. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $91.00. The firm has a market capitalization of $102.24 billion, a price-to-earnings ratio of 28.83, a PEG ratio of 2.34 and a beta of 0.83. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 2.03.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.45 by $0.01. The firm had revenue of $8.59 billion for the quarter, compared to analysts’ expectations of $8.44 billion. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The company’s revenue for the quarter was up .5% compared to the same quarter last year. During the same period in the prior year, the business earned $1.57 EPS. As a group, analysts forecast that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be paid a dividend of $0.70 per share. The ex-dividend date is Friday, June 28th. This represents a $2.80 dividend on an annualized basis and a yield of 3.51%. This is an increase from Medtronic’s previous quarterly dividend of $0.69. Medtronic’s payout ratio is 100.36%.

Insiders Place Their Bets

In other Medtronic news, EVP Michael Marinaro sold 854 shares of the company’s stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $83.14, for a total value of $71,001.56. Following the completion of the sale, the executive vice president now directly owns 27,925 shares of the company’s stock, valued at approximately $2,321,684.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of the business’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $83.77, for a total value of $1,601,096.01. Following the transaction, the chief executive officer now directly owns 143,348 shares in the company, valued at $12,008,261.96. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Michael Marinaro sold 854 shares of the firm’s stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $83.14, for a total transaction of $71,001.56. Following the sale, the executive vice president now owns 27,925 shares of the company’s stock, valued at approximately $2,321,684.50. The disclosure for this sale can be found here. Corporate insiders own 0.30% of the company’s stock.

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.