First Financial Bankshares Inc Has $59.78 Million Stake in Medtronic plc (NYSE:MDT)

First Financial Bankshares Inc decreased its stake in Medtronic plc (NYSE:MDT) by 0.2% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 664,050 shares of the medical technology company’s stock after selling 1,218 shares during the quarter. Medtronic makes up about 1.3% of First Financial Bankshares Inc’s investment portfolio, making the stock its 28th largest position. First Financial Bankshares Inc owned 0.05% of Medtronic worth $59,784,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also bought and sold shares of the company. Lynx Investment Advisory bought a new position in Medtronic during the second quarter worth about $28,000. Tributary Capital Management LLC acquired a new position in shares of Medtronic during the 1st quarter worth approximately $33,000. Gleason Group Inc. acquired a new position in shares of Medtronic during the 2nd quarter worth approximately $42,000. Opal Wealth Advisors LLC acquired a new position in shares of Medtronic during the 2nd quarter worth approximately $43,000. Finally, Olistico Wealth LLC acquired a new position in shares of Medtronic during the 2nd quarter worth approximately $45,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Analyst Ratings Changes

MDT has been the subject of several research analyst reports. Barclays lifted their target price on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. Evercore ISI lifted their price objective on Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a report on Tuesday, October 1st. Piper Sandler boosted their price target on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Daiwa America raised Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. Finally, Wells Fargo & Company upped their target price on Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $95.36.

Medtronic Price Performance

Shares of NYSE MDT opened at $90.59 on Monday. The stock has a fifty day simple moving average of $89.30 and a two-hundred day simple moving average of $83.85. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $92.68. The firm has a market cap of $116.16 billion, a price-to-earnings ratio of 32.94, a price-to-earnings-growth ratio of 2.60 and a beta of 0.84. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The business had revenue of $7.97 billion during the quarter, compared to analyst estimates of $7.90 billion. During the same period in the prior year, the company earned $1.20 earnings per share. Medtronic’s revenue was up 3.4% compared to the same quarter last year. Analysts anticipate that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.09%. The ex-dividend date of this dividend was Friday, September 27th. Medtronic’s dividend payout ratio 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.