Moody National Bank Trust Division Sells 740 Shares of Medtronic plc (NYSE:MDT)

Posted by Steve Fairfield on Mar 19th, 2023

Moody National Bank Trust Division trimmed its holdings in shares of Medtronic plc (NYSE:MDT – Get Rating) by 3.3% in the fourth quarter, Holdings Channel.com reports. The firm owned 21,755 shares of the medical technology company’s stock after selling 740 shares during the quarter. Moody National Bank Trust Division’s holdings in Medtronic were worth $1,691,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. IAG Wealth Partners LLC increased its stake in Medtronic by 58.1% during the 3rd quarter. IAG Wealth Partners LLC now owns 351 shares of the medical technology company’s stock worth $28,000 after purchasing an additional 129 shares in the last quarter. Annapolis Financial Services LLC increased its stake in Medtronic by 368.0% during the 3rd quarter. Annapolis Financial Services LLC now owns 482 shares of the medical technology company’s stock worth $39,000 after purchasing an additional 379 shares in the last quarter. SJS Investment Consulting Inc. bought a new position in shares of Medtronic during the 3rd quarter worth approximately $44,000. Fairfield Bush & CO. bought a new position in shares of Medtronic during the 1st quarter worth approximately $47,000. Finally, Clear Investment Research LLC bought a new position in shares of Medtronic during the 3rd quarter worth approximately $48,000. 80.37% of the stock is owned by institutional investors.

Insider Transactions at Medtronic

In other news, major shareholder Plc Medtronic bought 6,835 shares of the company’s stock in a transaction dated Monday, January 30th. The stock was bought at an average price of $9.28 per share, with a total value of $63,428.80. Following the completion of the acquisition, the insider now owns 4,999,423 shares of the company’s stock, valued at $46,394,645.44. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.29% of the company’s stock.

Medtronic Stock Performance

Medtronic stock traded down $0.98 during mid-day trading on Friday, hitting $78.29. 8,838,609 shares of the company’s stock traded hands, compared to its average volume of 6,420,709. The firm has a 50 day simple moving average of $82.06 and a two-hundred day simple moving average of $82.25. Medtronic plc has a fifty-two week low of $75.76 and a fifty-two week high of $114.31. The stock has a market cap of $104.16 billion, a price-to-earnings ratio of 25.75, a P/E/G ratio of 2.36 and a beta of 0.71. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.76 and a quick ratio of 1.39.

Medtronic (NYSE:MDT – Get Rating) last announced its quarterly earnings results on Tuesday, February 21st. The medical technology company reported $1.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.27 by $0.03. Medtronic had a return on equity of 13.37% and a net margin of 13.20%. The business had revenue of $7.70 billion during the quarter, compared to the consensus estimate of $7.53 billion. During the same quarter last year, the firm posted $1.37 EPS. The company’s quarterly revenue was down .8% on a year-over-year basis. On average, research analysts expect that Medtronic plc will post 5.28 EPS for the current fiscal year.

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 14th. Stockholders of record on Friday, March 24th will be issued a dividend of $0.68 per share. This represents a $2.72 dividend on an annualized basis and a dividend yield of 3.47%. The ex-dividend date of this dividend is Thursday, March 23rd. Medtronic’s dividend payout ratio is currently 89.47%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Cowen decreased their price target on shares of Medtronic from $117.00 to $90.00 in a research note on Wednesday, November 23rd. Truist Financial decreased their price target on shares of Medtronic from $89.00 to $84.00 in a research note on Wednesday, November 23rd. Wells Fargo & Company decreased their price target on shares of Medtronic from $82.00 to $77.00 and set an “equal weight” rating for the company in a research note on Wednesday, November 30th. Stifel Nicolaus decreased their price target on shares of Medtronic from $105.00 to $90.00 in a research note on Wednesday, November 23rd. Finally, Royal Bank of Canada cut shares of Medtronic from an “outperform” rating to a “sector perform” rating and decreased their price target for the stock from $102.00 to $89.00 in a research note on Monday, January 9th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $90.72.

About Medtronic

(Get Rating)

Medtronic Plc is a medical technology company, which engages in the development, manufacture, distribution, and sale of device-based medical therapies and services. It operates through the following segments: Cardiovascular Porrtfolio, Neuroscience Portfolio, Medical Surgical Portfolio, and Diabetes Operating Unit.