Medtronic plc (NYSE:MDT) Shares Sold by 1ST Source Bank

1ST Source Bank lowered its holdings in shares of Medtronic plc (NYSE:MDT) by 7.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 13,876 shares of the medical technology company’s stock after selling 1,060 shares during the period. 1ST Source Bank’s holdings in Medtronic were worth $1,249,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of MDT. Fortitude Family Office LLC purchased a new stake in Medtronic in the third quarter valued at approximately $27,000. Highline Wealth Partners LLC purchased a new stake in Medtronic in the third quarter valued at approximately $27,000. Darwin Wealth Management LLC purchased a new stake in Medtronic in the third quarter valued at approximately $27,000. J. Stern & Co. LLP purchased a new stake in Medtronic in the third quarter valued at approximately $30,000. Finally, Chelsea Counsel Co. purchased a new stake in Medtronic in the third quarter valued at approximately $45,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Stock Performance

Shares of NYSE:MDT traded down $0.42 on Friday, reaching $82.31. 909,712 shares of the company’s stock were exchanged, compared to its average volume of 6,224,465. The firm has a market capitalization of $105.55 billion, a price-to-earnings ratio of 25.30, a PEG ratio of 2.35 and a beta of 0.82. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $92.68. The business’s 50-day moving average is $87.77 and its two-hundred day moving average is $84.99. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates of $1.25 by $0.01. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The business had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.27 billion. During the same quarter last year, the company earned $1.25 EPS. The company’s revenue for the quarter was up 5.2% compared to the same quarter last year. As a group, equities research analysts forecast that Medtronic plc will post 5.45 EPS for the current year.

Medtronic Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Friday, December 27th will be given a dividend of $0.70 per share. The ex-dividend date is Friday, December 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.40%. Medtronic’s dividend payout ratio (DPR) is 85.63%.

Analysts Set New Price Targets

MDT has been the topic of a number of recent research reports. Daiwa America raised shares of Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Wells Fargo & Company reduced their price target on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 20th. Truist Financial lifted their price target on shares of Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research report on Monday, October 14th. UBS Group raised shares of Medtronic from a “sell” rating to a “neutral” rating and lifted their price target for the company from $76.00 to $90.00 in a research report on Thursday, August 15th. Finally, Evercore ISI upped their target price on shares of Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research note on Tuesday, October 1st. One analyst has rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $95.27.

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.