Medtronic plc (NYSE:MDT) Position Boosted by Sabal Trust CO

Sabal Trust CO increased its holdings in Medtronic plc (NYSE:MDT) by 1.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 369,131 shares of the medical technology company’s stock after buying an additional 4,713 shares during the quarter. Medtronic comprises 1.7% of Sabal Trust CO’s portfolio, making the stock its 20th largest holding. Sabal Trust CO’s holdings in Medtronic were worth $29,054,000 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. MeadowBrook Investment Advisors LLC bought a new position in Medtronic during the 4th quarter valued at $27,000. LifeSteps Financial Inc. bought a new position in Medtronic during the 1st quarter valued at $27,000. Lynx Investment Advisory bought a new position in Medtronic during the 2nd quarter valued at $28,000. Tributary Capital Management LLC bought a new position in Medtronic during the 1st quarter valued at $33,000. Finally, Fortis Group Advisors LLC boosted its stake in Medtronic by 100.0% during the 4th quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock valued at $38,000 after purchasing an additional 230 shares in the last quarter. 82.06% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on MDT shares. UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and raised their price objective for the stock from $76.00 to $90.00 in a research note on Thursday, August 15th. Daiwa America raised Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Truist Financial raised their price objective on Medtronic from $85.00 to $90.00 and gave the stock a “hold” rating in a research note on Friday, August 23rd. Barclays raised their price objective on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. Finally, The Goldman Sachs Group started coverage on Medtronic in a research note on Thursday, May 30th. They set a “sell” rating and a $83.00 price objective for the company. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $92.92.

Insider Activity at Medtronic

In related news, CEO Geoffrey Martha sold 19,113 shares of Medtronic stock in a transaction on Friday, June 7th. The stock was sold at an average price of $83.77, for a total transaction of $1,601,096.01. Following the completion of the sale, the chief executive officer now owns 143,348 shares of the company’s stock, valued at $12,008,261.96. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.30% of the company’s stock.

Medtronic Stock Performance

Shares of Medtronic stock opened at $88.58 on Friday. The stock has a market cap of $113.60 billion, a PE ratio of 32.21, a price-to-earnings-growth ratio of 2.52 and a beta of 0.82. The business has a fifty day simple moving average of $81.32 and a 200-day simple moving average of $82.44. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $90.13.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, topping the consensus estimate of $1.20 by $0.03. The business had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. Medtronic’s revenue was up 3.4% compared to the same quarter last year. During the same quarter last year, the firm posted $1.20 earnings per share. On average, sell-side analysts anticipate that Medtronic plc will post 5.46 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. Investors of record on Friday, September 27th will be given a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.16%. Medtronic’s payout ratio is 101.82%.

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.