Stock Yards Bank & Trust Co. cut its stake in Medtronic PLC (NYSE:MDT) by 12.1% in the fourth quarter, Holdings Channel reports. The fund owned 2,959 shares of the medical technology company’s stock after selling 408 shares during the period. Stock Yards Bank & Trust Co.’s holdings in Medtronic were worth $270,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently modified their holdings of the business. Highwater Wealth Management LLC acquired a new stake in shares of Medtronic during the 4th quarter worth about $39,000. IMS Capital Management acquired a new stake in shares of Medtronic during the 3rd quarter worth about $41,000. Contravisory Investment Management Inc. increased its position in shares of Medtronic by 220.0% during the 4th quarter. Contravisory Investment Management Inc. now owns 480 shares of the medical technology company’s stock worth $44,000 after purchasing an additional 330 shares during the last quarter. Cornerstone Advisors Inc. increased its position in shares of Medtronic by 12.2% during the 3rd quarter. Cornerstone Advisors Inc. now owns 1,165 shares of the medical technology company’s stock worth $115,000 after purchasing an additional 127 shares during the last quarter. Finally, Polaris Greystone Financial Group LLC increased its position in shares of Medtronic by 255.1% during the 3rd quarter. Polaris Greystone Financial Group LLC now owns 1,321 shares of the medical technology company’s stock worth $130,000 after purchasing an additional 949 shares during the last quarter. 80.76% of the stock is owned by institutional investors and hedge funds.
Shares of Medtronic stock opened at $86.03 on Wednesday. Medtronic PLC has a 12 month low of $76.41 and a 12 month high of $100.15. The stock has a market cap of $113.82 billion, a P/E ratio of 18.04, a PEG ratio of 2.21 and a beta of 0.93. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.56 and a quick ratio of 2.11.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 18th. Stockholders of record on Friday, December 28th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 2.32%. The ex-dividend date of this dividend is Thursday, December 27th. Medtronic’s payout ratio is presently 41.93%.
MDT has been the subject of a number of recent analyst reports. Citigroup downgraded Medtronic from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $109.00 to $96.00 in a research report on Wednesday, January 2nd. ValuEngine downgraded Medtronic from a “buy” rating to a “hold” rating in a research report on Monday, January 7th. JPMorgan Chase & Co. raised Medtronic from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $100.00 to $109.00 in a research report on Wednesday, December 19th. Argus raised their price objective on Medtronic from $108.00 to $120.00 and gave the stock a “buy” rating in a research report on Monday, October 8th. Finally, Barclays initiated coverage on Medtronic in a research report on Monday, October 15th. They set an “overweight” rating and a $113.00 price objective for the company. Nine equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and an average price target of $104.18.
In related news, CFO Karen L. Parkhill acquired 3,000 shares of the firm’s stock in a transaction dated Wednesday, January 9th. The stock was acquired at an average price of $83.87 per share, for a total transaction of $251,610.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Omar Ishrak acquired 12,000 shares of the firm’s stock in a transaction dated Wednesday, January 9th. The stock was bought at an average price of $84.05 per share, with a total value of $1,008,600.00. The disclosure for this purchase can be found here. Company insiders own 0.28% of the company’s stock.
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Medtronic Company Profile
Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.
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