Stock Yards Bank & Trust Co. Sells 2,017 Shares of Medtronic plc (NYSE:MDT)

Stock Yards Bank & Trust Co. decreased its position in Medtronic plc (NYSE:MDT) by 10.9% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 16,496 shares of the medical technology company’s stock after selling 2,017 shares during the quarter. Stock Yards Bank & Trust Co.’s holdings in Medtronic were worth $1,298,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of MDT. M&G Plc bought a new position in shares of Medtronic in the first quarter worth about $259,160,000. Capital Research Global Investors raised its stake in shares of Medtronic by 7.1% in the first quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after buying an additional 2,044,109 shares during the period. Pzena Investment Management LLC raised its stake in shares of Medtronic by 30.9% in the fourth quarter. Pzena Investment Management LLC now owns 7,500,562 shares of the medical technology company’s stock worth $617,896,000 after buying an additional 1,769,985 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its stake in shares of Medtronic by 145.4% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 2,372,641 shares of the medical technology company’s stock worth $195,431,000 after buying an additional 1,405,978 shares during the period. Finally, Hotchkis & Wiley Capital Management LLC raised its stake in shares of Medtronic by 26.8% in the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 6,237,032 shares of the medical technology company’s stock worth $513,807,000 after buying an additional 1,318,590 shares during the period. Institutional investors own 82.06% of the company’s stock.

Analyst Ratings Changes

MDT has been the topic of several recent research reports. The Goldman Sachs Group initiated coverage on Medtronic in a research note on Thursday, May 30th. They issued a “sell” rating and a $83.00 price objective on the stock. Royal Bank of Canada reissued a “sector perform” rating and set a $92.00 target price on shares of Medtronic in a research note on Wednesday, August 21st. Citigroup decreased their target price on Medtronic from $90.00 to $85.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 10th. Barclays lifted their target price on Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. Finally, Robert W. Baird lifted their target price on Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. One analyst has rated the stock with a sell rating, nine have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Medtronic has a consensus rating of “Hold” and an average price target of $92.92.

Medtronic Stock Performance

NYSE MDT opened at $88.63 on Wednesday. The stock has a market capitalization of $113.65 billion, a PE ratio of 32.23, a P/E/G ratio of 2.57 and a beta of 0.84. The business has a 50 day simple moving average of $84.10 and a two-hundred day simple moving average of $82.87. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $91.49.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. The firm had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The company’s quarterly revenue was up 3.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.20 EPS. On average, research analysts predict that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.16%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is 101.82%.

Medtronic Company 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.