City State Bank Sells 333 Shares of Medtronic plc (NYSE:MDT)

City State Bank cut its stake in Medtronic plc (NYSE:MDT) by 5.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,285 shares of the medical technology company’s stock after selling 333 shares during the period. City State Bank’s holdings in Medtronic were worth $502,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Copley Financial Group Inc. bought a new stake in shares of Medtronic during the third quarter valued at approximately $694,000. Olstein Capital Management L.P. boosted its holdings in shares of Medtronic by 19.2% during the 3rd quarter. Olstein Capital Management L.P. now owns 87,000 shares of the medical technology company’s stock valued at $7,833,000 after buying an additional 14,000 shares in the last quarter. Y Intercept Hong Kong Ltd grew its position in shares of Medtronic by 322.6% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 73,593 shares of the medical technology company’s stock worth $6,626,000 after buying an additional 56,178 shares during the period. Franklin Street Advisors Inc. NC increased its stake in shares of Medtronic by 32.6% in the 4th quarter. Franklin Street Advisors Inc. NC now owns 73,517 shares of the medical technology company’s stock worth $5,873,000 after acquiring an additional 18,057 shares in the last quarter. Finally, Ferguson Wellman Capital Management Inc. purchased a new position in Medtronic during the 3rd quarter valued at about $9,486,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Truist Financial cut their price objective on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a report on Wednesday, December 18th. Robert W. Baird reduced their price objective on Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a research report on Wednesday, November 20th. Barclays boosted their target price on Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. Citigroup raised their price target on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a report on Tuesday, October 1st. Finally, Evercore ISI upped their price target on shares of Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 1st. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $95.00.

Medtronic Stock Performance

MDT traded up $0.20 during mid-day trading on Monday, reaching $80.86. 1,207,164 shares of the company traded hands, compared to its average volume of 6,473,294. The stock has a market capitalization of $103.69 billion, a P/E ratio of 24.73, a P/E/G ratio of 2.33 and a beta of 0.83. Medtronic plc has a 52-week low of $75.96 and a 52-week high of $92.68. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. The company’s fifty day moving average price is $83.99 and its 200-day moving average price is $84.95.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $1.25 by $0.01. The company had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. Medtronic’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.25 earnings per share. On average, sell-side analysts expect that Medtronic plc will post 5.45 EPS for the current year.

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.46%. The ex-dividend date was Friday, December 27th. Medtronic’s payout ratio is 85.63%.

Insider Transactions at Medtronic

In related news, EVP Brett A. Wall sold 9,850 shares of the business’s stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total transaction of $792,038.50. Following the completion of the transaction, the executive vice president now directly owns 40,708 shares in the company, valued at approximately $3,273,330.28. The trade was a 19.48 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.20% of the stock is currently owned by company insiders.

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.