Truist Financial Corp Has $81.77 Million Holdings in Medtronic plc (NYSE:MDT)

Truist Financial Corp reduced its holdings in Medtronic plc (NYSE:MDT) by 16.5% during the 4th quarter, Holdings Channel reports. The fund owned 992,625 shares of the medical technology company’s stock after selling 196,858 shares during the quarter. Truist Financial Corp’s holdings in Medtronic were worth $81,772,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Morgan Stanley boosted its holdings in shares of Medtronic by 9.2% in the 3rd quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock worth $1,863,229,000 after acquiring an additional 1,994,123 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Medtronic by 2.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 20,392,467 shares of the medical technology company’s stock worth $1,597,954,000 after acquiring an additional 508,205 shares in the last quarter. Northern Trust Corp boosted its holdings in shares of Medtronic by 2.1% in the 3rd quarter. Northern Trust Corp now owns 13,622,933 shares of the medical technology company’s stock worth $1,067,493,000 after acquiring an additional 285,819 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Medtronic by 0.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 10,988,289 shares of the medical technology company’s stock worth $843,979,000 after buying an additional 79,660 shares in the last quarter. Finally, American Century Companies Inc. lifted its holdings in Medtronic by 6.7% during the 3rd quarter. American Century Companies Inc. now owns 10,297,135 shares of the medical technology company’s stock worth $806,883,000 after buying an additional 649,367 shares in the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Stock Up 0.6 %

MDT stock traded up $0.49 during trading hours on Friday, reaching $79.74. 5,024,880 shares of the stock were exchanged, compared to its average volume of 5,781,218. The firm’s 50-day moving average is $83.53 and its 200-day moving average is $81.16. The company has a market cap of $105.88 billion, a price-to-earnings ratio of 25.39, a PEG ratio of 2.71 and a beta of 0.76. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.30 and a quick ratio of 1.71. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $92.02.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.26 by $0.04. The firm had revenue of $8.09 billion during the quarter, compared to analysts’ expectations of $7.95 billion. Medtronic had a return on equity of 13.71% and a net margin of 13.00%. The company’s revenue was up 4.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.30 EPS. On average, equities research analysts expect that Medtronic plc will post 5.2 earnings per share for the current year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 22nd were issued a $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 3.46%. The ex-dividend date was Thursday, March 21st. Medtronic’s payout ratio is 87.90%.

Wall Street Analyst Weigh In

Several research firms have issued reports on MDT. Oppenheimer upped their price objective on Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a report on Wednesday, February 21st. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $92.00 price objective on shares of Medtronic in a report on Wednesday, February 21st. Mizuho upped their price objective on Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a report on Wednesday, February 21st. Finally, Truist Financial upped their price objective on Medtronic from $87.00 to $90.00 and gave the stock a “hold” rating in a report on Wednesday, February 21st. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Medtronic presently has a consensus rating of “Hold” and an average target price of $94.91.

Insider Activity

In other news, EVP Michael Marinaro sold 854 shares of the firm’s stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $83.14, for a total value of $71,001.56. Following the completion of the transaction, the executive vice president now owns 27,925 shares in the company, valued at approximately $2,321,684.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Medtronic news, EVP Sean Salmon sold 30,695 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $85.13, for a total transaction of $2,613,065.35. Following the completion of the sale, the executive vice president now directly owns 48,289 shares in the company, valued at $4,110,842.57. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Michael Marinaro sold 854 shares of the firm’s stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $83.14, for a total transaction of $71,001.56. Following the sale, the executive vice president now owns 27,925 shares of the company’s stock, valued at $2,321,684.50. The disclosure for this sale can be found here. 0.30% of the stock is owned by corporate insiders.

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.