1ST Source Bank Has $1.25 Million Stock Position in Medtronic plc (NYSE:MDT)

1ST Source Bank reduced its stake in shares of Medtronic plc (NYSE:MDT) by 7.1% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 13,876 shares of the medical technology company’s stock after selling 1,060 shares during the quarter. 1ST Source Bank’s holdings in Medtronic were worth $1,249,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Fortitude Family Office LLC acquired a new stake in shares of Medtronic during the third quarter worth approximately $27,000. Highline Wealth Partners LLC bought a new position in Medtronic during the third quarter valued at approximately $27,000. Darwin Wealth Management LLC bought a new position in Medtronic during the third quarter valued at approximately $27,000. J. Stern & Co. LLP bought a new position in Medtronic during the third quarter valued at approximately $30,000. Finally, Chelsea Counsel Co. bought a new position in Medtronic during the third quarter valued at approximately $45,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Trading Down 0.5 %

NYSE:MDT traded down $0.42 on Friday, hitting $82.31. 909,712 shares of the stock were exchanged, compared to its average volume of 6,224,465. The stock has a market capitalization of $105.55 billion, a price-to-earnings ratio of 25.30, a P/E/G ratio of 2.35 and a beta of 0.82. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $92.68. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84. The company’s 50-day moving average price is $87.77 and its 200 day moving average price is $84.99.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.01. The firm 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%. The company’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same period in the previous year, the business posted $1.25 EPS. On average, equities research analysts forecast that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Friday, December 27th will be paid a $0.70 dividend. The ex-dividend date is Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.40%. Medtronic’s dividend payout ratio (DPR) is presently 85.63%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on MDT. Sanford C. Bernstein raised their price objective on shares of Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a research report on Wednesday, November 20th. Citigroup lifted their price target on shares of Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research report on Tuesday, October 1st. Robert W. Baird dropped their price target on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 20th. Stifel Nicolaus lifted their price target on shares of Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research report on Wednesday, August 21st. Finally, UBS Group raised shares of Medtronic from a “sell” rating to a “neutral” rating and lifted their price target for the company from $76.00 to $90.00 in a research report on Thursday, August 15th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Medtronic presently has a consensus rating of “Hold” and a consensus target price of $95.27.

Medtronic 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.