1ST Source Bank Has $1.07 Million Holdings in Medtronic plc (NYSE:MDT)

1ST Source Bank lowered its position in Medtronic plc (NYSE:MDT) by 3.1% during the fourth quarter, Holdings Channel reports. The firm owned 13,440 shares of the medical technology company’s stock after selling 436 shares during the period. 1ST Source Bank’s holdings in Medtronic were worth $1,074,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. Darwin Wealth Management LLC acquired a new position in Medtronic in the third quarter valued at $27,000. Mainstream Capital Management LLC bought a new position in shares of Medtronic in the 4th quarter worth about $26,000. J. Stern & Co. LLP acquired a new position in shares of Medtronic in the 3rd quarter valued at about $30,000. Rakuten Securities Inc. boosted its position in shares of Medtronic by 753.8% during the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company’s stock valued at $27,000 after purchasing an additional 294 shares in the last quarter. Finally, Stephens Consulting LLC grew 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 worth $27,000 after purchasing an additional 204 shares during the period. 82.06% of the stock is owned by institutional investors.

Medtronic Stock Up 0.9 %

Shares of NYSE:MDT opened at $93.18 on Monday. The stock has a market cap of $119.51 billion, a price-to-earnings ratio of 28.32, a PEG ratio of 2.22 and a beta of 0.80. The business’s 50 day moving average is $89.61 and its 200 day moving average is $87.95. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $96.25. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48.

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

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be paid a $0.70 dividend. The ex-dividend date is Friday, March 28th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.00%. Medtronic’s payout ratio is presently 85.11%.

Insider Activity at Medtronic

In related news, EVP Brett A. Wall sold 12,437 shares of the stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the completion of the transaction, the executive vice president now owns 40,979 shares in the company, valued at approximately $3,688,110. This represents a 23.28 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.20% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several brokerages have issued reports on MDT. Barclays boosted their price target on Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research note on Tuesday, November 26th. Royal Bank of Canada reiterated an “outperform” rating and set a $105.00 target price on shares of Medtronic in a research report on Wednesday, February 19th. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a report on Wednesday, February 19th. UBS Group upped their price objective on shares of Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Finally, Wells Fargo & Company reduced their target price on Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research note on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $96.07.

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.