NBT Bank N A NY Sells 12,187 Shares of Medtronic PLC (NYSE:MDT)

NBT Bank N A NY lowered its stake in Medtronic PLC (NYSE:MDT) by 42.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 16,779 shares of the medical technology company’s stock after selling 12,187 shares during the quarter. NBT Bank N A NY’s holdings in Medtronic were worth $1,508,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Burkett Financial Services LLC lifted its stake in Medtronic by 185.0% in the first quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company’s stock valued at $26,000 after buying an additional 185 shares during the period. Mainstream Capital Management LLC bought a new stake in shares of Medtronic in the 4th quarter valued at about $26,000. Rakuten Securities Inc. increased its stake in shares of Medtronic by 753.8% in the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company’s stock valued at $27,000 after acquiring an additional 294 shares during the last quarter. Wood Tarver Financial Group LLC acquired a new stake in shares of Medtronic in the 4th quarter valued at approximately $27,000. Finally, Optiver Holding B.V. bought a new position in Medtronic during the 4th quarter worth approximately $31,000. 82.06% of the stock is currently owned by institutional investors.

Medtronic Stock Down 2.0%

NYSE:MDT opened at $86.19 on Wednesday. The stock has a 50-day simple moving average of $84.35 and a 200 day simple moving average of $86.27. Medtronic PLC has a 52-week low of $75.96 and a 52-week high of $96.25. The company has a market cap of $110.54 billion, a PE ratio of 23.81, a PEG ratio of 2.37 and a beta of 0.79. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, topping analysts’ consensus estimates of $1.58 by $0.04. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The firm had revenue of $8.93 billion during the quarter, compared to the consensus estimate of $8.81 billion. During the same quarter in the prior year, the firm posted $1.46 EPS. The business’s revenue was up 3.9% on a year-over-year basis. On average, sell-side analysts expect that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be given a $0.71 dividend. The ex-dividend date of this dividend is Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a yield of 3.30%. This is an increase from Medtronic’s previous quarterly dividend of $0.70. Medtronic’s dividend payout ratio (DPR) is 77.35%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on MDT shares. 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 report on Friday, April 11th. UBS Group boosted 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. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research report on Friday, June 6th. Mizuho reduced their target price on Medtronic from $100.00 to $98.00 and set an “outperform” rating on the stock in a report on Thursday, May 22nd. Finally, Leerink Partnrs raised Medtronic to a “strong-buy” rating in a research note on Monday. Nine research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $97.87.

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.