Bank of Stockton Reduces Stock Position in Medtronic PLC (NYSE:MDT)

Bank of Stockton decreased its holdings in Medtronic PLC (NYSE:MDT) by 3.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,500 shares of the medical technology company’s stock after selling 261 shares during the period. Bank of Stockton’s holdings in Medtronic were worth $584,000 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. Burkett Financial Services LLC boosted its position in Medtronic by 185.0% in the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company’s stock valued at $26,000 after buying an additional 185 shares during the period. Mainstream Capital Management LLC purchased a new stake in shares of Medtronic in the fourth quarter valued at approximately $26,000. Rakuten Securities Inc. grew its stake in Medtronic by 753.8% in the fourth quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company’s stock worth $27,000 after purchasing an additional 294 shares in the last quarter. Wood Tarver Financial Group LLC bought a new position in shares of Medtronic during the 4th quarter worth $27,000. Finally, Optiver Holding B.V. purchased a new position in shares of Medtronic during the fourth quarter valued at $31,000. 82.06% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research report on Friday, June 6th. Wall Street Zen raised shares of Medtronic from a “hold” rating to a “buy” rating in a research note on Saturday, June 21st. Mizuho dropped their target price on Medtronic from $100.00 to $98.00 and set an “outperform” rating on the stock in a research report on Thursday, May 22nd. Truist Financial cut their price target on Medtronic from $93.00 to $90.00 and set a “hold” rating on the stock in a report on Friday, April 11th. Finally, Citigroup upgraded Medtronic from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $92.00 to $107.00 in a research note on Tuesday, March 4th. Eight equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Medtronic presently has an average rating of “Moderate Buy” and a consensus target price of $97.87.

Medtronic Stock Performance

MDT opened at $86.05 on Thursday. The company has a market cap of $110.36 billion, a P/E ratio of 23.77, a price-to-earnings-growth ratio of 2.32 and a beta of 0.79. The company has a quick ratio of 1.42, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The firm’s 50-day moving average price is $84.67 and its 200-day moving average price is $86.29. Medtronic PLC has a 52-week low of $75.96 and a 52-week high of $96.25.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.58 by $0.04. The business had revenue of $8.93 billion for the quarter, compared to analyst estimates of $8.81 billion. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. Medtronic’s revenue for the quarter was up 3.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.46 EPS. As a group, equities analysts anticipate that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be paid a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 3.30%. The ex-dividend date of this dividend is Friday, June 27th. This is an increase from Medtronic’s previous quarterly dividend of $0.70. Medtronic’s payout ratio is presently 77.35%.

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.