Cadence Bank Trims Stock Position in Medtronic plc (NYSE:MDT)

Cadence Bank trimmed its holdings in Medtronic plc (NYSE:MDT) by 0.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 74,239 shares of the medical technology company’s stock after selling 198 shares during the quarter. Cadence Bank’s holdings in Medtronic were worth $5,930,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in MDT. Copley Financial Group Inc. purchased a new stake in shares of Medtronic in the third quarter worth about $694,000. Franklin Street Advisors Inc. NC lifted its holdings in Medtronic by 32.6% in the fourth quarter. Franklin Street Advisors Inc. NC now owns 73,517 shares of the medical technology company’s stock valued at $5,873,000 after acquiring an additional 18,057 shares during the period. Olstein Capital Management L.P. boosted its position in Medtronic by 8.0% in the 4th quarter. Olstein Capital Management L.P. now owns 94,000 shares of the medical technology company’s stock worth $7,509,000 after purchasing an additional 7,000 shares in the last quarter. Czech National Bank grew its stake in shares of Medtronic by 6.4% during the 4th quarter. Czech National Bank now owns 278,065 shares of the medical technology company’s stock worth $22,212,000 after purchasing an additional 16,786 shares during the period. Finally, Empowered Funds LLC increased its holdings in shares of Medtronic by 2.7% during the 4th quarter. Empowered Funds LLC now owns 105,822 shares of the medical technology company’s stock valued at $8,453,000 after purchasing an additional 2,778 shares in the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Trading Down 0.1 %

Shares of MDT opened at $82.58 on Friday. The firm’s fifty day moving average is $89.08 and its two-hundred day moving average is $87.48. The stock has a market cap of $105.91 billion, a PE ratio of 25.10, a price-to-earnings-growth ratio of 2.22 and a beta of 0.79. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. Medtronic plc has a 52-week low of $75.96 and a 52-week high of $96.25.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.36 by $0.03. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The company had revenue of $8.29 billion during the quarter, compared to analysts’ expectations of $8.33 billion. Research analysts forecast that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Friday, March 28th were paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.39%. The ex-dividend date was Friday, March 28th. Medtronic’s dividend payout ratio (DPR) is currently 85.11%.

Analyst Upgrades and Downgrades

MDT has been the topic of a number of recent analyst reports. Royal Bank of Canada reissued an “outperform” rating and set a $105.00 price target on shares of Medtronic in a report on Wednesday, February 19th. UBS Group raised their target price on Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Wednesday, February 19th. Robert W. Baird raised their price objective on Medtronic from $90.00 to $91.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Finally, Citigroup raised Medtronic from a “neutral” rating to a “buy” rating and upped their target price for the stock from $92.00 to $107.00 in a research note on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Medtronic presently has an average rating of “Hold” and an average price target of $96.14.

Insider Buying and Selling at Medtronic

In other news, EVP Brett A. Wall sold 12,437 shares of the business’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the transaction, the executive vice president now owns 40,979 shares of the company’s stock, valued at approximately $3,688,110. The trade was a 23.28 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.20% of the stock is owned by company insiders.

Medtronic 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.