SouthState Corp Sells 780 Shares of Medtronic plc (NYSE:MDT)

SouthState Corp lessened its stake in Medtronic plc (NYSE:MDT) by 46.9% in the fourth quarter, HoldingsChannel reports. The firm owned 883 shares of the medical technology company’s stock after selling 780 shares during the period. SouthState Corp’s holdings in Medtronic were worth $73,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in MDT. Morgan Stanley grew its stake in shares of Medtronic by 9.2% during the 3rd quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock valued at $1,863,229,000 after purchasing an additional 1,994,123 shares during the period. Northern Trust Corp grew its position in shares of Medtronic by 2.1% during the 3rd quarter. Northern Trust Corp now owns 13,622,933 shares of the medical technology company’s stock valued at $1,067,493,000 after acquiring an additional 285,819 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Medtronic by 0.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 10,988,289 shares of the medical technology company’s stock worth $843,979,000 after purchasing an additional 79,660 shares in the last quarter. American Century Companies Inc. raised its holdings in Medtronic by 6.7% in the 3rd quarter. American Century Companies Inc. now owns 10,297,135 shares of the medical technology company’s stock worth $806,883,000 after purchasing an additional 649,367 shares during the period. Finally, First Eagle Investment Management LLC lifted its position in Medtronic by 10.8% during the third quarter. First Eagle Investment Management LLC now owns 6,088,880 shares of the medical technology company’s stock valued at $477,125,000 after purchasing an additional 592,849 shares in the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently issued reports on MDT. Mizuho increased their target price on shares of Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a report on Wednesday, February 21st. Truist Financial upped their target price on shares of 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 reiterated a “sector perform” rating and issued a $92.00 price target on shares of Medtronic in a research note on Wednesday, February 21st. Finally, Oppenheimer raised their price objective on Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a research report on Wednesday, February 21st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $94.91.

Medtronic Trading Up 1.0 %

MDT traded up $0.77 on Friday, reaching $81.69. 4,987,236 shares of the company traded hands, compared to its average volume of 6,078,836. The company has a quick ratio of 1.71, a current ratio of 2.30 and a debt-to-equity ratio of 0.46. The company has a market cap of $108.47 billion, a P/E ratio of 26.01, a price-to-earnings-growth ratio of 2.64 and a beta of 0.78. The firm has a fifty day simple moving average of $83.16 and a two-hundred day simple moving average of $81.37. Medtronic plc has a one year low of $68.84 and a one year high of $91.00.

Medtronic (NYSE:MDT) last released 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. Medtronic had a return on equity of 13.71% and a net margin of 13.00%. The company had revenue of $8.09 billion for the quarter, compared to the consensus estimate of $7.95 billion. During the same period last year, the business posted $1.30 EPS. Medtronic’s quarterly revenue was up 4.7% on a year-over-year basis. As a group, equities research analysts expect that Medtronic plc will post 5.2 earnings per share for the current year.

Medtronic Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 22nd were issued a $0.69 dividend. The ex-dividend date was Thursday, March 21st. This represents a $2.76 annualized dividend and a dividend yield of 3.38%. Medtronic’s dividend payout ratio is currently 87.90%.

Insider Transactions at Medtronic

In related news, EVP Michael Marinaro sold 854 shares of Medtronic stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $83.14, for a total transaction of $71,001.56. Following the transaction, 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 filing with the SEC, which is accessible through this link. In other news, EVP Sean Salmon sold 30,695 shares of the firm’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $85.13, for a total value of $2,613,065.35. Following the completion of the sale, the executive vice president now owns 48,289 shares of the company’s stock, valued at approximately $4,110,842.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Michael Marinaro sold 854 shares of the stock in a transaction dated Monday, April 8th. The shares were 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 owns 27,925 shares of the company’s stock, 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.

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.