Somerset Trust Co Sells 477 Shares of Medtronic plc (NYSE:MDT)

Somerset Trust Co lessened its holdings in Medtronic plc (NYSE:MDT) by 1.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 45,365 shares of the medical technology company’s stock after selling 477 shares during the quarter. Medtronic makes up approximately 1.4% of Somerset Trust Co’s holdings, making the stock its 28th biggest holding. Somerset Trust Co’s holdings in Medtronic were worth $3,624,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Edgestream Partners L.P. acquired a new position in Medtronic during the second quarter valued at approximately $239,000. Wealth Alliance grew its holdings in shares of Medtronic by 6.4% in the 2nd quarter. Wealth Alliance now owns 5,353 shares of the medical technology company’s stock valued at $421,000 after buying an additional 321 shares during the period. Mercer Global Advisors Inc. ADV increased its position in shares of Medtronic by 0.4% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 129,556 shares of the medical technology company’s stock valued at $10,433,000 after buying an additional 561 shares in the last quarter. Hsbc Holdings PLC raised its stake in Medtronic by 30.3% during the 2nd quarter. Hsbc Holdings PLC now owns 1,161,329 shares of the medical technology company’s stock worth $91,809,000 after buying an additional 270,368 shares during the period. Finally, WCG Wealth Advisors LLC lifted its holdings in Medtronic by 13.1% during the second quarter. WCG Wealth Advisors LLC now owns 23,374 shares of the medical technology company’s stock worth $1,840,000 after acquiring an additional 2,706 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Insider Activity

In related news, EVP Brett A. Wall sold 9,850 shares of the company’s stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total value of $792,038.50. Following the transaction, the executive vice president now owns 40,708 shares in the company, valued at approximately $3,273,330.28. This represents a 19.48 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.20% of the company’s stock.

Analyst Ratings Changes

MDT has been the subject of several recent analyst reports. Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and increased their price target for the stock from $98.00 to $105.00 in a report on Thursday, October 10th. Robert W. Baird dropped their target price on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a report on Wednesday, November 20th. Evercore ISI upped their price target on shares of Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a report on Tuesday, October 1st. Truist Financial dropped their price objective on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a report on Wednesday, December 18th. Finally, Citigroup upped their target price on shares of Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 1st. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Medtronic presently has an average rating of “Hold” and an average price target of $95.00.

Medtronic Stock Performance

Shares of MDT opened at $88.23 on Friday. The company has a market cap of $113.13 billion, a PE ratio of 26.98, a price-to-earnings-growth ratio of 2.28 and a beta of 0.83. The firm has a 50-day moving average of $83.63 and a 200-day moving average of $85.03. Medtronic plc has a one year low of $75.96 and a one year high of $92.68. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39.

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

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were issued a $0.70 dividend. The ex-dividend date was Friday, December 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.17%. Medtronic’s dividend payout ratio is currently 85.63%.

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.