Fulton Bank N.A. Sells 940 Shares of Medtronic plc (NYSE:MDT)

Fulton Bank N.A. lowered its position in Medtronic plc (NYSE:MDT) by 5.8% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,389 shares of the medical technology company’s stock after selling 940 shares during the period. Fulton Bank N.A.’s holdings in Medtronic were worth $1,211,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Leavell Investment Management Inc. increased its holdings in Medtronic by 4.6% during the 4th quarter. Leavell Investment Management Inc. now owns 5,516 shares of the medical technology company’s stock worth $458,000 after purchasing an additional 242 shares in the last quarter. International Assets Investment Management LLC grew its holdings in shares of Medtronic by 8,340.3% in the 4th 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 acquiring an additional 1,026,274 shares in the last quarter. Allworth Financial LP grew its holdings in shares of Medtronic by 20.7% in the 4th quarter. Allworth Financial LP now owns 22,952 shares of the medical technology company’s stock valued at $1,891,000 after acquiring an additional 3,933 shares in the last quarter. Prime Capital Investment Advisors LLC grew its holdings in shares of Medtronic by 589.0% in the 4th quarter. Prime Capital Investment Advisors LLC now owns 42,360 shares of the medical technology company’s stock valued at $3,490,000 after acquiring an additional 36,212 shares in the last quarter. Finally, Tritonpoint Wealth LLC bought a new position in shares of Medtronic in the 4th quarter valued at about $1,065,000. Institutional investors own 82.06% of the company’s stock.

Insider Transactions at Medtronic

In other news, CEO Geoffrey Martha sold 19,113 shares of the firm’s stock in a transaction that occurred on 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 transaction, the chief executive officer now directly owns 143,348 shares of the company’s stock, valued at $12,008,261.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.30% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on MDT shares. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a report on Friday, May 24th. UBS Group raised their price objective on Medtronic from $75.00 to $76.00 and gave the company a “sell” rating in a report on Friday, May 24th. Wells Fargo & Company raised their price objective on Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a report on Friday, May 24th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $92.00 target price on shares of Medtronic in a research note on Wednesday, July 17th. Finally, The Goldman Sachs Group began coverage on shares of Medtronic in a research note on Thursday, May 30th. They issued a “sell” rating and a $83.00 target price for the company. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Medtronic presently has an average rating of “Hold” and an average target price of $90.90.

Medtronic Stock Performance

MDT stock traded up $0.44 during mid-day trading on Tuesday, hitting $80.77. 5,513,654 shares of the company were exchanged, compared to its average volume of 6,314,960. The business has a 50 day simple moving average of $80.00 and a 200-day simple moving average of $82.58. The company has a current ratio of 2.03, a quick ratio of 1.55 and a debt-to-equity ratio of 0.47. The stock has a market capitalization of $103.57 billion, a PE ratio of 29.37, a price-to-earnings-growth ratio of 2.35 and a beta of 0.82. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $89.18.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.01. The firm had revenue of $8.59 billion during the quarter, compared to the consensus estimate of $8.44 billion. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. The business’s revenue for the quarter was up .5% compared to the same quarter last year. During the same period last year, the business posted $1.57 earnings per share. On average, equities analysts forecast that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Friday, June 28th were issued a dividend of $0.70 per share. The ex-dividend date was Friday, June 28th. 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 3.47%. Medtronic’s dividend payout ratio (DPR) is currently 101.82%.

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.