1ST Source Bank Sells 601 Shares of Medtronic plc (NYSE:MDT)

1ST Source Bank lowered its stake in shares of Medtronic plc (NYSE:MDT) by 3.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,936 shares of the medical technology company’s stock after selling 601 shares during the quarter. 1ST Source Bank’s holdings in Medtronic were worth $1,176,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MDT. LifeSteps Financial Inc. purchased a new position in shares of Medtronic in the 1st quarter worth approximately $27,000. Lynx Investment Advisory acquired a new stake in Medtronic in the second quarter valued at approximately $28,000. Tributary Capital Management LLC purchased a new position in Medtronic in the first quarter worth $33,000. Riverview Trust Co acquired a new position in shares of Medtronic during the first quarter worth $39,000. Finally, Fortis Group Advisors LLC lifted its holdings in shares of 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 during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on MDT. UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and lifted their price target for the stock from $76.00 to $90.00 in a research report on Thursday, August 15th. Robert W. Baird increased their price target on shares of Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Barclays upped their price objective on shares of Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. Citigroup decreased their target price on shares of Medtronic from $90.00 to $85.00 and set a “neutral” rating for the company in a research report on Wednesday, July 10th. Finally, Stifel Nicolaus increased their price target on Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research report on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $92.92.

Medtronic Price Performance

NYSE MDT opened at $90.00 on Friday. Medtronic plc has a one year low of $68.84 and a one year high of $91.49. The company has a market cap of $115.42 billion, a P/E ratio of 32.73, a P/E/G ratio of 2.57 and a beta of 0.84. The business has a fifty day moving average price of $83.60 and a 200 day moving average price of $82.80. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The company had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. During the same period in the prior year, the business earned $1.20 EPS. The firm’s quarterly revenue was up 3.4% on a year-over-year basis. Research analysts anticipate that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.11%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is presently 101.82%.

About Medtronic

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.