Independence Bank of Kentucky Acquires 3,350 Shares of Medtronic plc (NYSE:MDT)

Independence Bank of Kentucky grew its holdings in Medtronic plc (NYSE:MDT) by 182.3% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,188 shares of the medical technology company’s stock after acquiring an additional 3,350 shares during the period. Independence Bank of Kentucky’s holdings in Medtronic were worth $414,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of MDT. China Universal Asset Management Co. Ltd. acquired a new position in Medtronic during the fourth quarter worth $1,155,000. Chicago Partners Investment Group LLC increased its holdings in shares of Medtronic by 43.9% during the 4th quarter. Chicago Partners Investment Group LLC now owns 7,009 shares of the medical technology company’s stock valued at $579,000 after acquiring an additional 2,139 shares during the last quarter. Clear Creek Financial Management LLC raised its stake in shares of Medtronic by 15.6% in the 4th quarter. Clear Creek Financial Management LLC now owns 3,595 shares of the medical technology company’s stock valued at $287,000 after acquiring an additional 484 shares in the last quarter. Austin Private Wealth LLC lifted its holdings in Medtronic by 24.4% in the 4th quarter. Austin Private Wealth LLC now owns 3,876 shares of the medical technology company’s stock worth $310,000 after purchasing an additional 759 shares during the last quarter. Finally, Caprock Group LLC boosted its position in Medtronic by 12.6% during the fourth quarter. Caprock Group LLC now owns 47,767 shares of the medical technology company’s stock worth $3,849,000 after purchasing an additional 5,363 shares during the period. Institutional investors and hedge funds own 82.06% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. 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. Truist Financial cut their target price on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research report on Wednesday, December 18th. Barclays raised their price target on Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research report on Tuesday, November 26th. Wells Fargo & Company cut 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. Finally, Sanford C. Bernstein raised their target price on Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Medtronic currently has an average rating of “Hold” and a consensus target price of $95.00.

Insiders Place Their Bets

In other news, EVP Brett A. Wall sold 12,437 shares of the firm’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $3,688,110. This trade represents a 23.28 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.20% of the company’s stock.

Medtronic Trading Down 1.4 %

Shares of MDT stock opened at $90.74 on Friday. The firm has a fifty day moving average of $84.38 and a 200-day moving average of $86.00. The stock has a market cap of $116.35 billion, a price-to-earnings ratio of 27.75, a P/E/G ratio of 2.59 and a beta of 0.83. Medtronic plc has a 52-week low of $75.96 and a 52-week high of $93.08. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analyst estimates of $8.27 billion. During the same quarter in the prior year, the business posted $1.25 earnings per share. The company’s quarterly revenue was up 5.2% compared to the same quarter last year. On average, equities research analysts forecast that Medtronic plc will post 5.45 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.09%. The ex-dividend date of this dividend was Friday, December 27th. Medtronic’s dividend payout ratio (DPR) is 85.63%.

Medtronic 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.