Community Trust & Investment Co. Has $3.37 Million Holdings in Medtronic plc (NYSE:MDT)

Community Trust & Investment Co. trimmed its stake in shares of Medtronic plc (NYSE:MDT) by 1.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 37,436 shares of the medical technology company’s stock after selling 480 shares during the period. Community Trust & Investment Co.’s holdings in Medtronic were worth $3,370,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of MDT. First PREMIER Bank lifted its holdings in Medtronic by 1.8% during the 3rd quarter. First PREMIER Bank now owns 6,417 shares of the medical technology company’s stock worth $577,000 after buying an additional 116 shares in the last quarter. Precision Wealth Strategies LLC lifted its stake in shares of Medtronic by 3.3% during the third quarter. Precision Wealth Strategies LLC now owns 3,741 shares of the medical technology company’s stock valued at $337,000 after acquiring an additional 118 shares during the period. Quent Capital LLC increased its position in Medtronic by 8.0% in the first quarter. Quent Capital LLC now owns 1,680 shares of the medical technology company’s stock worth $146,000 after purchasing an additional 125 shares during the period. Abbrea Capital LLC increased its position in Medtronic by 2.5% in the first quarter. Abbrea Capital LLC now owns 5,077 shares of the medical technology company’s stock worth $446,000 after purchasing an additional 125 shares during the period. Finally, Waterway Wealth Management LLC raised its holdings in Medtronic by 4.8% during the 2nd quarter. Waterway Wealth Management LLC now owns 2,759 shares of the medical technology company’s stock worth $217,000 after purchasing an additional 126 shares during the last quarter. 82.06% of the stock is owned by institutional investors.

Medtronic Stock Performance

Shares of MDT opened at $91.12 on Wednesday. The stock has a market capitalization of $116.84 billion, a price-to-earnings ratio of 33.13, a PEG ratio of 2.53 and a beta of 0.84. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $92.25. The firm has a fifty day simple moving average of $88.83 and a 200 day simple moving average of $83.67. 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 posted its quarterly earnings data 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 company had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The company’s quarterly revenue was up 3.4% on a year-over-year basis. During the same period in the prior year, the business posted $1.20 EPS. Research analysts forecast that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.07%. The ex-dividend date of this dividend was Friday, September 27th. Medtronic’s dividend payout ratio is currently 101.82%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on MDT shares. Wells Fargo & Company lifted their price target on shares of Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 21st. Truist Financial lifted their target price on shares of Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a report on Monday, October 14th. Oppenheimer increased their price target on Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research note on Wednesday, August 21st. Barclays lifted their price objective on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. Finally, Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research note on Tuesday, August 20th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $95.36.

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.