UMB Bank n.a. Sells 652 Shares of Medtronic plc (NYSE:MDT)

UMB Bank n.a. reduced its position in Medtronic plc (NYSE:MDT) by 4.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 13,123 shares of the medical technology company’s stock after selling 652 shares during the quarter. UMB Bank n.a.’s holdings in Medtronic were worth $1,181,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in MDT. Lynx Investment Advisory bought a new position in Medtronic in the second quarter valued at approximately $28,000. Tributary Capital Management LLC bought a new position in shares of Medtronic in the 1st quarter valued at $33,000. Riverview Trust Co bought a new position in shares of Medtronic in the 1st quarter valued at $39,000. Fortis Group Advisors LLC raised 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 worth $38,000 after buying an additional 230 shares in the last quarter. Finally, Gleason Group Inc. acquired a new stake in Medtronic in the second quarter valued at about $42,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Stock Performance

NYSE:MDT opened at $89.35 on Friday. The company has a market capitalization of $114.57 billion, a PE ratio of 32.49, a P/E/G ratio of 2.53 and a beta of 0.84. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $91.49. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. The company has a 50 day simple moving average of $87.54 and a two-hundred day simple moving average of $83.46.

Medtronic (NYSE:MDT) last released 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 net margin of 12.06% and a return on equity of 13.68%. The business had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. During the same quarter in the previous year, the business earned $1.20 earnings per share. Medtronic’s revenue for the quarter was up 3.4% on a year-over-year basis. Research analysts anticipate that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.13%. The ex-dividend date was Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is 101.82%.

Analyst Ratings Changes

MDT has been the subject of several research analyst reports. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Tuesday, August 20th. Oppenheimer increased their price objective on shares of Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research note on Wednesday, August 21st. Citigroup boosted their target price on shares of Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 1st. Piper Sandler raised their price objective on Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. Finally, Wells Fargo & Company upped their target price on Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $95.14.

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.