FineMark National Bank & Trust Reduces Holdings in Medtronic plc (NYSE:MDT)

FineMark National Bank & Trust reduced its stake in shares of Medtronic plc (NYSE:MDT) by 10.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 79,367 shares of the medical technology company’s stock after selling 9,056 shares during the quarter. FineMark National Bank & Trust’s holdings in Medtronic were worth $6,538,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in MDT. Signaturefd LLC boosted its stake in shares of Medtronic by 7.3% during the third quarter. Signaturefd LLC now owns 15,600 shares of the medical technology company’s stock valued at $1,222,000 after purchasing an additional 1,061 shares during the period. Aspire Private Capital LLC lifted its stake in Medtronic by 22.1% in the third quarter. Aspire Private Capital LLC now owns 1,590 shares of the medical technology company’s stock worth $125,000 after acquiring an additional 288 shares during the period. Regent Peak Wealth Advisors LLC lifted its stake in Medtronic by 1.5% in the third quarter. Regent Peak Wealth Advisors LLC now owns 25,287 shares of the medical technology company’s stock worth $1,981,000 after acquiring an additional 370 shares during the period. NBC Securities Inc. purchased a new stake in Medtronic in the third quarter worth about $3,128,000. Finally, Pinnacle Financial Partners Inc lifted its stake in Medtronic by 0.8% in the third quarter. Pinnacle Financial Partners Inc now owns 288,804 shares of the medical technology company’s stock worth $22,631,000 after acquiring an additional 2,335 shares during the period. 82.06% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Medtronic

In related news, EVP Michael Marinaro sold 854 shares of the stock in a transaction 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 transaction, the executive vice president now directly owns 27,925 shares of the company’s stock, valued at approximately $2,321,684.50. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.30% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

MDT has been the subject of a number of research reports. Oppenheimer boosted their target price on shares of Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a report on Wednesday, February 21st. Mizuho boosted their target price on shares of Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a report on Wednesday, February 21st. Royal Bank of Canada reiterated a “sector perform” rating and issued a $92.00 price target on shares of Medtronic in a report on Wednesday, February 21st. Finally, Truist Financial increased their price target on shares of Medtronic from $87.00 to $90.00 and gave the stock a “hold” rating in a report on Wednesday, February 21st. One analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $94.91.

Medtronic Price Performance

Shares of NYSE:MDT traded down $3.94 during midday trading on Thursday, reaching $81.82. 8,282,521 shares of the company’s stock traded hands, compared to its average volume of 6,133,680. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $91.00. The company has a market cap of $108.64 billion, a P/E ratio of 26.12, a PEG ratio of 2.78 and a beta of 0.78. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.71 and a current ratio of 2.30. The company has a fifty day simple moving average of $82.90 and a two-hundred day simple moving average of $82.62.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Thursday, May 23rd. The medical technology company reported $1.46 EPS for the quarter, beating the consensus estimate of $1.45 by $0.01. Medtronic had a return on equity of 13.71% and a net margin of 13.00%. The firm had revenue of $8.59 billion during the quarter, compared to the consensus estimate of $8.44 billion. During the same period in the prior year, the company earned $1.57 EPS. The firm’s revenue was up .5% compared to the same quarter last year. Equities analysts predict that Medtronic plc will post 5.2 EPS for the current fiscal year.

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 28th will be paid a $0.70 dividend. This is an increase from Medtronic’s previous quarterly dividend of $0.69. This represents a $2.80 annualized dividend and a yield of 3.42%. Medtronic’s dividend payout ratio is currently 87.90%.

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.