Webster Bank N. A. Sells 672 Shares of Medtronic plc (NYSE:MDT)

Webster Bank N. A. decreased its holdings in Medtronic plc (NYSE:MDT) by 3.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 21,712 shares of the medical technology company’s stock after selling 672 shares during the period. Webster Bank N. A.’s holdings in Medtronic were worth $1,734,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. KBC Group NV lifted its stake in Medtronic by 4.6% during the 4th quarter. KBC Group NV now owns 684,260 shares of the medical technology company’s stock valued at $54,658,000 after acquiring an additional 29,981 shares during the period. Blue Trust Inc. lifted its position in Medtronic by 39.0% during the fourth quarter. Blue Trust Inc. now owns 17,678 shares of the medical technology company’s stock valued at $1,412,000 after purchasing an additional 4,962 shares during the period. PFG Investments LLC boosted its holdings in Medtronic by 4.6% in the fourth quarter. PFG Investments LLC now owns 8,421 shares of the medical technology company’s stock worth $673,000 after purchasing an additional 371 shares during the last quarter. Granite Group Advisors LLC grew its position in Medtronic by 4.0% in the 4th quarter. Granite Group Advisors LLC now owns 28,316 shares of the medical technology company’s stock worth $2,262,000 after purchasing an additional 1,097 shares during the period. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its stake in Medtronic by 20.2% during the 4th quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 11,614 shares of the medical technology company’s stock valued at $928,000 after buying an additional 1,955 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Insider Activity at Medtronic

In related news, EVP Brett A. Wall sold 9,850 shares of Medtronic stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total transaction of $792,038.50. Following the transaction, the executive vice president now directly owns 40,708 shares of the company’s stock, valued at $3,273,330.28. This trade represents a 19.48 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 0.20% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

MDT has been the topic of a number of research reports. Robert W. Baird dropped their price target on Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 20th. JPMorgan Chase & Co. dropped their target price on Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research report on Friday, November 15th. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research report on Monday, November 18th. Truist Financial dropped their price objective on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a report on Wednesday, December 18th. Finally, Barclays upped their target price on shares of Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a report on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $95.00.

Medtronic Stock Up 0.9 %

Shares of MDT opened at $90.07 on Monday. Medtronic plc has a 52-week low of $75.96 and a 52-week high of $92.68. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. The business has a fifty day moving average of $83.75 and a 200 day moving average of $85.62. The company has a market cap of $115.49 billion, a PE ratio of 27.54, a P/E/G ratio of 2.49 and a beta of 0.83.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, topping analysts’ consensus estimates of $1.25 by $0.01. The firm had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The business’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.25 earnings per share. On average, sell-side analysts expect that Medtronic plc will post 5.45 EPS for the current year.

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were issued a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.11%. The ex-dividend date of this dividend was Friday, December 27th. Medtronic’s dividend payout ratio 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.