Canandaigua National Bank & Trust Co. Lowers Holdings in Medtronic plc (NYSE:MDT)

Canandaigua National Bank & Trust Co. decreased its holdings in Medtronic plc (NYSE:MDT) by 5.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 12,250 shares of the medical technology company’s stock after selling 711 shares during the quarter. Canandaigua National Bank & Trust Co.’s holdings in Medtronic were worth $1,103,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Capital Research Global Investors lifted its stake in Medtronic by 7.1% in the first quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after acquiring an additional 2,044,109 shares during the last quarter. Pzena Investment Management LLC lifted its stake in Medtronic by 8.3% in the second quarter. Pzena Investment Management LLC now owns 8,307,123 shares of the medical technology company’s stock worth $653,854,000 after acquiring an additional 637,931 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Medtronic by 7.8% in the second quarter. Dimensional Fund Advisors LP now owns 7,120,554 shares of the medical technology company’s stock worth $560,494,000 after acquiring an additional 515,751 shares during the last quarter. Longview Partners Guernsey LTD lifted its stake in Medtronic by 2.3% in the first quarter. Longview Partners Guernsey LTD now owns 6,635,054 shares of the medical technology company’s stock worth $578,245,000 after acquiring an additional 147,737 shares during the last quarter. Finally, Raymond James & Associates lifted its stake in Medtronic by 5.7% in the second quarter. Raymond James & Associates now owns 6,246,361 shares of the medical technology company’s stock worth $491,651,000 after acquiring an additional 336,618 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on MDT shares. Citigroup lifted their price target on shares of Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research note on Tuesday. Evercore ISI boosted their price objective on shares of Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research report on Tuesday. UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and boosted their price objective for the stock from $76.00 to $90.00 in a research report on Thursday, August 15th. Robert W. Baird boosted their price objective on shares of Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Finally, Barclays boosted their price objective on shares of Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $94.21.

Medtronic Price Performance

MDT traded up $0.49 on Friday, hitting $88.26. 3,598,594 shares of the company were exchanged, compared to its average volume of 6,355,535. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. The business’s fifty day moving average is $86.77 and its 200 day moving average is $83.30. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $91.49. The firm has a market capitalization of $113.17 billion, a P/E ratio of 32.09, a price-to-earnings-growth ratio of 2.56 and a beta of 0.84.

Medtronic (NYSE:MDT) last issued 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. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The company had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. During the same period in the prior year, the business posted $1.20 earnings per share. The firm’s revenue for the quarter was up 3.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Dividend Announcement

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