Medtronic plc (NYSE:MDT) Shares Sold by First Citizens Bank & Trust Co.

First Citizens Bank & Trust Co. lowered its position in shares of Medtronic plc (NYSE:MDT) by 6.7% in the 1st quarter, Holdings Channel reports. The fund owned 35,672 shares of the medical technology company’s stock after selling 2,578 shares during the period. First Citizens Bank & Trust Co.’s holdings in Medtronic were worth $3,205,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Brighton Jones LLC lifted its stake in shares of Medtronic by 1,368.0% in the 4th quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company’s stock worth $3,194,000 after acquiring an additional 37,265 shares during the period. Golden State Wealth Management LLC acquired a new stake in shares of Medtronic in the 4th quarter worth approximately $78,000. Empowered Funds LLC lifted its stake in shares of Medtronic by 2.7% in the 4th quarter. Empowered Funds LLC now owns 105,822 shares of the medical technology company’s stock worth $8,453,000 after acquiring an additional 2,778 shares during the period. WCM Investment Management LLC lifted its stake in shares of Medtronic by 146.3% in the 4th quarter. WCM Investment Management LLC now owns 47,940 shares of the medical technology company’s stock worth $3,817,000 after acquiring an additional 28,473 shares during the period. Finally, Kestra Private Wealth Services LLC lifted its stake in shares of Medtronic by 6.1% in the 4th quarter. Kestra Private Wealth Services LLC now owns 103,281 shares of the medical technology company’s stock worth $8,250,000 after acquiring an additional 5,942 shares during the period. Institutional investors own 82.06% of the company’s stock.

Medtronic Stock Up 0.0%

Medtronic stock opened at $87.46 on Tuesday. The firm has a market cap of $112.18 billion, a PE ratio of 26.58, a P/E/G ratio of 2.22 and a beta of 0.79. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90. The firm’s 50 day moving average price is $83.89 and its two-hundred day moving average price is $86.20. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $96.25.

Medtronic (NYSE:MDT) last released its quarterly earnings data 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. The firm had revenue of $8.93 billion for the quarter, compared to analyst estimates of $8.81 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The company’s revenue for the quarter was up 3.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.46 EPS. On average, research analysts predict that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The business 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 $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 3.25%. The ex-dividend date of this dividend is Friday, June 27th. This is a positive change from Medtronic’s previous quarterly dividend of $0.70. Medtronic’s dividend payout ratio is currently 78.45%.

Wall Street Analysts Forecast Growth

MDT has been the subject of several recent research reports. Citigroup raised shares of Medtronic from a “neutral” rating to a “buy” rating and increased their target price for the company from $92.00 to $107.00 in a research note on Tuesday, March 4th. Robert W. Baird cut their target price on shares of Medtronic from $94.00 to $92.00 and set a “neutral” rating for the company in a research note on Thursday, May 22nd. Truist Financial cut their target price 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. UBS Group increased their target price on shares of Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. Finally, Royal Bank of Canada cut their target price on shares of Medtronic from $105.00 to $101.00 and set an “outperform” rating for the company in a research note on Thursday, May 22nd. Nine equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price 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.