First Citizens Financial Corp Lowers Stake in Medtronic plc (NYSE:MDT)

First Citizens Financial Corp reduced its holdings in Medtronic plc (NYSE:MDT) by 7.0% during the 4th quarter, Holdings Channel reports. The firm owned 2,676 shares of the medical technology company’s stock after selling 200 shares during the quarter. First Citizens Financial Corp’s holdings in Medtronic were worth $214,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in MDT. Fortitude Family Office LLC acquired a new position in Medtronic during the third quarter worth $27,000. Darwin Wealth Management LLC purchased a new position in shares of Medtronic in the third quarter valued at approximately $27,000. Highline Wealth Partners LLC acquired a new stake in shares of Medtronic in the third quarter worth approximately $27,000. J. Stern & Co. LLP acquired a new position in Medtronic in the 3rd quarter valued at $30,000. Finally, Chelsea Counsel Co. acquired a new stake in shares of Medtronic in the third quarter valued at about $45,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Stock Performance

Shares of Medtronic stock traded up $0.37 during trading hours on Friday, hitting $80.59. 1,298,436 shares of the company were exchanged, compared to its average volume of 3,383,137. The business has a 50-day moving average of $85.08 and a 200-day moving average of $84.85. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $92.68. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. The stock has a market capitalization of $103.34 billion, a price-to-earnings ratio of 24.65, a P/E/G ratio of 2.33 and a beta of 0.83.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $1.25 by $0.01. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The firm had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.27 billion. During the same quarter last year, the firm earned $1.25 earnings per share. The firm’s revenue was up 5.2% compared to the same quarter last year. As a group, analysts expect that Medtronic plc will post 5.45 EPS for the current fiscal year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Friday, December 27th will be issued a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, December 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.47%. Medtronic’s payout ratio is 85.63%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on MDT shares. Barclays raised their target price on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 26th. Evercore ISI boosted their price target on shares of Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research report on Tuesday, October 1st. JPMorgan Chase & Co. dropped their price target on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research note on Friday, November 15th. Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and lifted their price target for the company from $98.00 to $105.00 in a research report on Thursday, October 10th. Finally, Robert W. Baird lowered their price objective on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a research report on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $95.00.

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.