Medtronic plc (NYSE:MDT) Shares Sold by Fifth Third Bancorp

21 Aug 2024, 22:44 by Kim Johansen · The Markets Daily

Fifth Third Bancorp reduced its stake in shares of Medtronic plc (NYSE:MDT – Free Report) by 27.7% during the 2nd quarter, HoldingsChannel reports. The firm owned 225,227 shares of the medical technology company’s stock after selling 86,099 shares during the quarter. Fifth Third Bancorp’s holdings in Medtronic were worth $17,728,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the stock. Boyar Asset Management Inc. increased its stake in shares of Medtronic by 2.6% in the 4th quarter. Boyar Asset Management Inc. now owns 4,655 shares of the medical technology company’s stock worth $383,000 after acquiring an additional 120 shares during the last quarter. Hall Laurie J Trustee increased its position in Medtronic by 0.3% during the first quarter. Hall Laurie J Trustee now owns 44,015 shares of the medical technology company’s stock worth $3,835,000 after purchasing an additional 125 shares during the last quarter. Quent Capital LLC boosted its holdings in Medtronic by 8.0% in the 1st quarter. Quent Capital LLC now owns 1,680 shares of the medical technology company’s stock valued at $146,000 after purchasing an additional 125 shares during the last quarter. Abbrea Capital LLC grew its stake in shares of Medtronic by 2.5% in the 1st quarter. Abbrea Capital LLC now owns 5,077 shares of the medical technology company’s stock valued at $446,000 after buying an additional 125 shares during the period. Finally, Angeles Investment Advisors LLC increased its holdings in shares of Medtronic by 1.0% during the 4th quarter. Angeles Investment Advisors LLC now owns 12,627 shares of the medical technology company’s stock worth $1,046,000 after buying an additional 128 shares during the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CEO Geoffrey Martha sold 19,113 shares of the firm’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $83.77, for a total value of $1,601,096.01. Following the sale, the chief executive officer now directly owns 143,348 shares in the company, valued at approximately $12,008,261.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.30% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on MDT. Wells Fargo & Company increased their price objective on Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a research report on Wednesday. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Tuesday. Piper Sandler boosted their price objective on shares of Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday. Robert W. Baird increased their target price on shares of Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday. Finally, UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and lifted their price target for the company from $76.00 to $90.00 in a research report on Thursday, August 15th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $91.50.

View Our Latest Stock Analysis on Medtronic

Medtronic Stock Up 2.5 %

Medtronic stock traded up $2.13 during mid-day trading on Wednesday, reaching $87.51. 10,608,284 shares of the company’s stock were exchanged, compared to its average volume of 6,302,077. The company has a fifty day moving average of $80.10 and a 200-day moving average of $82.27. The company has a market cap of $112.21 billion, a P/E ratio of 31.35, a P/E/G ratio of 2.35 and a beta of 0.82. The company has a quick ratio of 1.55, a current ratio of 2.03 and a debt-to-equity ratio of 0.47. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $89.18.

Medtronic (NYSE:MDT – Get Free Report) last announced its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.03. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The business had revenue of $7.97 billion for the quarter, compared to analysts’ expectations of $7.90 billion. During the same period last year, the firm earned $1.20 earnings per share. The company’s revenue for the quarter was up 3.4% compared to the same quarter last year. Sell-side analysts expect that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be issued a $0.70 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.80 annualized dividend and a yield of 3.20%. Medtronic’s dividend payout ratio (DPR) is 101.82%.

Medtronic Company Profile

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