Cadence Bank Sells 198 Shares of Medtronic plc (NYSE:MDT)

Cadence Bank decreased its holdings in Medtronic plc (NYSE:MDT) by 0.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 74,239 shares of the medical technology company’s stock after selling 198 shares during the period. Cadence Bank’s holdings in Medtronic were worth $5,930,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Allred Capital Management LLC purchased a new position in Medtronic in the 4th quarter worth about $216,000. Alpha DNA Investment Management LLC grew its stake in Medtronic by 73.4% in the 4th quarter. Alpha DNA Investment Management LLC now owns 22,168 shares of the medical technology company’s stock worth $1,771,000 after acquiring an additional 9,387 shares in the last quarter. Canada Pension Plan Investment Board increased its position in shares of Medtronic by 28.9% during the fourth quarter. Canada Pension Plan Investment Board now owns 1,498,272 shares of the medical technology company’s stock worth $119,682,000 after acquiring an additional 335,925 shares during the period. Demars Financial Group LLC raised its stake in shares of Medtronic by 7,736.5% during the fourth quarter. Demars Financial Group LLC now owns 750,972 shares of the medical technology company’s stock valued at $59,988,000 after acquiring an additional 741,389 shares in the last quarter. Finally, MSH Capital Advisors LLC bought a new stake in shares of Medtronic during the fourth quarter valued at approximately $1,144,000. 82.06% of the stock is currently owned by institutional investors.

Insider Activity

In related news, EVP Brett A. Wall sold 12,437 shares of the firm’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $90.00, for a total value 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 $3,688,110. This trade represents a 23.28 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.20% of the company’s stock.

Analyst Ratings Changes

MDT has been the topic of several research reports. UBS Group raised their price objective on Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. Royal Bank of Canada restated an “outperform” rating and issued a $105.00 price objective on shares of Medtronic in a report on Wednesday, February 19th. Truist Financial dropped their target price on shares of Medtronic from $93.00 to $90.00 and set a “hold” rating on the stock in a report on Friday, April 11th. Robert W. Baird raised their target price on shares of Medtronic from $90.00 to $91.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Finally, Citigroup raised shares of Medtronic from a “neutral” rating to a “buy” rating and upped their price target for the stock from $92.00 to $107.00 in a research report on Tuesday, March 4th. One analyst has rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $96.14.

Medtronic Stock Performance

Shares of MDT opened at $82.58 on Friday. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48. The firm has a market cap of $105.91 billion, a PE ratio of 25.10, a P/E/G ratio of 2.22 and a beta of 0.79. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $96.25. The stock has a fifty day moving average price of $89.08 and a 200-day moving average price of $87.48.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, beating analysts’ consensus estimates of $1.36 by $0.03. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The company had revenue of $8.29 billion during the quarter, compared to analysts’ expectations of $8.33 billion. Equities research analysts predict that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Friday, March 28th were paid a dividend of $0.70 per share. The ex-dividend date was Friday, March 28th. This represents a $2.80 annualized dividend and a dividend yield of 3.39%. Medtronic’s payout ratio is currently 85.11%.

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.