FineMark National Bank & Trust Sells 9,056 Shares of Medtronic plc (NYSE:MDT)

FineMark National Bank & Trust reduced its stake in Medtronic plc (NYSE:MDT) by 10.2% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 79,367 shares of the medical technology company’s stock after selling 9,056 shares during the period. FineMark National Bank & Trust’s holdings in Medtronic were worth $6,538,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in MDT. Norges Bank bought a new stake in Medtronic in the fourth quarter valued at approximately $1,229,726,000. First Eagle Investment Management LLC grew its stake in Medtronic by 54.5% in the fourth quarter. First Eagle Investment Management LLC now owns 9,409,680 shares of the medical technology company’s stock valued at $775,169,000 after acquiring an additional 3,320,800 shares during the period. Pzena Investment Management LLC grew its stake in Medtronic by 112.8% in the third quarter. Pzena Investment Management LLC now owns 5,730,577 shares of the medical technology company’s stock valued at $449,048,000 after acquiring an additional 3,037,394 shares during the period. Morgan Stanley grew its stake in Medtronic by 9.2% in the third quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock valued at $1,863,229,000 after acquiring an additional 1,994,123 shares during the period. Finally, Envestnet Asset Management Inc. grew its stake in Medtronic by 30.1% in the third quarter. Envestnet Asset Management Inc. now owns 5,181,266 shares of the medical technology company’s stock valued at $406,004,000 after acquiring an additional 1,199,639 shares during the period. 82.06% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Medtronic news, EVP Michael Marinaro sold 854 shares of Medtronic stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $83.14, for a total transaction of $71,001.56. Following the transaction, the executive vice president now directly owns 27,925 shares of the company’s stock, valued at approximately $2,321,684.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.30% of the company’s stock.

Analyst Upgrades and Downgrades

MDT has been the subject of a number of research analyst reports. Mizuho boosted their target price on Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a research note on Wednesday, February 21st. Oppenheimer boosted their price target on Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a report on Wednesday, February 21st. Truist Financial increased their price target on Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a research report on Wednesday, February 21st. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $92.00 price target on shares of Medtronic in a research 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 given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $94.91.

Medtronic Price Performance

Shares of MDT stock traded down $3.94 during trading hours on Thursday, reaching $81.82. The company’s stock had a trading volume of 8,282,521 shares, compared to its average volume of 6,133,680. The firm’s 50 day simple moving average is $82.90 and its 200-day simple moving average is $82.62. The company has a market capitalization of $108.64 billion, a price-to-earnings ratio of 26.12, a PEG ratio of 2.78 and a beta of 0.78. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $91.00. The company has a quick ratio of 1.71, a current ratio of 2.30 and a debt-to-equity ratio of 0.46.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.01. Medtronic had a return on equity of 13.71% and a net margin of 13.00%. The company had revenue of $8.59 billion for the quarter, compared to the consensus estimate of $8.44 billion. During the same quarter last year, the business posted $1.57 EPS. Medtronic’s revenue for the quarter was up .5% on a year-over-year basis. Sell-side analysts forecast that Medtronic plc will post 5.2 earnings per share for the current year.

Medtronic Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be issued a dividend of $0.70 per share. This is an increase from Medtronic’s previous quarterly dividend of $0.69. This represents a $2.80 annualized dividend and a yield of 3.42%. Medtronic’s payout ratio is presently 87.90%.

Medtronic Company Profile

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.