First Citizens Bank & Trust Co. Purchases 954 Shares of Medtronic plc (NYSE:MDT)

First Citizens Bank & Trust Co. grew its position in Medtronic plc (NYSE:MDT) by 2.4% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 39,919 shares of the medical technology company’s stock after acquiring an additional 954 shares during the period. First Citizens Bank & Trust Co.’s holdings in Medtronic were worth $3,142,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. International Assets Investment Management LLC increased its holdings in shares of Medtronic by 2.5% in the fourth quarter. International Assets Investment Management LLC now owns 12,607 shares of the medical technology company’s stock valued at $1,039,000 after purchasing an additional 302 shares in the last quarter. Tennessee Valley Asset Management Partners acquired a new stake in shares of Medtronic in the fourth quarter valued at approximately $60,000. Wetzel Investment Advisors Inc. acquired a new stake in shares of Medtronic in the fourth quarter valued at approximately $282,000. J.W. Cole Advisors Inc. grew its holdings in Medtronic by 97.9% during the 4th quarter. J.W. Cole Advisors Inc. now owns 17,578 shares of the medical technology company’s stock worth $1,448,000 after acquiring an additional 8,695 shares during the period. Finally, Hunter Associates Investment Management LLC grew its holdings in Medtronic by 2.5% during the 4th quarter. Hunter Associates Investment Management LLC now owns 7,814 shares of the medical technology company’s stock worth $646,000 after acquiring an additional 191 shares during the period. Institutional investors own 82.06% of the company’s stock.

Insider Transactions at Medtronic

In other news, CEO Geoffrey Martha sold 19,113 shares of the business’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $83.77, for a total transaction of $1,601,096.01. Following the transaction, the chief executive officer now directly owns 143,348 shares in the company, valued at approximately $12,008,261.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.30% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

MDT has been the subject of a number of analyst reports. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $92.00 target price on shares of Medtronic in a report on Wednesday, July 17th. Stifel Nicolaus cut shares of Medtronic from a “buy” rating to a “hold” rating and reduced their price target for the stock from $100.00 to $85.00 in a research report on Wednesday, August 14th. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research report on Monday, August 12th. The Goldman Sachs Group began coverage on shares of Medtronic in a research report on Thursday, May 30th. They set a “sell” rating and a $83.00 price target on the stock. Finally, Wells Fargo & Company boosted their price objective on shares of Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a research report on Friday, May 24th. One analyst has rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Medtronic currently has an average rating of “Hold” and a consensus target price of $91.30.

Medtronic Stock Up 2.6 %

NYSE:MDT traded up $2.19 on Tuesday, hitting $87.01. 4,604,521 shares of the company’s stock were exchanged, compared to its average volume of 6,233,918. The company has a market cap of $111.57 billion, a P/E ratio of 30.84, a price-to-earnings-growth ratio of 2.35 and a beta of 0.82. The firm has a 50-day moving average price of $80.04 and a 200-day moving average price of $82.28. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $89.18. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.03 and a quick ratio of 1.55.

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, topping the consensus estimate of $1.45 by $0.01. The company had revenue of $8.59 billion for the quarter, compared to analyst estimates of $8.44 billion. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. Medtronic’s revenue for the quarter was up .5% compared to the same quarter last year. During the same period in the previous year, the business earned $1.57 EPS. As a group, analysts expect that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be paid a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.22%. Medtronic’s dividend payout ratio is presently 101.82%.

Medtronic 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.