Somerset Trust Co Buys 1,074 Shares of Medtronic PLC (NYSE:MDT)

Somerset Trust Co raised its stake in shares of Medtronic PLC (NYSE:MDT) by 2.1% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 53,021 shares of the medical technology company’s stock after buying an additional 1,074 shares during the quarter. Medtronic comprises about 2.6% of Somerset Trust Co’s investment portfolio, making the stock its 8th biggest position. Somerset Trust Co’s holdings in Medtronic were worth $4,862,000 as of its most recent filing with the SEC.

A number of other large investors also recently made changes to their positions in MDT. Guggenheim Capital LLC raised its position in shares of Medtronic by 14.7% in the 4th quarter. Guggenheim Capital LLC now owns 313,381 shares of the medical technology company’s stock worth $35,553,000 after buying an additional 40,100 shares during the period. Marshall Wace North America L.P. purchased a new position in Medtronic in the fourth quarter valued at about $19,825,000. Marshall Wace LLP purchased a new position in Medtronic in the fourth quarter valued at about $11,600,000. Jacobs Levy Equity Management Inc. raised its position in Medtronic by 32.9% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 6,273 shares of the medical technology company’s stock valued at $712,000 after purchasing an additional 1,553 shares during the period. Finally, UBS Asset Management Americas Inc. raised its position in Medtronic by 6.8% in the fourth quarter. UBS Asset Management Americas Inc. now owns 8,222,384 shares of the medical technology company’s stock valued at $932,829,000 after purchasing an additional 520,148 shares during the period. Hedge funds and other institutional investors own 81.01% of the company’s stock.

Shares of NYSE MDT traded up $0.85 during trading on Friday, hitting $96.60. The company had a trading volume of 52,864 shares, compared to its average volume of 5,291,887. The company has a market cap of $128.95 billion, a P/E ratio of 27.08, a PEG ratio of 3.68 and a beta of 0.67. Medtronic PLC has a 52 week low of $72.13 and a 52 week high of $122.15. The business’s 50-day moving average is $94.25 and its 200 day moving average is $101.15. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.72 and a current ratio of 2.13.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Thursday, May 21st. The medical technology company reported $0.58 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.28 by ($0.70). The company had revenue of $6 billion during the quarter, compared to the consensus estimate of $6.10 billion. Medtronic had a net margin of 16.56% and a return on equity of 12.17%. Medtronic’s quarterly revenue was down 26.4% on a year-over-year basis. During the same period in the prior year, the company posted $1.54 EPS. On average, research analysts expect that Medtronic PLC will post 3.41 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, July 17th. Shareholders of record on Friday, June 26th will be paid a dividend of $0.58 per share. This is an increase from Medtronic’s previous quarterly dividend of $0.54. This represents a $2.32 annualized dividend and a yield of 2.40%. The ex-dividend date is Thursday, June 25th. Medtronic’s payout ratio is 50.54%.

In other Medtronic news, SVP Carol A. Surface sold 2,000 shares of the business’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $97.72, for a total transaction of $195,440.00. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.28% of the stock is owned by insiders.

Several research firms have commented on MDT. Piper Sandler cut their price objective on Medtronic from $135.00 to $120.00 and set an “overweight” rating on the stock in a research report on Thursday, May 21st. Bank of America reaffirmed a “buy” rating and set a $130.00 target price on shares of Medtronic in a research report on Friday, May 22nd. Raymond James dropped their target price on Medtronic from $110.00 to $107.00 and set an “outperform” rating on the stock in a research report on Friday, May 22nd. CSFB reiterated a “buy” rating and issued a $117.00 price target on shares of Medtronic in a research note on Saturday, May 23rd. Finally, Oppenheimer decreased their price target on Medtronic from $131.00 to $112.00 and set an “outperform” rating for the company in a research note on Friday, May 22nd. Two research analysts have rated the stock with a sell rating, six have given a hold rating, twenty-two have issued a buy rating and one has assigned a strong buy rating to the stock. Medtronic has an average rating of “Buy” and an average price target of $114.53.

Medtronic Company Profile

Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.

Read More: What is the Difference Between Common Shares and Convertible Shares?

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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