Truist Financial Corp Lowers Stock Position in Medtronic plc (NYSE:MDT)

Truist Financial Corp cut its holdings in shares of Medtronic plc (NYSE:MDT) by 16.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 992,625 shares of the medical technology company’s stock after selling 196,858 shares during the period. Truist Financial Corp owned 0.07% of Medtronic worth $81,772,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. BKM Wealth Management LLC acquired a new stake in shares of Medtronic during the fourth quarter worth $941,000. International Assets Investment Management LLC lifted its holdings in shares of Medtronic by 8,340.3% during the fourth quarter. International Assets Investment Management LLC now owns 1,038,579 shares of the medical technology company’s stock worth $85,558,000 after purchasing an additional 1,026,274 shares during the period. Tower Research Capital LLC TRC lifted its holdings in shares of Medtronic by 69.3% during the third quarter. Tower Research Capital LLC TRC now owns 40,476 shares of the medical technology company’s stock worth $3,172,000 after purchasing an additional 16,574 shares during the period. Ropes Wealth Advisors LLC lifted its holdings in shares of Medtronic by 21.4% during the third quarter. Ropes Wealth Advisors LLC now owns 7,205 shares of the medical technology company’s stock worth $565,000 after purchasing an additional 1,269 shares during the period. Finally, Exchange Traded Concepts LLC lifted its holdings in shares of Medtronic by 109,325.0% during the fourth quarter. Exchange Traded Concepts LLC now owns 91,917 shares of the medical technology company’s stock worth $7,572,000 after purchasing an additional 91,833 shares during the period. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on MDT. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $92.00 price target on shares of Medtronic in a report on Wednesday, February 21st. Oppenheimer raised their target price on Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a report on Wednesday, February 21st. Truist Financial raised their target price on Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a report on Wednesday, February 21st. Finally, Mizuho raised their target price on Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a report on Wednesday, February 21st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $94.91.

Medtronic Stock Up 0.6 %

Medtronic stock traded up $0.49 during midday trading on Friday, hitting $79.74. 5,024,880 shares of the company were exchanged, compared to its average volume of 5,781,218. The company’s fifty day moving average price is $83.53 and its 200-day moving average price is $81.16. The company has a market cap of $105.88 billion, a PE ratio of 25.39, a price-to-earnings-growth ratio of 2.71 and a beta of 0.76. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.30 and a quick ratio of 1.71. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $92.02.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.26 by $0.04. Medtronic had a return on equity of 13.71% and a net margin of 13.00%. The company had revenue of $8.09 billion for the quarter, compared to analyst estimates of $7.95 billion. During the same period in the prior year, the company posted $1.30 EPS. Medtronic’s quarterly revenue was up 4.7% on a year-over-year basis. On average, research analysts predict that Medtronic plc will post 5.2 EPS for the current fiscal year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 22nd were given a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.46%. The ex-dividend date of this dividend was Thursday, March 21st. Medtronic’s payout ratio is 87.90%.

Insider Buying and Selling at Medtronic

In other Medtronic news, EVP Michael Marinaro sold 854 shares of the company’s stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $83.14, for a total value of $71,001.56. Following the transaction, the executive vice president now directly owns 27,925 shares of the company’s stock, valued at approximately $2,321,684.50. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, EVP Michael Marinaro sold 854 shares of the business’s stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $83.14, for a total value of $71,001.56. Following the completion of the sale, the executive vice president now directly owns 27,925 shares in the company, valued at approximately $2,321,684.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Sean Salmon sold 30,695 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $85.13, for a total value of $2,613,065.35. Following the completion of the sale, the executive vice president now owns 48,289 shares of the company’s stock, valued at $4,110,842.57. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by corporate insiders.

Medtronic Company 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.