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Medtronic plc (NYSE:MDT) Shares Acquired by Equitable Trust Co.

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Medtronic logoEquitable Trust Co. raised its stake in Medtronic plc (NYSE:MDT) by 1.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 348,372 shares of the medical technology company’s stock after buying an additional 6,437 shares during the period. Medtronic accounts for 3.1% of Equitable Trust Co.’s holdings, making the stock its 3rd largest holding. Equitable Trust Co.’s holdings in Medtronic were worth $41,153,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Grandview Asset Management LLC acquired a new stake in shares of Medtronic during the first quarter valued at about $25,000. Vantage Consulting Group Inc acquired a new stake in Medtronic during the 4th quarter worth approximately $26,000. Concord Wealth Partners bought a new stake in Medtronic during the 4th quarter worth approximately $26,000. Safeguard Investment Advisory Group LLC acquired a new position in Medtronic in the 4th quarter valued at approximately $26,000. Finally, JCIC Asset Management Inc. raised its stake in shares of Medtronic by 335.2% during the fourth quarter. JCIC Asset Management Inc. now owns 235 shares of the medical technology company’s stock valued at $28,000 after acquiring an additional 181 shares during the last quarter. 79.93% of the stock is currently owned by hedge funds and other institutional investors.

A number of analysts recently weighed in on MDT shares. Credit Suisse Group increased their price objective on Medtronic from $126.00 to $130.00 and gave the company an “outperform” rating in a report on Thursday, February 25th. Piper Sandler lifted their price objective on Medtronic from $130.00 to $140.00 and gave the stock an “overweight” rating in a research note on Thursday, May 27th. SVB Leerink boosted their price target on shares of Medtronic from $129.00 to $138.00 and gave the stock a “market perform” rating in a research report on Friday, May 28th. William Blair reaffirmed a “market perform” rating on shares of Medtronic in a research note on Thursday, May 27th. Finally, Citigroup reissued a “buy” rating and set a $143.00 target price (up previously from $133.00) on shares of Medtronic in a research note on Friday, May 28th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and nineteen have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $133.33.

Shares of Medtronic stock traded down $1.12 during trading hours on Friday, reaching $123.62. The company’s stock had a trading volume of 256,150 shares, compared to its average volume of 4,677,330. The stock has a market cap of $166.65 billion, a P/E ratio of 46.43, a P/E/G ratio of 2.45 and a beta of 0.79. The business has a fifty day simple moving average of $125.80. Medtronic plc has a one year low of $87.68 and a one year high of $132.30. The company has a quick ratio of 2.14, a current ratio of 2.65 and a debt-to-equity ratio of 0.51.

Medtronic (NYSE:MDT) last released its earnings results on Wednesday, May 26th. The medical technology company reported $1.50 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.42 by $0.08. Medtronic had a net margin of 11.98% and a return on equity of 11.82%. The firm had revenue of $8.19 billion for the quarter, compared to analysts’ expectations of $8.13 billion. During the same period in the previous year, the company earned $0.58 earnings per share. The company’s quarterly revenue was up 36.5% on a year-over-year basis. As a group, equities analysts forecast that Medtronic plc will post 5.68 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 16th. Stockholders of record on Friday, June 25th will be given a $0.63 dividend. The ex-dividend date is Thursday, June 24th. This represents a $2.52 annualized dividend and a dividend yield of 2.04%. This is a positive change from Medtronic’s previous quarterly dividend of $0.58.

In other news, EVP John R. Liddicoat sold 34,656 shares of the firm’s stock in a transaction that occurred on Friday, May 28th. The shares were sold at an average price of $126.65, for a total value of $4,389,182.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Brett A. Wall sold 2,473 shares of the business’s stock in a transaction that occurred on Tuesday, June 1st. The shares were sold at an average price of $128.07, for a total transaction of $316,717.11. The disclosure for this sale can be found here. 0.52% of the stock is currently owned by company insiders.

Medtronic Profile

Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)


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