Farmers & Merchants Trust Co of Chambersburg PA Decreases Stake in Medtronic plc (NYSE:MDT)

Farmers & Merchants Trust Co of Chambersburg PA lowered its position in Medtronic plc (NYSE:MDT) by 24.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,235 shares of the medical technology company’s stock after selling 1,979 shares during the quarter. Farmers & Merchants Trust Co of Chambersburg PA’s holdings in Medtronic were worth $498,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in MDT. CX Institutional raised its holdings in Medtronic by 9.1% during the third quarter. CX Institutional now owns 7,290 shares of the medical technology company’s stock worth $656,000 after purchasing an additional 608 shares in the last quarter. Sumitomo Life Insurance Co. raised its holdings in Medtronic by 2.5% during the third quarter. Sumitomo Life Insurance Co. now owns 18,808 shares of the medical technology company’s stock worth $1,693,000 after purchasing an additional 458 shares in the last quarter. Wolff Wiese Magana LLC raised its holdings in Medtronic by 1.2% during the third quarter. Wolff Wiese Magana LLC now owns 17,062 shares of the medical technology company’s stock worth $1,536,000 after purchasing an additional 205 shares in the last quarter. SPC Financial Inc. raised its holdings in Medtronic by 9.7% during the third quarter. SPC Financial Inc. now owns 11,305 shares of the medical technology company’s stock worth $1,018,000 after purchasing an additional 1,004 shares in the last quarter. Finally, Cornerstone Wealth Management LLC raised its holdings in Medtronic by 4.8% during the third quarter. Cornerstone Wealth Management LLC now owns 12,778 shares of the medical technology company’s stock worth $1,150,000 after purchasing an additional 586 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on MDT. Truist Financial cut their price objective on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a report on Wednesday, December 18th. JPMorgan Chase & Co. cut their target price on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a report on Friday, November 15th. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Wednesday. Sanford C. Bernstein lifted their target price on shares of Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a report on Wednesday, November 20th. Finally, Barclays lifted their target price on shares of Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a report on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $95.00.

Insiders Place Their Bets

In other Medtronic news, EVP Brett A. Wall sold 9,850 shares of the business’s stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total transaction of $792,038.50. Following the sale, the executive vice president now directly owns 40,708 shares in the company, valued at approximately $3,273,330.28. The trade was a 19.48 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.20% of the company’s stock.

Medtronic Stock Performance

Shares of MDT opened at $92.27 on Friday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84. The stock has a market capitalization of $118.32 billion, a P/E ratio of 28.22, a P/E/G ratio of 2.57 and a beta of 0.84. The company’s fifty day moving average is $85.16 and its two-hundred day moving average is $86.68. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $93.08.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.01. The company had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. Medtronic’s revenue was up 5.2% compared to the same quarter last year. During the same period in the previous year, the company posted $1.25 EPS. On average, sell-side analysts predict that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were given a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, December 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.03%. Medtronic’s payout ratio is currently 85.63%.

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.