First Citizens Bank & Trust Co. Has $3.06 Million Stock Position in Medtronic plc (NYSE:MDT)

First Citizens Bank & Trust Co. reduced its position in Medtronic plc (NYSE:MDT) by 6.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 38,250 shares of the medical technology company’s stock after selling 2,767 shares during the period. First Citizens Bank & Trust Co.’s holdings in Medtronic were worth $3,055,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Affiance Financial LLC lifted its stake in Medtronic by 22.1% in the fourth quarter. Affiance Financial LLC now owns 3,873 shares of the medical technology company’s stock valued at $309,000 after acquiring an additional 700 shares during the last quarter. Olstein Capital Management L.P. raised its holdings in shares of Medtronic by 8.0% during the 4th quarter. Olstein Capital Management L.P. now owns 94,000 shares of the medical technology company’s stock valued at $7,509,000 after purchasing an additional 7,000 shares in the last quarter. Flagship Harbor Advisors LLC lifted its stake in shares of Medtronic by 33.2% in the 4th quarter. Flagship Harbor Advisors LLC now owns 10,594 shares of the medical technology company’s stock valued at $846,000 after purchasing an additional 2,638 shares during the last quarter. Insight Inv LLC boosted its holdings in Medtronic by 4.9% in the fourth quarter. Insight Inv LLC now owns 14,906 shares of the medical technology company’s stock worth $1,191,000 after purchasing an additional 698 shares in the last quarter. Finally, Advocate Group LLC boosted its holdings in Medtronic by 4.8% in the fourth quarter. Advocate Group LLC now owns 106,776 shares of the medical technology company’s stock worth $8,529,000 after purchasing an additional 4,897 shares in the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP Brett A. Wall sold 9,850 shares of the stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total value of $792,038.50. Following the completion of the transaction, the executive vice president now owns 40,708 shares of the company’s stock, valued at $3,273,330.28. This represents a 19.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.20% of the company’s stock.

Medtronic Stock Up 0.9 %

Shares of MDT opened at $90.07 on Monday. The company has a 50-day simple moving average of $83.75 and a 200-day simple moving average of $85.56. The firm has a market capitalization of $115.49 billion, a P/E ratio of 27.54, a P/E/G ratio of 2.49 and a beta of 0.83. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $92.68.

Medtronic (NYSE:MDT) last announced 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 business had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The firm’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.25 earnings per share. On average, equities research analysts expect that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were given a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.11%. The ex-dividend date was Friday, December 27th. Medtronic’s dividend payout ratio (DPR) is presently 85.63%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. JPMorgan Chase & Co. decreased their price objective on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a report on Friday, November 15th. Evercore ISI upped their price objective on shares of Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. Barclays upped their price objective on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. Robert W. Baird decreased their price objective on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a report on Wednesday, November 20th. Finally, Needham & Company LLC restated a “hold” rating on shares of Medtronic in a report on Monday, November 18th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $95.00.

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.