RNC Capital Management LLC Reduces Stock Position in Medtronic plc (NYSE:MDT)

RNC Capital Management LLC cut its holdings in shares of Medtronic plc (NYSE:MDT) by 12.0% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 383,292 shares of the medical technology company’s stock after selling 52,280 shares during the quarter. Medtronic makes up approximately 1.6% of RNC Capital Management LLC’s holdings, making the stock its 29th largest holding. RNC Capital Management LLC’s holdings in Medtronic were worth $30,617,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of MDT. Spectrum Asset Management Inc. NB CA increased its holdings in shares of Medtronic by 2.1% in the 4th quarter. Spectrum Asset Management Inc. NB CA now owns 41,294 shares of the medical technology company’s stock valued at $3,327,000 after acquiring an additional 840 shares during the last quarter. Guardian Wealth Advisors LLC increased its holdings in shares of Medtronic by 14.1% in the 4th quarter. Guardian Wealth Advisors LLC now owns 4,220 shares of the medical technology company’s stock valued at $337,000 after acquiring an additional 521 shares during the last quarter. Ledyard National Bank increased its holdings in shares of Medtronic by 19.6% in the 4th quarter. Ledyard National Bank now owns 78,393 shares of the medical technology company’s stock valued at $6,262,000 after acquiring an additional 12,850 shares during the last quarter. GHP Investment Advisors Inc. increased its holdings in shares of Medtronic by 7.8% in the 4th quarter. GHP Investment Advisors Inc. now owns 46,301 shares of the medical technology company’s stock valued at $3,699,000 after acquiring an additional 3,361 shares during the last quarter. Finally, Klein Pavlis & Peasley Financial Inc. increased its holdings in shares of Medtronic by 19.1% in the 4th quarter. Klein Pavlis & Peasley Financial Inc. now owns 29,931 shares of the medical technology company’s stock valued at $2,391,000 after acquiring an additional 4,807 shares during the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and boosted their price target for the company from $98.00 to $105.00 in a report on Thursday, October 10th. Wells Fargo & Company lowered their price objective on Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research note on Wednesday, November 20th. Robert W. Baird lowered their price objective on Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a research note on Wednesday, November 20th. JPMorgan Chase & Co. lowered their price objective on Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research note on Friday, November 15th. Finally, Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Monday, November 18th. One equities 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. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $95.00.

Insider Activity at Medtronic

In related news, EVP Brett A. Wall sold 12,437 shares of the company’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the transaction, the executive vice president now directly owns 40,979 shares of the company’s stock, valued at approximately $3,688,110. The trade was a 23.28 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.20% of the stock is owned by insiders.

Medtronic Stock Down 0.9 %

Shares of Medtronic stock opened at $90.85 on Friday. The stock’s fifty day moving average is $84.69 and its 200-day moving average is $86.28. The firm has a market capitalization of $116.50 billion, a PE ratio of 27.78, a price-to-earnings-growth ratio of 2.57 and a beta of 0.84. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $93.08.

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, topping analysts’ consensus estimates of $1.25 by $0.01. The company had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. Medtronic’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.25 earnings per share. Equities analysts anticipate that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.08%. The ex-dividend date of this dividend was Friday, December 27th. Medtronic’s payout ratio is 85.63%.

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.