Fifth Third Bancorp Lowers Holdings in Medtronic plc (NYSE:MDT)

Fifth Third Bancorp lowered its position in shares of Medtronic plc (NYSE:MDT) by 3.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 191,468 shares of the medical technology company’s stock after selling 7,869 shares during the period. Fifth Third Bancorp’s holdings in Medtronic were worth $15,294,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in MDT. Fortitude Family Office LLC purchased a new stake in shares of Medtronic in the 3rd quarter worth approximately $27,000. Highline Wealth Partners LLC bought a new position in Medtronic in the third quarter worth approximately $27,000. Darwin Wealth Management LLC bought a new stake in Medtronic during the 3rd quarter valued at $27,000. J. Stern & Co. LLP purchased a new position in shares of Medtronic in the 3rd quarter valued at $30,000. Finally, Kieckhefer Group LLC bought a new position in shares of Medtronic in the 4th quarter worth $40,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Trading Up 0.9 %

Shares of NYSE:MDT opened at $90.07 on Friday. The firm has a market capitalization of $115.49 billion, a price-to-earnings ratio of 27.54, a price-to-earnings-growth ratio of 2.49 and a beta of 0.83. The business’s 50 day moving average price is $83.75 and its 200-day moving average price is $85.50. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $92.68.

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

Medtronic Announces Dividend

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 dividend of $0.70 per share. 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 payout ratio is currently 85.63%.

Insider Activity

In other news, EVP Brett A. Wall sold 9,850 shares of the firm’s stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total value of $792,038.50. Following the transaction, the executive vice president now directly owns 40,708 shares of the company’s stock, valued at approximately $3,273,330.28. This trade represents a 19.48 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Company insiders own 0.20% of the company’s stock.

Analyst Ratings Changes

Several research firms have issued reports on MDT. Evercore ISI lifted their target price on Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research note on Tuesday, October 1st. Truist Financial decreased their target price on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research report on Wednesday, December 18th. Sanford C. Bernstein upped their price target on Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 20th. Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and raised their price objective for the stock from $98.00 to $105.00 in a research report on Thursday, October 10th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research note on Monday, November 18th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $95.00.

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.