Trustco Bank Corp N Y Sells 150 Shares of Medtronic plc (NYSE:MDT)

Trustco Bank Corp N Y decreased its holdings in Medtronic plc (NYSE:MDT) by 2.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,442 shares of the medical technology company’s stock after selling 150 shares during the period. Trustco Bank Corp N Y’s holdings in Medtronic were worth $515,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in MDT. Norges Bank bought a new position in shares of Medtronic in the 4th quarter valued at about $1,163,580,000. Raymond James Financial Inc. bought a new position in shares of Medtronic in the 4th quarter valued at about $852,732,000. Beutel Goodman & Co Ltd. bought a new position in shares of Medtronic in the 4th quarter valued at about $377,169,000. Van ECK Associates Corp lifted its holdings in shares of Medtronic by 2,043.4% in the 4th quarter. Van ECK Associates Corp now owns 2,598,150 shares of the medical technology company’s stock valued at $207,540,000 after acquiring an additional 2,476,935 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of Medtronic by 17.8% in the 4th quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company’s stock valued at $1,233,769,000 after acquiring an additional 2,333,600 shares during the last quarter. Institutional investors own 82.06% of the company’s stock.

Analysts Set New Price Targets

MDT has been the subject of a number of analyst reports. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Wednesday, February 19th. Robert W. Baird increased their price target on shares of Medtronic from $90.00 to $91.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Royal Bank of Canada reissued an “outperform” rating and issued a $105.00 price objective on shares of Medtronic in a research note on Wednesday, February 19th. Citigroup raised shares of Medtronic from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $92.00 to $107.00 in a research note on Tuesday, March 4th. Finally, Truist Financial decreased their price objective on shares of Medtronic from $93.00 to $90.00 and set a “hold” rating for the company in a research note on Friday, April 11th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $96.14.

Medtronic Stock Performance

Shares of NYSE:MDT opened at $86.41 on Monday. The firm has a market cap of $110.83 billion, a PE ratio of 26.27, a price-to-earnings-growth ratio of 2.22 and a beta of 0.81. The firm’s 50 day simple moving average is $85.93 and its 200-day simple moving average is $86.60. Medtronic plc has a one year low of $75.96 and a one year high of $96.25. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.36 by $0.03. The business had revenue of $8.29 billion for the quarter, compared to analyst estimates of $8.33 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. As a group, equities analysts predict that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Friday, March 28th were issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.24%. The ex-dividend date of this dividend was Friday, March 28th. Medtronic’s payout ratio is 85.11%.

Medtronic Company 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.