Cullen Frost Bankers Inc. Sells 3,054 Shares of Medtronic plc (NYSE:MDT)

Cullen Frost Bankers Inc. cut its holdings in Medtronic plc (NYSE:MDT) by 1.1% during the fourth quarter, HoldingsChannel reports. The firm owned 277,657 shares of the medical technology company’s stock after selling 3,054 shares during the period. Cullen Frost Bankers Inc.’s holdings in Medtronic were worth $22,179,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Mainstream Capital Management LLC bought a new position in shares of Medtronic in the fourth quarter worth about $26,000. Darwin Wealth Management LLC bought a new position in Medtronic during the third quarter valued at about $27,000. Stephens Consulting LLC increased its stake in Medtronic by 145.7% during the fourth quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock valued at $27,000 after acquiring an additional 204 shares during the period. J. Stern & Co. LLP bought a new position in Medtronic during the third quarter valued at about $30,000. Finally, Fiduciary Advisors Inc. bought a new position in Medtronic during the fourth quarter valued at about $36,000. 82.06% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts recently issued reports on MDT shares. Truist Financial lowered their price target on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research note on Wednesday, December 18th. JPMorgan Chase & Co. lowered their price target on Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research note on Friday, November 15th. UBS Group boosted their price target on Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Wednesday, February 19th. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Wednesday, February 19th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $105.00 price objective on shares of Medtronic in a report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Medtronic currently has an average rating of “Hold” and an average target price of $96.07.

Insiders Place Their Bets

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of the company’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the transaction, the executive vice president now owns 40,979 shares of the company’s stock, valued at approximately $3,688,110. This represents a 23.28 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.20% of the company’s stock.

Medtronic Stock Up 1.2 %

Shares of MDT opened at $94.15 on Thursday. The company has a market capitalization of $120.75 billion, a P/E ratio of 28.62, a PEG ratio of 2.22 and a beta of 0.84. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39. Medtronic plc has a one year low of $75.96 and a one year high of $95.57. The business’s 50 day simple moving average is $87.82 and its 200-day simple moving average is $87.68.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, topping the consensus estimate of $1.36 by $0.03. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The business had revenue of $8.29 billion for the quarter, compared to the consensus estimate of $8.33 billion. As a group, sell-side analysts predict that Medtronic plc will post 5.46 EPS for the current fiscal year.

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.