Old North State Trust LLC Lowers Holdings in Medtronic plc (NYSE:MDT)

Old North State Trust LLC reduced its stake in shares of Medtronic plc (NYSE:MDT) by 4.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,864 shares of the medical technology company’s stock after selling 149 shares during the period. Old North State Trust LLC’s holdings in Medtronic were worth $229,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the stock. MONECO Advisors LLC increased its position in Medtronic by 1.8% during the fourth quarter. MONECO Advisors LLC now owns 6,408 shares of the medical technology company’s stock worth $512,000 after purchasing an additional 115 shares during the last quarter. OLD Second National Bank of Aurora grew its stake in shares of Medtronic by 0.3% during the 4th quarter. OLD Second National Bank of Aurora now owns 36,303 shares of the medical technology company’s stock valued at $2,900,000 after buying an additional 121 shares during the period. McKinley Carter Wealth Services Inc. grew its stake in shares of Medtronic by 0.7% during the 4th quarter. McKinley Carter Wealth Services Inc. now owns 19,677 shares of the medical technology company’s stock valued at $1,572,000 after buying an additional 129 shares during the period. Faithward Advisors LLC increased its holdings in shares of Medtronic by 2.7% during the 4th quarter. Faithward Advisors LLC now owns 5,043 shares of the medical technology company’s stock worth $403,000 after buying an additional 134 shares during the last quarter. Finally, Vestor Capital LLC raised its position in shares of Medtronic by 0.3% in the 4th quarter. Vestor Capital LLC now owns 51,375 shares of the medical technology company’s stock worth $4,104,000 after buying an additional 138 shares during the period. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MDT has been the subject of a number of research reports. Citigroup raised Medtronic from a “neutral” rating to a “buy” rating and boosted their price target for the company from $92.00 to $107.00 in a research report on Tuesday, March 4th. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research note on Monday, May 19th. Truist Financial dropped their target price on shares of Medtronic from $93.00 to $90.00 and set a “hold” rating for the company in a research report on Friday, April 11th. UBS Group raised their price target on shares of Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Finally, Robert W. Baird reduced their price target on shares of Medtronic from $94.00 to $92.00 and set a “neutral” rating on the stock in a research report on Thursday, May 22nd. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Medtronic presently has a consensus rating of “Hold” and a consensus price target of $96.07.

Medtronic Price Performance

MDT opened at $81.14 on Wednesday. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $96.25. The firm has a market cap of $104.07 billion, a price-to-earnings ratio of 24.66, a PEG ratio of 2.22 and a beta of 0.81. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48. The company has a fifty day simple moving average of $84.64 and a 200 day simple moving average of $86.31.

Medtronic (NYSE:MDT) last announced its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.04. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The company had revenue of $8.93 billion during the quarter, compared to the consensus estimate of $8.81 billion. During the same period last year, the firm earned $1.46 earnings per share. The company’s revenue was up 3.9% on a year-over-year basis. Equities research analysts expect that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be paid a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 3.50%. The ex-dividend date is Friday, June 27th. This is a positive change from Medtronic’s previous quarterly dividend of $0.70. Medtronic’s dividend payout ratio (DPR) is 78.45%.

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.