Community Trust & Investment Co. Trims Stake in Medtronic plc (NYSE:MDT)

Community Trust & Investment Co. reduced its position in shares of Medtronic plc (NYSE:MDT) by 3.1% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 34,130 shares of the medical technology company’s stock after selling 1,098 shares during the quarter. Community Trust & Investment Co.’s holdings in Medtronic were worth $3,007,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Toronto Dominion Bank increased its holdings in Medtronic by 109.0% during the 1st quarter. Toronto Dominion Bank now owns 802,643 shares of the medical technology company’s stock worth $64,674,000 after purchasing an additional 418,648 shares during the period. Trust Co. of Toledo NA OH increased its holdings in shares of Medtronic by 20.6% in the 2nd quarter. Trust Co. of Toledo NA OH now owns 17,220 shares of the medical technology company’s stock valued at $1,517,000 after acquiring an additional 2,940 shares during the period. Viawealth LLC increased its holdings in shares of Medtronic by 3.3% in the 1st quarter. Viawealth LLC now owns 12,085 shares of the medical technology company’s stock valued at $974,000 after acquiring an additional 390 shares during the period. Argent Trust Co increased its holdings in shares of Medtronic by 5.0% in the 1st quarter. Argent Trust Co now owns 40,743 shares of the medical technology company’s stock valued at $3,285,000 after acquiring an additional 1,948 shares during the period. Finally, Lincoln National Corp increased its holdings in shares of Medtronic by 16.1% in the 1st quarter. Lincoln National Corp now owns 11,669 shares of the medical technology company’s stock valued at $941,000 after acquiring an additional 1,617 shares during the period. 80.75% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Michael Marinaro sold 1,352 shares of the company’s stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $84.11, for a total value of $113,716.72. Following the completion of the sale, the executive vice president now directly owns 28,930 shares in the company, valued at $2,433,302.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Michael Marinaro sold 1,352 shares of the business’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $84.11, for a total value of $113,716.72. Following the sale, the executive vice president now directly owns 28,930 shares in the company, valued at approximately $2,433,302.30. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Hoedt Rob Ten sold 5,514 shares of the business’s stock in a transaction dated Monday, July 10th. The shares were sold at an average price of $86.58, for a total transaction of $477,402.12. Following the completion of the sale, the executive vice president now owns 43,802 shares in the company, valued at $3,792,377.16. The disclosure for this sale can be found here. Insiders sold 19,866 shares of company stock worth $1,688,839 over the last ninety days. Corporate insiders own 0.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on MDT shares. Sanford C. Bernstein cut their price target on Medtronic from $100.00 to $99.00 in a report on Friday, May 26th. Oppenheimer restated a “market perform” rating and set a $89.00 target price on shares of Medtronic in a research note on Wednesday, August 23rd. StockNews.com downgraded Medtronic from a “strong-buy” rating to a “buy” rating in a research note on Thursday, September 7th. CL King started coverage on Medtronic in a research note on Friday, June 30th. They set a “buy” rating and a $106.00 target price on the stock. Finally, Robert W. Baird started coverage on Medtronic in a research note on Tuesday, July 18th. They set a “neutral” rating and a $90.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, Medtronic has an average rating of “Hold” and an average target price of $91.67.

Medtronic Stock Performance

Shares of MDT stock traded down $0.78 on Tuesday, hitting $82.02. The company had a trading volume of 1,023,475 shares, compared to its average volume of 5,673,188. The firm has a market cap of $109.13 billion, a P/E ratio of 30.54, a price-to-earnings-growth ratio of 2.87 and a beta of 0.71. The company has a 50-day moving average price of $84.16 and a 200-day moving average price of $84.35. The company has a quick ratio of 1.79, a current ratio of 2.42 and a debt-to-equity ratio of 0.48. Medtronic plc has a twelve month low of $75.76 and a twelve month high of $92.02.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, August 22nd. The medical technology company reported $1.20 earnings per share for the quarter, topping analysts’ consensus estimates of $1.11 by $0.09. The company had revenue of $7.70 billion during the quarter, compared to analysts’ expectations of $7.57 billion. Medtronic had a return on equity of 13.81% and a net margin of 11.47%. Medtronic’s quarterly revenue was up 4.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.13 EPS. As a group, equities research analysts predict that Medtronic plc will post 5.12 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Friday, September 22nd will be issued a dividend of $0.69 per share. The ex-dividend date is Thursday, September 21st. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.37%. Medtronic’s payout ratio is currently 101.85%.

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.