Fulton Bank N.A. Sells 8,281 Shares of Medtronic plc (NYSE:MDT)

Fulton Bank N.A. reduced its stake in Medtronic plc (NYSE:MDT) by 50.7% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,045 shares of the medical technology company’s stock after selling 8,281 shares during the period. Fulton Bank N.A.’s holdings in Medtronic were worth $643,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in MDT. State Street Corp raised its position in shares of Medtronic by 0.9% in the 3rd quarter. State Street Corp now owns 60,731,367 shares of the medical technology company’s stock valued at $5,509,155,000 after acquiring an additional 520,027 shares during the period. Pzena Investment Management LLC grew its holdings in shares of Medtronic by 3.3% in the 3rd quarter. Pzena Investment Management LLC now owns 8,582,993 shares of the medical technology company’s stock valued at $772,727,000 after buying an additional 275,870 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Medtronic by 436.7% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,343,385 shares of the medical technology company’s stock valued at $661,125,000 after buying an additional 5,975,110 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Medtronic by 7.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 7,120,554 shares of the medical technology company’s stock worth $560,494,000 after buying an additional 515,751 shares during the period. Finally, Raymond James & Associates lifted its holdings in Medtronic by 2.3% during the third quarter. Raymond James & Associates now owns 6,391,865 shares of the medical technology company’s stock worth $575,460,000 after acquiring an additional 145,504 shares in the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

MDT has been the topic of a number of research analyst reports. Wells Fargo & Company dropped their price target on Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 20th. Truist Financial cut their price target on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research note on Wednesday, December 18th. Citigroup increased their price objective on shares of Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 1st. JPMorgan Chase & Co. cut their price objective on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research report on Friday, November 15th. Finally, Sanford C. Bernstein increased their target price on Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a report on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $95.00.

Medtronic Stock Performance

Shares of MDT stock opened at $82.73 on Friday. The company has a fifty day moving average price of $84.17 and a two-hundred day moving average price of $84.89. Medtronic plc has a one year low of $75.96 and a one year high of $92.68. The stock has a market cap of $106.08 billion, a P/E ratio of 25.30, a P/E/G ratio of 2.33 and a beta of 0.83. 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 (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, beating the consensus estimate of $1.25 by $0.01. The business had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. Medtronic’s revenue was up 5.2% on a year-over-year basis. During the same period last year, the business posted $1.25 EPS. As a group, equities analysts predict that Medtronic plc will post 5.45 EPS for the current year.

Medtronic Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Friday, December 27th will be paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.38%. The ex-dividend date of this dividend is Friday, December 27th. Medtronic’s dividend payout ratio (DPR) is presently 85.63%.

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.