WASHINGTON TRUST Co Lowers Stock Position in Medtronic plc (NYSE:MDT)

WASHINGTON TRUST Co lowered its position in shares of Medtronic plc (NYSE:MDT) by 0.7% in the 4th quarter, HoldingsChannel reports. The firm owned 94,435 shares of the medical technology company’s stock after selling 649 shares during the quarter. WASHINGTON TRUST Co’s holdings in Medtronic were worth $7,543,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of MDT. Fortitude Family Office LLC purchased a new position in Medtronic in the 3rd quarter worth $27,000. Darwin Wealth Management LLC bought a new position in shares of Medtronic during the third quarter valued at about $27,000. Highline Wealth Partners LLC purchased a new position in shares of Medtronic in the third quarter worth about $27,000. J. Stern & Co. LLP bought a new stake in shares of Medtronic in the 3rd quarter valued at about $30,000. Finally, Stephens Consulting LLC boosted its holdings in Medtronic by 145.7% during the 4th quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock valued at $27,000 after acquiring an additional 204 shares during the period. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Insider Transactions at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of Medtronic stock in a transaction on Friday, January 24th. The stock was sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the completion of the transaction, the executive vice president now owns 40,979 shares in the company, valued at approximately $3,688,110. The trade was a 23.28 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.20% of the company’s stock.

Medtronic Price Performance

Shares of MDT stock opened at $93.02 on Friday. The business’s fifty day moving average is $85.33 and its 200 day moving average is $86.72. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. The stock has a market cap of $119.28 billion, a price-to-earnings ratio of 28.45, a PEG ratio of 2.57 and a beta of 0.84. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $93.08.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, topping 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 for the quarter, compared to the consensus estimate of $8.27 billion. During the same period in the prior year, the firm earned $1.25 EPS. The company’s revenue was up 5.2% compared to the same quarter last year. Research 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 was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were issued a dividend of $0.70 per share. The ex-dividend date was Friday, December 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.01%. Medtronic’s payout ratio is 85.63%.

Analysts Set New Price Targets

MDT has been the subject of several recent research reports. Wells Fargo & Company lowered their price objective on Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research report on Wednesday, November 20th. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Wednesday. 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 report on Friday, November 15th. Sanford C. Bernstein boosted their price objective on shares of Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a research report on Wednesday, November 20th. Finally, Robert W. Baird dropped their target price on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a report on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $95.00.

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.