First Citizens Bank & Trust Co. decreased its holdings in shares of Medtronic PLC (NYSE:MDT) by 16.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,983 shares of the medical technology company’s stock after selling 580 shares during the period. First Citizens Bank & Trust Co.’s holdings in Medtronic were worth $272,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in MDT. Bank of New York Mellon Corp raised its holdings in Medtronic by 89,912.5% during the third quarter. Bank of New York Mellon Corp now owns 17,012,355 shares of the medical technology company’s stock worth $1,673,505,000 after buying an additional 16,993,455 shares during the last quarter. Oregon Public Employees Retirement Fund raised its holdings in Medtronic by 8,884.4% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 13,286,072 shares of the medical technology company’s stock worth $146,000 after buying an additional 13,138,192 shares during the last quarter. Norges Bank acquired a new position in Medtronic during the fourth quarter worth $1,120,279,000. Nordea Investment Management AB acquired a new position in Medtronic during the third quarter worth $738,453,000. Finally, American Century Companies Inc. raised its holdings in Medtronic by 23.0% during the fourth quarter. American Century Companies Inc. now owns 9,746,733 shares of the medical technology company’s stock worth $886,563,000 after buying an additional 1,821,093 shares during the last quarter. Hedge funds and other institutional investors own 81.50% of the company’s stock.
Several research analysts have weighed in on MDT shares. Citigroup downgraded shares of Medtronic from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $109.00 to $96.00 in a report on Wednesday, January 2nd. ValuEngine lowered shares of Medtronic from a “buy” rating to a “hold” rating in a research note on Monday, January 7th. JPMorgan Chase & Co. upgraded shares of Medtronic from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $100.00 to $109.00 in a research note on Wednesday, December 19th. Morgan Stanley upped their target price on shares of Medtronic from $98.00 to $102.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 2nd. Finally, Deutsche Bank began coverage on shares of Medtronic in a research note on Wednesday, January 2nd. They issued a “buy” rating and a $99.00 target price for the company. Ten equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $103.39.
NYSE MDT opened at $86.15 on Wednesday. Medtronic PLC has a 1 year low of $78.29 and a 1 year high of $100.15. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.36 and a quick ratio of 1.92. The firm has a market capitalization of $116.51 billion, a PE ratio of 18.06, a PEG ratio of 2.28 and a beta of 0.81.
Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, February 19th. The medical technology company reported $1.29 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.24 by $0.05. The company had revenue of $7.55 billion during the quarter, compared to analyst estimates of $7.53 billion. Medtronic had a net margin of 16.10% and a return on equity of 13.85%. The firm’s revenue for the quarter was up 2.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.17 earnings per share. Analysts forecast that Medtronic PLC will post 5.15 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 22nd were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Thursday, March 21st. This represents a $2.00 annualized dividend and a yield of 2.32%. Medtronic’s payout ratio is currently 41.93%.
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Medtronic Company Profile
Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.
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