American National Bank grew its position in shares of Medtronic plc (NYSE:MDT – Free Report) by 21.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 79,554 shares of the medical technology company’s stock after acquiring an additional 14,093 shares during the quarter. American National Bank’s holdings in Medtronic were worth $7,009,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors have also bought and sold shares of the company. Sageworth Trust Co bought a new position in Medtronic in the 1st quarter valued at $26,000. Laurel Wealth Advisors LLC lifted its position in shares of Medtronic by 250.0% during the 1st quarter. Laurel Wealth Advisors LLC now owns 350 shares of the medical technology company’s stock valued at $28,000 after buying an additional 250 shares during the last quarter. Trivant Custom Portfolio Group LLC purchased a new position in shares of Medtronic during the 1st quarter valued at $31,000. Certified Advisory Corp purchased a new position in shares of Medtronic during the 1st quarter valued at $31,000. Finally, Avalon Trust Co purchased a new position in shares of Medtronic during the 1st quarter valued at $32,000. Institutional investors own 80.75% of the company’s stock.
Analyst Ratings Changes
MDT has been the topic of a number of recent research reports. StockNews.com cut Medtronic from a “strong-buy” rating to a “buy” rating in a report on Thursday, September 7th. Truist Financial dropped their price objective on Medtronic from $93.00 to $90.00 in a report on Friday, May 26th. Stifel Nicolaus increased their price objective on Medtronic from $92.00 to $95.00 and gave the stock a “buy” rating in a report on Tuesday, August 22nd. Oppenheimer reissued a “market perform” rating and set a $89.00 price objective on shares of Medtronic in a report on Wednesday, August 23rd. Finally, CL King began coverage on Medtronic in a report on Friday, June 30th. They issued a “buy” rating and a $106.00 price target on the stock. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Medtronic has an average rating of “Hold” and a consensus price target of $91.67.
Medtronic Price Performance
MDT opened at $82.77 on Tuesday. The stock’s 50 day simple moving average is $84.16 and its 200 day simple moving average is $84.35. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.42 and a quick ratio of 1.79. Medtronic plc has a 1 year low of $75.76 and a 1 year high of $92.02. The firm has a market cap of $110.13 billion, a price-to-earnings ratio of 30.54, a PEG ratio of 2.87 and a beta of 0.71.
Medtronic (NYSE:MDT – Get Free Report) last posted its quarterly earnings results on Tuesday, August 22nd. The medical technology company reported $1.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.09. Medtronic had a return on equity of 13.81% and a net margin of 11.47%. The business had revenue of $7.70 billion for the quarter, compared to analyst estimates of $7.57 billion. During the same period last year, the company earned $1.13 EPS. Medtronic’s revenue for the quarter was up 4.5% compared to the same quarter last year. As a group, analysts predict that Medtronic plc will post 5.12 earnings per share for the current year.
Medtronic Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Friday, September 22nd will be issued a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 3.33%. The ex-dividend date is Thursday, September 21st. Medtronic’s dividend payout ratio (DPR) is currently 101.85%.
Insiders Place Their Bets
In other Medtronic news, EVP Gregory L. Smith sold 10,000 shares of the stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $83.84, for a total value of $838,400.00. Following the completion of the sale, the executive vice president now owns 46,723 shares in the company, valued at approximately $3,917,256.32. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, EVP Gregory L. Smith sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $83.84, for a total value of $838,400.00. Following the completion of the transaction, the executive vice president now owns 46,723 shares in the company, valued at approximately $3,917,256.32. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Brett A. Wall sold 2,000 shares of the firm’s stock in a transaction that occurred on Friday, July 14th. The shares were sold at an average price of $87.97, for a total value of $175,940.00. Following the completion of the transaction, the executive vice president now owns 23,948 shares of the company’s stock, valued at approximately $2,106,705.56. The disclosure for this sale can be found here. In the last 90 days, insiders sold 19,866 shares of company stock worth $1,688,839. 0.30% of the stock is currently owned by company insiders.
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.
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