First Interstate Bank Has $230,000 Stake in Medtronic plc (NYSE:MDT)

First Interstate Bank decreased its stake in Medtronic plc (NYSE:MDT) by 20.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,798 shares of the medical technology company’s stock after selling 700 shares during the quarter. First Interstate Bank’s holdings in Medtronic were worth $230,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Hartford Financial Management Inc. raised its position in shares of Medtronic by 425.0% during the third quarter. Hartford Financial Management Inc. now owns 315 shares of the medical technology company’s stock worth $25,000 after purchasing an additional 255 shares during the period. Fortitude Family Office LLC acquired a new stake in shares of Medtronic during the fourth quarter worth about $25,000. Leith Wheeler Investment Counsel Ltd. raised its position in shares of Medtronic by 293.0% during the fourth quarter. Leith Wheeler Investment Counsel Ltd. now owns 316,643 shares of the medical technology company’s stock worth $26,000 after purchasing an additional 236,064 shares during the period. Financial Gravity Asset Management Inc. raised its position in shares of Medtronic by 317.0% during the third quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock worth $29,000 after purchasing an additional 279 shares during the period. Finally, Princeton Global Asset Management LLC acquired a new stake in shares of Medtronic during the third quarter worth about $31,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Insider Transactions at Medtronic

In other news, EVP Michael Marinaro sold 854 shares of the stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $83.14, for a total value of $71,001.56. Following the completion of the sale, the executive vice president now directly owns 27,925 shares of the company’s stock, valued at $2,321,684.50. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, EVP Michael Marinaro sold 854 shares of the company’s stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $83.14, for a total value of $71,001.56. Following the completion of the transaction, the executive vice president now directly owns 27,925 shares of the company’s stock, valued at $2,321,684.50. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Sean Salmon sold 30,695 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $85.13, for a total value of $2,613,065.35. Following the completion of the transaction, the executive vice president now directly owns 48,289 shares of the company’s stock, valued at $4,110,842.57. The disclosure for this sale can be found here. Company insiders own 0.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on MDT. Truist Financial raised their price target on Medtronic from $87.00 to $90.00 and gave the stock a “hold” rating in a research report on Wednesday, February 21st. Oppenheimer increased their price objective on Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a report on Wednesday, February 21st. Royal Bank of Canada reiterated a “sector perform” rating and set a $92.00 price objective on shares of Medtronic in a report on Wednesday, February 21st. Finally, Mizuho increased their price objective on Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a report on Wednesday, February 21st. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $94.91.

Medtronic Stock Down 1.2 %

MDT stock traded down $0.98 during trading on Wednesday, reaching $79.25. 7,674,490 shares of the stock were exchanged, compared to its average volume of 5,758,655. The firm’s 50 day moving average is $84.35 and its 200 day moving average is $81.02. Medtronic plc has a twelve month low of $68.84 and a twelve month high of $92.02. The company has a current ratio of 2.30, a quick ratio of 1.71 and a debt-to-equity ratio of 0.46. The firm has a market cap of $105.23 billion, a P/E ratio of 25.24, a price-to-earnings-growth ratio of 2.74 and a beta of 0.76.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, February 20th. The medical technology company reported $1.30 EPS for the quarter, topping the consensus estimate of $1.26 by $0.04. The firm had revenue of $8.09 billion during the quarter, compared to the consensus estimate of $7.95 billion. Medtronic had a return on equity of 13.71% and a net margin of 13.00%. The company’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same period in the prior year, the business posted $1.30 earnings per share. As a group, research analysts forecast that Medtronic plc will post 5.2 EPS for the current year.

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 22nd were paid a $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 3.48%. The ex-dividend date of this dividend was Thursday, March 21st. Medtronic’s dividend payout ratio (DPR) is presently 87.90%.

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.