Chemung Canal Trust Co. Has $2.66 Million Position in Medtronic plc (NYSE:MDT)

Chemung Canal Trust Co. decreased its holdings in shares of Medtronic plc (NYSE:MDT) by 14.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 33,292 shares of the medical technology company’s stock after selling 5,439 shares during the period. Chemung Canal Trust Co.’s holdings in Medtronic were worth $2,659,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in MDT. Fortitude Family Office LLC bought a new stake in Medtronic during the 3rd quarter worth about $27,000. Darwin Wealth Management LLC acquired a new position in shares of Medtronic during the third quarter worth approximately $27,000. Highline Wealth Partners LLC bought a new stake in shares of Medtronic during the third quarter valued at approximately $27,000. J. Stern & Co. LLP bought a new position in Medtronic in the 3rd quarter valued at $30,000. Finally, Chelsea Counsel Co. bought a new stake in shares of Medtronic during the third quarter worth $45,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Price Performance

Shares of MDT stock opened at $90.07 on Friday. The business has a fifty day simple moving average of $83.70 and a 200 day simple moving average of $85.41. Medtronic plc has a twelve month low of $75.96 and a twelve month 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 company has a market cap of $115.49 billion, a P/E ratio of 27.54, a P/E/G ratio of 2.49 and a beta of 0.83.

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

Medtronic Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were given a $0.70 dividend. The ex-dividend date of this dividend was Friday, December 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.11%. Medtronic’s dividend payout ratio (DPR) is currently 85.63%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and increased their price target for the company from $98.00 to $105.00 in a research note on Thursday, October 10th. Sanford C. Bernstein upped their price target on Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a research note on Wednesday, November 20th. Robert W. Baird lowered their target price on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a research note on Wednesday, November 20th. Wells Fargo & Company decreased their price target on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a report on Wednesday, November 20th. Finally, Evercore ISI raised their price objective on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Medtronic presently has a consensus rating of “Hold” and a consensus target price of $95.00.

Insider Buying and Selling at Medtronic

In other news, EVP Brett A. Wall sold 9,850 shares of the stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total value of $792,038.50. Following the completion of the sale, the executive vice president now directly owns 40,708 shares of the company’s stock, valued at $3,273,330.28. This represents a 19.48 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.20% of the company’s stock.

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.