Atlantic Union Bankshares Corp Cuts Position in Medtronic plc (NYSE:MDT)

Atlantic Union Bankshares Corp decreased its position in Medtronic plc (NYSE:MDT) by 36.1% during the fourth quarter, Holdings Channel reports. The firm owned 15,363 shares of the medical technology company’s stock after selling 8,673 shares during the quarter. Atlantic Union Bankshares Corp’s holdings in Medtronic were worth $1,227,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Mainstream Capital Management LLC purchased a new stake in shares of Medtronic during the fourth quarter worth $26,000. Darwin Wealth Management LLC purchased a new stake in shares of Medtronic during the third quarter worth $27,000. Stephens Consulting LLC increased its position in shares of Medtronic by 145.7% during the fourth quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock worth $27,000 after acquiring an additional 204 shares during the period. J. Stern & Co. LLP purchased a new stake in shares of Medtronic during the third quarter worth $30,000. Finally, Fiduciary Advisors Inc. purchased a new stake in shares of Medtronic during the fourth quarter worth $36,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Insider Buying and Selling at Medtronic

In other news, EVP Brett A. Wall sold 12,437 shares of the stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the completion of the sale, the executive vice president now owns 40,979 shares in the company, valued at approximately $3,688,110. This represents a 23.28 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.20% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on MDT shares. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research report on Wednesday, February 19th. Robert W. Baird upped their price objective on Medtronic from $90.00 to $91.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Barclays upped their price objective on Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 26th. Citigroup raised Medtronic from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $92.00 to $107.00 in a research report on Tuesday, March 4th. Finally, JPMorgan Chase & Co. dropped their target price on Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a report on Friday, November 15th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Medtronic has a consensus rating of “Hold” and a consensus price target of $96.07.

Medtronic Stock Performance

NYSE MDT opened at $94.58 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $95.57. The company has a market capitalization of $121.30 billion, a PE ratio of 28.75, a P/E/G ratio of 2.22 and a beta of 0.80. The company has a fifty day moving average of $88.33 and a two-hundred day moving average of $87.80.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.36 by $0.03. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The company had revenue of $8.29 billion during the quarter, compared to the consensus estimate of $8.33 billion. As a group, analysts expect that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 28th will be paid a $0.70 dividend. The ex-dividend date is Friday, March 28th. This represents a $2.80 annualized dividend and a yield of 2.96%. Medtronic’s dividend payout ratio is presently 85.11%.

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.