Hancock Whitney Corp Lowers Stake in Medtronic plc (NYSE:MDT)

Hancock Whitney Corp cut its stake in Medtronic plc (NYSE:MDT) by 12.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 35,278 shares of the medical technology company’s stock after selling 4,809 shares during the quarter. Hancock Whitney Corp’s holdings in Medtronic were worth $2,777,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in MDT. LifeSteps Financial Inc. purchased a new position in Medtronic in the first quarter valued at about $27,000. Lynx Investment Advisory purchased a new stake in Medtronic during the second quarter valued at approximately $28,000. Tributary Capital Management LLC acquired a new stake in Medtronic in the first quarter valued at approximately $33,000. Fortis Group Advisors LLC grew its holdings in Medtronic by 100.0% in the fourth quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock worth $38,000 after purchasing an additional 230 shares during the last quarter. Finally, Riverview Trust Co acquired a new position in shares of Medtronic during the first quarter worth $39,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Price Performance

NYSE:MDT opened at $89.34 on Friday. The firm’s fifty day moving average is $84.77 and its two-hundred day moving average is $82.97. The firm has a market cap of $114.56 billion, a price-to-earnings ratio of 32.49, a PEG ratio of 2.57 and a beta of 0.84. 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 one year low of $68.84 and a one year high of $91.49.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, topping the consensus estimate of $1.20 by $0.03. The business had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The business’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.20 EPS. Research analysts expect that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be issued a $0.70 dividend. The ex-dividend date is Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.13%. Medtronic’s payout ratio is 101.82%.

Wall Street Analyst Weigh In

MDT has been the subject of a number of recent analyst reports. Truist Financial raised their price objective on Medtronic from $85.00 to $90.00 and gave the stock a “hold” rating in a research report on Friday, August 23rd. Stifel Nicolaus boosted their price target on Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research note on Wednesday, August 21st. Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. The Goldman Sachs Group started coverage on shares of Medtronic in a research note on Thursday, May 30th. They issued a “sell” rating and a $83.00 target price for the company. Finally, Wells Fargo & Company boosted their target price on shares of Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $92.92.

Medtronic Profile

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.