Medtronic plc (NYSE:MDT) Shares Sold by Hancock Whitney Corp

Hancock Whitney Corp cut its holdings in shares of Medtronic plc (NYSE:MDT) by 19.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 40,087 shares of the medical technology company’s stock after selling 9,699 shares during the period. Hancock Whitney Corp’s holdings in Medtronic were worth $3,494,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Equity Investment Corp lifted its position in Medtronic by 27.9% in the 4th quarter. Equity Investment Corp now owns 1,341,079 shares of the medical technology company’s stock valued at $110,478,000 after purchasing an additional 292,459 shares during the last quarter. Loudon Investment Management LLC lifted its holdings in shares of Medtronic by 9.5% in the fourth quarter. Loudon Investment Management LLC now owns 10,026 shares of the medical technology company’s stock valued at $786,000 after purchasing an additional 874 shares in the last quarter. Chemung Canal Trust Co. raised its position in Medtronic by 1,467.5% during the first quarter. Chemung Canal Trust Co. now owns 47,902 shares of the medical technology company’s stock valued at $4,175,000 after buying an additional 44,846 shares during the period. International Assets Investment Management LLC raised its position in Medtronic by 8,340.3% during the fourth quarter. International Assets Investment Management LLC now owns 1,038,579 shares of the medical technology company’s stock valued at $85,558,000 after buying an additional 1,026,274 shares during the period. Finally, Apollon Wealth Management LLC lifted its holdings in shares of Medtronic by 43.0% during the 4th quarter. Apollon Wealth Management LLC now owns 50,804 shares of the medical technology company’s stock valued at $4,185,000 after buying an additional 15,265 shares during the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

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

Medtronic Price Performance

MDT stock traded down $0.27 during trading on Thursday, hitting $80.05. The company had a trading volume of 2,145,985 shares, compared to its average volume of 6,301,519. The company has a fifty day moving average price of $80.08 and a two-hundred day moving average price of $82.73. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $89.18. The company has a market cap of $102.65 billion, a P/E ratio of 29.02, a P/E/G ratio of 2.35 and a beta of 0.82. The company has a current ratio of 2.03, a quick ratio of 1.55 and a debt-to-equity ratio of 0.47.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share for the quarter, beating analysts’ consensus estimates of $1.45 by $0.01. The firm had revenue of $8.59 billion during the quarter, compared to analysts’ expectations of $8.44 billion. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The business’s revenue was up .5% on a year-over-year basis. During the same period last year, the firm posted $1.57 EPS. Equities research analysts expect that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Friday, June 28th were paid a $0.70 dividend. This is a boost from Medtronic’s previous quarterly dividend of $0.69. This represents a $2.80 annualized dividend and a dividend yield of 3.50%. The ex-dividend date of this dividend was Friday, June 28th. Medtronic’s dividend payout ratio (DPR) is 101.82%.

Wall Street Analyst Weigh In

MDT has been the topic of a number of recent research reports. Citigroup cut their price target 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. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Friday, May 24th. UBS Group boosted their target price on Medtronic from $75.00 to $76.00 and gave the stock a “sell” rating in a report on Friday, May 24th. Truist Financial dropped their price target on shares of Medtronic from $88.00 to $85.00 and set a “hold” rating on the stock in a research report on Tuesday, July 16th. Finally, The Goldman Sachs Group started coverage on shares of Medtronic in a report on Thursday, May 30th. They set a “sell” rating and a $83.00 price objective for the company. Two analysts have rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Medtronic has an average rating of “Hold” and an average target price of $90.90.

About Medtronic

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.