Cambridge Trust Co. Cuts Stake in Medtronic plc (NYSE:MDT)

Cambridge Trust Co. decreased its stake in Medtronic plc (NYSE:MDT) by 22.5% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 19,123 shares of the medical technology company’s stock after selling 5,541 shares during the quarter. Cambridge Trust Co.’s holdings in Medtronic were worth $1,575,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the stock. Hartford Financial Management Inc. grew its position in Medtronic by 425.0% in the third quarter. Hartford Financial Management Inc. now owns 315 shares of the medical technology company’s stock valued at $25,000 after acquiring an additional 255 shares in the last quarter. Fortitude Family Office LLC acquired a new stake in Medtronic during the 4th quarter valued at $25,000. Leith Wheeler Investment Counsel Ltd. increased its stake in Medtronic by 293.0% during the 4th quarter. Leith Wheeler Investment Counsel Ltd. now owns 316,643 shares of the medical technology company’s stock worth $26,000 after buying an additional 236,064 shares during the period. Financial Gravity Asset Management Inc. increased its stake in Medtronic by 317.0% during the 3rd quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock worth $29,000 after buying an additional 279 shares during the period. Finally, Princeton Global Asset Management LLC acquired a new position in Medtronic in the 3rd quarter worth $31,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Insider Buying and Selling

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

Wall Street Analysts Forecast Growth

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

Medtronic Trading Up 0.1 %

Medtronic stock opened at $79.19 on Friday. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $92.02. The firm’s 50-day moving average is $84.04 and its 200-day moving average is $81.00. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.71 and a current ratio of 2.30. The company has a market cap of $105.15 billion, a P/E ratio of 25.22, a PEG ratio of 2.71 and a beta of 0.76.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.26 by $0.04. Medtronic had a return on equity of 13.71% and a net margin of 13.00%. The business had revenue of $8.09 billion for the quarter, compared to the consensus estimate of $7.95 billion. During the same quarter last year, the business posted $1.30 EPS. The business’s revenue was up 4.7% on a year-over-year basis. On average, equities analysts expect that Medtronic plc will post 5.2 earnings per share for the current year.

Medtronic Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 22nd were given a dividend of $0.69 per share. The ex-dividend date was Thursday, March 21st. This represents a $2.76 annualized dividend and a dividend yield of 3.49%. Medtronic’s dividend payout ratio is currently 87.90%.

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.