Medtronic plc (NYSE:MDT) Shares Bought by FineMark National Bank & Trust

FineMark National Bank & Trust lifted its position in shares of Medtronic plc (NYSE:MDT) by 2.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 86,294 shares of the medical technology company’s stock after buying an additional 1,856 shares during the quarter. FineMark National Bank & Trust’s holdings in Medtronic were worth $6,792,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. LifeSteps Financial Inc. acquired a new position in Medtronic in the 1st quarter valued at $27,000. Lynx Investment Advisory acquired a new position in Medtronic in the second quarter valued at $28,000. Tributary Capital Management LLC purchased a new position in Medtronic during the first quarter worth about $33,000. Fortis Group Advisors LLC boosted its stake in Medtronic by 100.0% in the 4th quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock worth $38,000 after buying an additional 230 shares during the last quarter. Finally, Riverview Trust Co acquired a new stake in Medtronic in the 1st quarter worth about $39,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Geoffrey Martha sold 19,113 shares of the stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $83.77, for a total transaction of $1,601,096.01. Following the sale, the chief executive officer now owns 143,348 shares in the company, valued at $12,008,261.96. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.30% of the stock is owned by corporate insiders.

Medtronic Stock Down 1.1 %

NYSE MDT opened at $90.06 on Thursday. The stock has a market cap of $115.48 billion, a PE ratio of 33.10, a P/E/G ratio of 2.52 and a beta of 0.82. The business has a 50 day moving average price of $81.86 and a two-hundred day moving average price of $82.54. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $91.49. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. The company had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The firm’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same period in the prior year, the company posted $1.20 EPS. As a group, sell-side analysts predict that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be given a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.11%. The ex-dividend date is Friday, September 27th. Medtronic’s payout ratio is currently 101.82%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on MDT shares. Citigroup cut their price objective on shares of Medtronic from $90.00 to $85.00 and set a “neutral” rating on the stock in a report on Wednesday, July 10th. Oppenheimer lifted their price target on shares of Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a report on Wednesday, August 21st. Royal Bank of Canada restated a “sector perform” rating and set a $92.00 price objective on shares of Medtronic in a report on Wednesday, August 21st. The Goldman Sachs Group began coverage on Medtronic in a report on Thursday, May 30th. They issued a “sell” rating and a $83.00 target price on the stock. Finally, Barclays raised their price objective on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $92.92.

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.