First Citizens Bank & Trust Co. Decreases Stake in Medtronic PLC (MDT)
First Citizens Bank & Trust Co. decreased its stake in Medtronic PLC (NYSE:MDT) by 10.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 10,575 shares of the medical technology company’s stock after selling 1,227 shares during the period. First Citizens Bank & Trust Co.’s holdings in Medtronic PLC were worth $939,000 at the end of the most recent quarter.
Other institutional investors have also modified their holdings of the company. Smith Salley & Associates boosted its position in shares of Medtronic PLC by 2.5% in the first quarter. Smith Salley & Associates now owns 5,853 shares of the medical technology company’s stock valued at $472,000 after buying an additional 141 shares in the last quarter. Intrust Bank NA boosted its position in shares of Medtronic PLC by 2.6% in the first quarter. Intrust Bank NA now owns 10,688 shares of the medical technology company’s stock valued at $861,000 after buying an additional 272 shares in the last quarter. High Pointe Capital Management LLC acquired a new position in shares of Medtronic PLC during the first quarter valued at $854,000. Shine Investment Advisory Services Inc. acquired a new position in shares of Medtronic PLC during the first quarter valued at $244,000. Finally, Signature Financial Management Inc. acquired a new position in shares of Medtronic PLC during the first quarter valued at $229,000. 83.54% of the stock is owned by institutional investors.
Medtronic PLC (NYSE MDT) traded down 0.31% during midday trading on Friday, hitting $83.41. The stock had a trading volume of 4,440,985 shares. Medtronic PLC has a 52 week low of $69.35 and a 52 week high of $89.72. The stock has a market cap of $113.36 billion, a P/E ratio of 28.86 and a beta of 1.02. The company has a 50-day moving average price of $85.48 and a 200-day moving average price of $83.22.
Medtronic PLC (NYSE:MDT) last announced its quarterly earnings data on Thursday, May 25th. The medical technology company reported $1.33 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.31 by $0.02. The business had revenue of $7.92 billion during the quarter, compared to analysts’ expectations of $7.86 billion. Medtronic PLC had a return on equity of 12.72% and a net margin of 13.56%. The firm’s quarterly revenue was up 4.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.27 earnings per share. Equities analysts expect that Medtronic PLC will post $4.80 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 26th. Shareholders of record on Friday, July 7th were paid a dividend of $0.46 per share. This is a boost from Medtronic PLC’s previous quarterly dividend of $0.43. The ex-dividend date of this dividend was Wednesday, July 5th. This represents a $1.84 dividend on an annualized basis and a yield of 2.21%. Medtronic PLC’s payout ratio is presently 63.67%.
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Several equities analysts recently weighed in on the stock. Deutsche Bank AG set a $96.00 target price on shares of Medtronic PLC and gave the company a “buy” rating in a research note on Monday, July 31st. Morgan Stanley raised their target price on shares of Medtronic PLC from $84.00 to $86.00 and gave the company an “equal weight” rating in a research note on Tuesday, May 30th. BidaskClub cut shares of Medtronic PLC from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 24th. Needham & Company LLC reissued a “buy” rating and issued a $95.00 target price (up from $91.00) on shares of Medtronic PLC in a research note on Thursday, May 25th. Finally, Wells Fargo & Company reissued an “outperform” rating on shares of Medtronic PLC in a research note on Wednesday, July 12th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and fifteen have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $89.84.
In other Medtronic PLC news, EVP Bryan C. Hanson sold 12,000 shares of Medtronic PLC stock in a transaction on Monday, July 17th. The stock was sold at an average price of $88.57, for a total transaction of $1,062,840.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Richard H. Anderson acquired 5,600 shares of the stock in a transaction on Wednesday, June 21st. The shares were bought at an average price of $88.90 per share, with a total value of $497,840.00. Following the purchase, the director now directly owns 71,910 shares of the company’s stock, valued at approximately $6,392,799. The disclosure for this purchase can be found here. 0.25% of the stock is currently owned by insiders.
Medtronic PLC Company Profile
Medtronic Public Limited Company (Medtronic) is a medical technology and services company. The Company develops, manufactures and markets its medical devices and technologies to hospitals, physicians, clinicians and patients in approximately 160 countries. The Company operates in four segments: Cardiac and Vascular Group, Minimally Invasive Technologies Group, Restorative Therapies Group and Diabetes Group.
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