Community Trust & Investment Co. Sells 480 Shares of Medtronic plc (NYSE:MDT)

Community Trust & Investment Co. trimmed its holdings in Medtronic plc (NYSE:MDT) by 1.3% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 37,436 shares of the medical technology company’s stock after selling 480 shares during the period. Community Trust & Investment Co.’s holdings in Medtronic were worth $3,370,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MDT. RBA Wealth Management LLC lifted its stake in shares of Medtronic by 12.3% during the 3rd quarter. RBA Wealth Management LLC now owns 49,495 shares of the medical technology company’s stock worth $4,456,000 after buying an additional 5,429 shares during the last quarter. Leo Wealth LLC raised its holdings in Medtronic by 3.3% in the 3rd quarter. Leo Wealth LLC now owns 30,530 shares of the medical technology company’s stock valued at $2,749,000 after acquiring an additional 962 shares during the period. Eastern Bank acquired a new stake in Medtronic during the third quarter worth approximately $1,902,000. Signaturefd LLC grew its position in shares of Medtronic by 4.3% in the third quarter. Signaturefd LLC now owns 13,332 shares of the medical technology company’s stock valued at $1,200,000 after purchasing an additional 551 shares during the last quarter. Finally, Sequoia Financial Advisors LLC increased its stake in shares of Medtronic by 14.9% during the third quarter. Sequoia Financial Advisors LLC now owns 72,228 shares of the medical technology company’s stock worth $6,503,000 after purchasing an additional 9,340 shares during the period. 82.06% of the stock is owned by institutional investors.

Medtronic Stock Performance

Medtronic stock opened at $91.12 on Wednesday. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. The stock has a market cap of $116.84 billion, a PE ratio of 33.13, a P/E/G ratio of 2.53 and a beta of 0.84. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $92.25. The business’s 50-day moving average price is $88.83 and its two-hundred day moving average price is $83.67.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $7.90 billion. During the same period in the prior year, the company earned $1.20 EPS. The firm’s quarterly revenue was up 3.4% compared to the same quarter last year. As a group, analysts expect that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.07%. The ex-dividend date was Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is 101.82%.

Analyst Ratings Changes

MDT has been the subject of several recent research reports. Barclays boosted their price target on Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Evercore ISI raised their price target on shares of Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 1st. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Tuesday, August 20th. Finally, Oppenheimer raised their target price on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a report on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Medtronic presently has a consensus rating of “Hold” and a consensus price target of $95.36.

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.