Medtronic plc (NYSE:MDT) Shares Sold by Central Bank & Trust Co.

Central Bank & Trust Co. lessened its holdings in shares of Medtronic plc (NYSE:MDT) by 27.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,143 shares of the medical technology company’s stock after selling 425 shares during the period. Central Bank & Trust Co.’s holdings in Medtronic were worth $90,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. MeadowBrook Investment Advisors LLC bought a new stake in Medtronic during the 4th quarter valued at $27,000. LifeSteps Financial Inc. acquired a new position in shares of Medtronic during the first quarter valued at $27,000. Lynx Investment Advisory bought a new stake in shares of Medtronic during the second quarter valued at about $28,000. Tributary Capital Management LLC acquired a new stake in Medtronic in the first quarter worth about $33,000. Finally, Fortis Group Advisors LLC grew its position in Medtronic by 100.0% in the 4th quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock valued at $38,000 after buying an additional 230 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.

Insider Buying and Selling at Medtronic

In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of the business’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $83.77, for a total transaction of $1,601,096.01. Following the completion of the transaction, the chief executive officer now owns 143,348 shares of the company’s stock, valued at approximately $12,008,261.96. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.30% of the company’s stock.

Analyst Ratings Changes

MDT has been the topic of a number of research analyst reports. UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and raised their price objective for the company from $76.00 to $90.00 in a research note on Thursday. Stifel Nicolaus lowered Medtronic from a “buy” rating to a “hold” rating and decreased their price target for the company from $100.00 to $85.00 in a research report on Wednesday, August 14th. Citigroup reduced their price objective on shares of Medtronic from $90.00 to $85.00 and set a “neutral” rating for the company in a research note on Wednesday, July 10th. Truist Financial dropped their target price on shares of Medtronic from $88.00 to $85.00 and set a “hold” rating on the stock in a research report on Tuesday, July 16th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $92.00 price target on shares of Medtronic in a report on Wednesday, July 17th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $91.30.

Medtronic Stock Up 0.4 %

Shares of MDT traded up $0.31 during midday trading on Monday, reaching $84.91. 2,599,319 shares of the stock were exchanged, compared to its average volume of 6,217,401. The firm has a 50 day simple moving average of $80.00 and a 200-day simple moving average of $82.30. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $89.18. The company has a market cap of $108.88 billion, a price-to-earnings ratio of 30.76, a P/E/G ratio of 2.35 and a beta of 0.82. The company has a quick ratio of 1.55, a current ratio of 2.03 and a debt-to-equity ratio of 0.47.

Medtronic (NYSE:MDT) last posted its earnings results on Thursday, May 23rd. The medical technology company reported $1.46 EPS for the quarter, topping the consensus estimate of $1.45 by $0.01. The firm had revenue of $8.59 billion for the quarter, compared to the consensus estimate of $8.44 billion. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. The business’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. Research analysts forecast that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be given a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.30%. Medtronic’s payout ratio is currently 101.82%.

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.