Medtronic plc (NYSE:MDT) Shares Sold by Somerset Trust Co

Somerset Trust Co lessened its holdings in shares of Medtronic plc (NYSE:MDT) by 4.3% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 45,842 shares of the medical technology company’s stock after selling 2,042 shares during the quarter. Medtronic accounts for about 1.5% of Somerset Trust Co’s investment portfolio, making the stock its 23rd largest holding. Somerset Trust Co’s holdings in Medtronic were worth $4,127,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. First PREMIER Bank increased its holdings in shares of Medtronic by 1.8% during the 3rd quarter. First PREMIER Bank now owns 6,417 shares of the medical technology company’s stock worth $577,000 after purchasing an additional 116 shares during the period. Boyar Asset Management Inc. lifted its position in shares of Medtronic by 2.6% in the 4th quarter. Boyar Asset Management Inc. now owns 4,655 shares of the medical technology company’s stock worth $383,000 after acquiring an additional 120 shares during the period. Quent Capital LLC lifted its position in shares of Medtronic by 8.0% in the 1st quarter. Quent Capital LLC now owns 1,680 shares of the medical technology company’s stock worth $146,000 after acquiring an additional 125 shares during the period. Abbrea Capital LLC grew its holdings in shares of Medtronic by 2.5% during the 1st quarter. Abbrea Capital LLC now owns 5,077 shares of the medical technology company’s stock worth $446,000 after purchasing an additional 125 shares in the last quarter. Finally, Waterway Wealth Management LLC raised its stake in shares of Medtronic by 4.8% in the second quarter. Waterway Wealth Management LLC now owns 2,759 shares of the medical technology company’s stock valued at $217,000 after purchasing an additional 126 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analyst Ratings Changes

MDT has been the topic of several analyst reports. UBS Group raised shares of Medtronic from a “sell” rating to a “neutral” rating and boosted their price target for the company from $76.00 to $90.00 in a report on Thursday, August 15th. Barclays increased their target price on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. Robert W. Baird upped their price target on Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. Stifel Nicolaus upped their target price on shares of Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a report on Wednesday, August 21st. Finally, Royal Bank of Canada lifted their price target on shares of Medtronic from $92.00 to $98.00 and gave the company a “sector perform” rating in a report on Tuesday. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $94.64.

Medtronic Trading Up 0.2 %

MDT opened at $88.35 on Thursday. The firm’s fifty day moving average is $87.22 and its two-hundred day moving average is $83.38. The firm has a market cap of $113.28 billion, a PE ratio of 32.13, a price-to-earnings-growth ratio of 2.56 and a beta of 0.84. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $91.49. 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 (NYSE:MDT) last posted its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.03. The firm 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 company’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same period in the previous year, the company posted $1.20 earnings per share. Equities research analysts anticipate that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be issued a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.17%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is presently 101.82%.

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.