Medtronic plc (NYSE:MDT) Shares Sold by First National Trust Co

First National Trust Co reduced its position in Medtronic plc (NYSE:MDT) by 12.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 120,435 shares of the medical technology company’s stock after selling 17,536 shares during the period. First National Trust Co’s holdings in Medtronic were worth $9,921,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of MDT. Pzena Investment Management LLC grew its position in shares of Medtronic by 112.8% during the third quarter. Pzena Investment Management LLC now owns 5,730,577 shares of the medical technology company’s stock worth $449,048,000 after buying an additional 3,037,394 shares in the last quarter. Morgan Stanley grew its holdings in Medtronic by 9.2% during the 3rd quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock worth $1,863,229,000 after acquiring an additional 1,994,123 shares in the last quarter. Envestnet Asset Management Inc. increased its position in shares of Medtronic by 30.1% in the 3rd quarter. Envestnet Asset Management Inc. now owns 5,181,266 shares of the medical technology company’s stock worth $406,004,000 after purchasing an additional 1,199,639 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec increased its position in shares of Medtronic by 78.4% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,356,359 shares of the medical technology company’s stock worth $184,644,000 after purchasing an additional 1,035,747 shares during the last quarter. Finally, International Assets Investment Management LLC raised its stake in shares of Medtronic by 8,340.3% in the 4th quarter. International Assets Investment Management LLC now owns 1,038,579 shares of the medical technology company’s stock valued at $85,558,000 after purchasing an additional 1,026,274 shares in the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MDT has been the subject of several research analyst reports. Mizuho boosted their price objective on Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a report on Wednesday, February 21st. Oppenheimer raised their price objective on Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 21st. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $92.00 price objective on shares of Medtronic in a report on Wednesday, February 21st. Finally, Truist Financial increased their target price on shares of Medtronic from $87.00 to $90.00 and gave the stock a “hold” rating in a report on Wednesday, February 21st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $94.91.

Insider Transactions at Medtronic

In related news, EVP Michael Marinaro sold 854 shares of the company’s stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $83.14, for a total value of $71,001.56. Following the completion of the sale, the executive vice president now owns 27,925 shares of the company’s stock, valued at $2,321,684.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Michael Marinaro sold 854 shares of the firm’s stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $83.14, for a total transaction of $71,001.56. Following the transaction, the executive vice president now owns 27,925 shares in the company, valued at $2,321,684.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Sean Salmon sold 30,695 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $85.13, for a total value of $2,613,065.35. Following the completion of the sale, the executive vice president now owns 48,289 shares of the company’s stock, valued at $4,110,842.57. The disclosure for this sale can be found here. Company insiders own 0.30% of the company’s stock.

Medtronic Stock Performance

Shares of MDT stock traded up $0.77 during trading hours on Friday, reaching $81.69. The stock had a trading volume of 4,987,236 shares, compared to its average volume of 6,078,836. The firm has a market capitalization of $108.47 billion, a PE ratio of 26.02, a price-to-earnings-growth ratio of 2.66 and a beta of 0.78. The firm has a 50-day simple moving average of $83.08 and a 200-day simple moving average of $81.44. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $91.00. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.30 and a quick ratio of 1.71.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, February 20th. The medical technology company reported $1.30 EPS for the quarter, beating the consensus estimate of $1.26 by $0.04. The company had revenue of $8.09 billion for the quarter, compared to analyst estimates of $7.95 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.71%. Medtronic’s revenue was up 4.7% compared to the same quarter last year. During the same quarter last year, the business earned $1.30 earnings per share. As a group, equities analysts forecast that Medtronic plc will post 5.2 earnings per share for the current year.

Medtronic Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 22nd were paid a $0.69 dividend. The ex-dividend date of this dividend was Thursday, March 21st. This represents a $2.76 annualized dividend and a dividend yield of 3.38%. Medtronic’s payout ratio is 87.90%.

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.