First Hawaiian Bank Buys 571 Shares of Medtronic plc (NYSE:MDT)

First Hawaiian Bank raised its stake in Medtronic plc (NYSE:MDT) by 3.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 18,409 shares of the medical technology company’s stock after acquiring an additional 571 shares during the quarter. First Hawaiian Bank’s holdings in Medtronic were worth $1,449,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Equity Investment Corp raised its stake in Medtronic by 27.9% in the 4th quarter. Equity Investment Corp now owns 1,341,079 shares of the medical technology company’s stock worth $110,478,000 after purchasing an additional 292,459 shares in the last quarter. Loudon Investment Management LLC grew its position in Medtronic by 9.5% during the fourth quarter. Loudon Investment Management LLC now owns 10,026 shares of the medical technology company’s stock worth $786,000 after buying an additional 874 shares in the last quarter. Chemung Canal Trust Co. grew its stake in Medtronic by 1,467.5% during the first quarter. Chemung Canal Trust Co. now owns 47,902 shares of the medical technology company’s stock worth $4,175,000 after buying an additional 44,846 shares in the last quarter. International Assets Investment Management LLC increased its holdings 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 buying an additional 1,026,274 shares during the period. Finally, Apollon Wealth Management LLC lifted its holdings in shares of Medtronic by 43.0% during the 4th quarter. Apollon Wealth Management LLC now owns 50,804 shares of the medical technology company’s stock worth $4,185,000 after acquiring an additional 15,265 shares during the period. Institutional investors own 82.06% of the company’s stock.

Insider Activity at Medtronic

In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of the business’s stock in a transaction that occurred on Friday, June 7th. The stock was 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 of the company’s stock, valued at $12,008,261.96. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.30% of the stock is owned by corporate insiders.

Medtronic Trading Up 1.4 %

Shares of NYSE:MDT traded up $1.13 during mid-day trading on Tuesday, reaching $81.46. 3,143,051 shares of the company’s stock were exchanged, compared to its average volume of 6,299,198. The firm has a market capitalization of $104.45 billion, a price-to-earnings ratio of 29.21, a PEG ratio of 2.35 and a beta of 0.82. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $89.18. The business’s fifty day moving average price is $80.00 and its 200-day moving average price is $82.58. 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 data on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share for the quarter, beating analysts’ consensus estimates of $1.45 by $0.01. The business had revenue of $8.59 billion during the quarter, compared to the consensus estimate of $8.44 billion. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. Medtronic’s quarterly revenue was up .5% on a year-over-year basis. During the same period in the prior year, the business posted $1.57 earnings per share. On average, research analysts predict that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Friday, June 28th were paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.44%. This is an increase from Medtronic’s previous quarterly dividend of $0.69. The ex-dividend date was Friday, June 28th. Medtronic’s payout ratio is currently 101.82%.

Analyst Ratings Changes

Several brokerages have commented on MDT. Wells Fargo & Company boosted their price objective on shares of Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a research report on Friday, May 24th. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research note on Friday, May 24th. The Goldman Sachs Group initiated coverage on Medtronic in a research note on Thursday, May 30th. They set a “sell” rating and a $83.00 target price for the company. Royal Bank of Canada restated a “sector perform” rating and issued a $92.00 price target on shares of Medtronic in a research note on Wednesday, July 17th. Finally, Truist Financial lowered their price objective on shares of Medtronic from $88.00 to $85.00 and set a “hold” rating for the company in a research report on Tuesday, July 16th. Two analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Medtronic has a consensus rating of “Hold” and a consensus target price of $90.90.

About Medtronic

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.