Community Trust & Investment Co. Lowers Position in Medtronic plc (NYSE:MDT)

Community Trust & Investment Co. reduced its stake in Medtronic plc (NYSE:MDT) by 1.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 37,496 shares of the medical technology company’s stock after selling 492 shares during the period. Community Trust & Investment Co.’s holdings in Medtronic were worth $3,369,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of MDT. Stockman Wealth Management Inc. raised its stake in shares of Medtronic by 7.5% in the 1st quarter. Stockman Wealth Management Inc. now owns 113,977 shares of the medical technology company’s stock valued at $10,242,000 after acquiring an additional 7,972 shares during the period. Claris Advisors LLC MO acquired a new stake in Medtronic in the 1st quarter valued at approximately $235,000. QRG Capital Management Inc. raised its position in Medtronic by 24.8% in the first quarter. QRG Capital Management Inc. now owns 523,812 shares of the medical technology company’s stock valued at $47,070,000 after purchasing an additional 104,050 shares during the period. Sentry LLC lifted its stake in Medtronic by 11.1% during the first quarter. Sentry LLC now owns 13,604 shares of the medical technology company’s stock worth $1,222,000 after purchasing an additional 1,358 shares in the last quarter. Finally, Precision Wealth Strategies LLC lifted its stake in Medtronic by 5.7% during the first quarter. Precision Wealth Strategies LLC now owns 4,584 shares of the medical technology company’s stock worth $412,000 after purchasing an additional 249 shares in the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Trading Down 1.5%

Shares of NYSE:MDT opened at $87.19 on Monday. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $96.25. The company’s 50 day moving average is $84.21 and its two-hundred day moving average is $86.26. The company has a market cap of $111.83 billion, a PE ratio of 26.50, a P/E/G ratio of 2.22 and a beta of 0.79. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48.

Medtronic (NYSE:MDT) last posted its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 EPS 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 firm had revenue of $8.93 billion for the quarter, compared to analyst estimates of $8.81 billion. During the same quarter in the prior year, the company posted $1.46 earnings per share. Medtronic’s revenue for the quarter was up 3.9% compared to the same quarter last year. Equities analysts predict that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be issued a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 3.26%. This is an increase from Medtronic’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Friday, June 27th. Medtronic’s dividend payout ratio is 78.45%.

Analyst Upgrades and Downgrades

MDT has been the subject of a number of research reports. Robert W. Baird dropped their price objective on Medtronic from $94.00 to $92.00 and set a “neutral” rating for the company in a research note on Thursday, May 22nd. Mizuho cut their price target on shares of Medtronic from $100.00 to $98.00 and set an “outperform” rating on the stock in a research note on Thursday, May 22nd. Truist Financial lowered 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. Wall Street Zen cut shares of Medtronic from a “buy” rating to a “hold” rating in a report on Saturday, May 24th. Finally, Royal Bank of Canada cut their target price on shares of Medtronic from $105.00 to $101.00 and set an “outperform” rating on the stock in a research note on Thursday, May 22nd. Nine research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Medtronic has an average rating of “Moderate Buy” and an average price target of $97.00.

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.