First City Capital Management Inc. Has $315,000 Stock Position in Medtronic plc (NYSE:MDT)

First City Capital Management Inc. trimmed its holdings in shares of Medtronic plc (NYSE:MDT) by 19.5% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 4,007 shares of the medical technology company’s stock after selling 972 shares during the quarter. First City Capital Management Inc.’s holdings in Medtronic were worth $315,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of MDT. Chemung Canal Trust Co. raised its position in shares of Medtronic by 1,467.5% in the first quarter. Chemung Canal Trust Co. now owns 47,902 shares of the medical technology company’s stock valued at $4,175,000 after buying an additional 44,846 shares in the last quarter. Manning & Napier Advisors LLC acquired a new position in Medtronic in the 2nd quarter valued at $25,643,000. TD Asset Management Inc grew its holdings in shares of Medtronic by 4.3% during the 4th quarter. TD Asset Management Inc now owns 1,034,214 shares of the medical technology company’s stock worth $85,199,000 after purchasing an additional 42,988 shares in the last quarter. SageView Advisory Group LLC increased its position in shares of Medtronic by 130.3% in the first quarter. SageView Advisory Group LLC now owns 16,829 shares of the medical technology company’s stock worth $1,467,000 after purchasing an additional 9,523 shares during the period. Finally, Camden National Bank raised its stake in Medtronic by 98.7% in the fourth quarter. Camden National Bank now owns 120,054 shares of the medical technology company’s stock valued at $9,890,000 after purchasing an additional 59,625 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Stock Down 0.1 %

Shares of NYSE MDT opened at $89.34 on Friday. The company’s 50 day moving average price is $84.77 and its 200-day moving average price is $82.97. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $91.49. The company has a market capitalization of $114.56 billion, a P/E ratio of 32.49, a price-to-earnings-growth ratio of 2.57 and a beta of 0.84.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.03. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The business had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. During the same quarter in the previous year, the business earned $1.20 earnings per share. Medtronic’s revenue for the quarter was up 3.4% on a year-over-year basis. Equities analysts forecast that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be paid a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.80 annualized dividend and a yield of 3.13%. Medtronic’s dividend payout ratio is currently 101.82%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on MDT shares. Robert W. Baird increased their price objective on shares of Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Barclays upped their target price on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. Citigroup lowered their price target on Medtronic from $90.00 to $85.00 and set a “neutral” rating for the company in a report on Wednesday, July 10th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $92.00 price objective on shares of Medtronic in a research note on Wednesday, August 21st. Finally, Truist Financial boosted their target price on Medtronic from $85.00 to $90.00 and gave the stock a “hold” rating in a research note on Friday, August 23rd. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $92.92.

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.