Fifth Third Bancorp Reduces Stock Holdings in Medtronic plc (NYSE:MDT)

Fifth Third Bancorp trimmed its position in Medtronic plc (NYSE:MDT) by 3.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 191,468 shares of the medical technology company’s stock after selling 7,869 shares during the quarter. Fifth Third Bancorp’s holdings in Medtronic were worth $15,294,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in MDT. DGS Capital Management LLC lifted its holdings in Medtronic by 7.7% in the fourth quarter. DGS Capital Management LLC now owns 5,190 shares of the medical technology company’s stock valued at $415,000 after acquiring an additional 371 shares during the last quarter. Atlas Private Wealth Advisors grew its holdings in shares of Medtronic by 20.4% during the 4th quarter. Atlas Private Wealth Advisors now owns 14,328 shares of the medical technology company’s stock worth $1,145,000 after purchasing an additional 2,430 shares during the period. Gradient Investments LLC increased its position in shares of Medtronic by 11.8% during the 4th quarter. Gradient Investments LLC now owns 434,767 shares of the medical technology company’s stock worth $34,729,000 after purchasing an additional 45,783 shares during the last quarter. Exchange Traded Concepts LLC raised its holdings in Medtronic by 6,487.4% in the 4th quarter. Exchange Traded Concepts LLC now owns 115,147 shares of the medical technology company’s stock valued at $9,198,000 after buying an additional 113,399 shares during the period. Finally, Sound Income Strategies LLC lifted its position in Medtronic by 9.9% in the fourth quarter. Sound Income Strategies LLC now owns 1,861 shares of the medical technology company’s stock valued at $149,000 after buying an additional 168 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Stock Up 0.9 %

Shares of NYSE MDT opened at $90.07 on Friday. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $92.68. The company has a market capitalization of $115.49 billion, a price-to-earnings ratio of 27.54, a price-to-earnings-growth ratio of 2.49 and a beta of 0.83. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39. The business has a 50-day moving average of $83.75 and a two-hundred day moving average of $85.50.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, beating the consensus estimate of $1.25 by $0.01. The company had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The firm’s revenue was up 5.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.25 earnings per share. On average, analysts forecast that Medtronic plc will post 5.45 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were paid a $0.70 dividend. The ex-dividend date was Friday, December 27th. This represents a $2.80 annualized dividend and a yield of 3.11%. Medtronic’s dividend payout ratio is presently 85.63%.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on MDT. Robert W. Baird reduced their price target on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 20th. Truist Financial decreased 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. Citigroup lifted their price objective on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research note on Tuesday, October 1st. JPMorgan Chase & Co. decreased their target price on Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research note on Friday, November 15th. Finally, Barclays lifted their target price on Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research report on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $95.00.

Insider Transactions at Medtronic

In other news, EVP Brett A. Wall sold 9,850 shares of Medtronic stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total value of $792,038.50. Following the transaction, the executive vice president now directly owns 40,708 shares of the company’s stock, valued at $3,273,330.28. The trade was a 19.48 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.20% of the company’s stock.

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.