SouthState Corp Cuts Stock Holdings in Medtronic plc (NYSE:MDT)

SouthState Corp decreased its holdings in shares of Medtronic plc (NYSE:MDT) by 26.2% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 563 shares of the medical technology company’s stock after selling 200 shares during the period. SouthState Corp’s holdings in Medtronic were worth $45,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in MDT. Guardian Wealth Management Inc. increased its stake in shares of Medtronic by 0.9% during the third quarter. Guardian Wealth Management Inc. now owns 13,131 shares of the medical technology company’s stock worth $1,182,000 after buying an additional 115 shares during the period. MONECO Advisors LLC increased its stake in shares of Medtronic by 1.8% during the fourth quarter. MONECO Advisors LLC now owns 6,408 shares of the medical technology company’s stock worth $512,000 after buying an additional 115 shares during the period. First City Capital Management Inc. increased its stake in shares of Medtronic by 2.9% during the third quarter. First City Capital Management Inc. now owns 4,123 shares of the medical technology company’s stock worth $371,000 after buying an additional 116 shares during the period. Hardy Reed LLC increased its stake in shares of Medtronic by 4.4% during the third quarter. Hardy Reed LLC now owns 2,743 shares of the medical technology company’s stock worth $247,000 after buying an additional 116 shares during the period. Finally, OLD Second National Bank of Aurora increased its stake in Medtronic by 0.3% in the fourth quarter. OLD Second National Bank of Aurora now owns 36,303 shares of the medical technology company’s stock valued at $2,900,000 after purchasing an additional 121 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Insider Activity

In related news, EVP Brett A. Wall sold 12,437 shares of the business’s stock in a transaction that occurred 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 position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.20% of the company’s stock.

Analyst Upgrades and Downgrades

MDT has been the topic of several recent analyst reports. Wells Fargo & Company dropped their price target on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 20th. Sanford C. Bernstein increased their price target on Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a report on Wednesday, November 20th. UBS Group increased their price target on Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Wednesday, February 19th. Finally, Citigroup raised Medtronic from a “neutral” rating to a “buy” rating and raised their target price for the company from $92.00 to $107.00 in a report on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $96.07.

Medtronic Stock Down 1.3 %

MDT opened at $92.10 on Wednesday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.90 and a quick ratio of 1.39. The stock has a market capitalization of $118.12 billion, a price-to-earnings ratio of 27.99, a price-to-earnings-growth ratio of 2.22 and a beta of 0.80. The business has a 50-day moving average of $90.12 and a two-hundred day moving average of $88.02. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $96.25.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, beating the consensus estimate of $1.36 by $0.03. The company had revenue of $8.29 billion during the quarter, compared to analysts’ expectations of $8.33 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. On average, research analysts expect that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.04%. The ex-dividend date of this dividend is Friday, March 28th. Medtronic’s dividend payout ratio is currently 85.11%.

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.