Chemung Canal Trust Co. increased its position in shares of Medtronic plc (NYSE:MDT) by 10.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 76,928 shares of the medical technology company’s stock after acquiring an additional 7,555 shares during the quarter. Medtronic comprises approximately 1.9% of Chemung Canal Trust Co.’s investment portfolio, making the stock its 14th biggest holding. Chemung Canal Trust Co.’s holdings in Medtronic were worth $9,012,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Peapack Gladstone Financial Corp raised its stake in shares of Medtronic by 0.9% in the third quarter. Peapack Gladstone Financial Corp now owns 50,583 shares of the medical technology company’s stock worth $5,256,000 after purchasing an additional 433 shares during the last quarter. First City Capital Management Inc. increased its position in shares of Medtronic by 88.9% during the third quarter. First City Capital Management Inc. now owns 13,157 shares of the medical technology company’s stock valued at $1,415,000 after acquiring an additional 6,191 shares during the last quarter. Cooke & Bieler LP lifted its holdings in Medtronic by 5.4% during the third quarter. Cooke & Bieler LP now owns 754,952 shares of the medical technology company’s stock worth $78,455,000 after acquiring an additional 38,350 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund grew its stake in Medtronic by 3.5% in the 3rd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 405,562 shares of the medical technology company’s stock valued at $42,146,000 after purchasing an additional 13,700 shares during the period. Finally, Townsquare Capital LLC grew its stake in Medtronic by 44.5% in the 3rd quarter. Townsquare Capital LLC now owns 24,321 shares of the medical technology company’s stock valued at $2,515,000 after purchasing an additional 7,489 shares during the period. Hedge funds and other institutional investors own 68.87% of the company’s stock.
Medtronic stock traded up $1.43 during mid-day trading on Wednesday, hitting $118.72. 4,046,719 shares of the company traded hands, compared to its average volume of 3,864,810. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.79 and a current ratio of 2.16. Medtronic plc has a one year low of $72.13 and a one year high of $122.15. The stock has a market cap of $159.80 billion, a price-to-earnings ratio of 45.31, a price-to-earnings-growth ratio of 3.58 and a beta of 0.69. The stock has a fifty day moving average price of $115.11 and a 200-day moving average price of $105.81.
The firm also recently declared a quarterly dividend, which will be paid on Friday, January 15th. Shareholders of record on Tuesday, December 22nd will be paid a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a dividend yield of 1.95%. The ex-dividend date is Friday, December 18th. Medtronic’s dividend payout ratio (DPR) is presently 50.54%.
Several equities analysts recently weighed in on MDT shares. Piper Sandler increased their price target on shares of Medtronic from $120.00 to $130.00 and gave the company an “overweight” rating in a research report on Tuesday, November 24th. Sanford C. Bernstein raised Medtronic from a “market perform” rating to an “outperform” rating in a report on Thursday, October 8th. Wells Fargo & Company boosted their target price on Medtronic from $118.00 to $127.00 and gave the company an “overweight” rating in a research note on Wednesday, November 18th. Credit Suisse Group increased their price target on Medtronic from $118.00 to $126.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 25th. Finally, Stifel Nicolaus boosted their price objective on Medtronic from $125.00 to $132.00 and gave the company a “buy” rating in a research note on Wednesday, November 25th. Two analysts have rated the stock with a sell rating, three have given a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $120.93.
In other news, EVP Robert John White sold 10,930 shares of the firm’s stock in a transaction that occurred on Friday, December 18th. The shares were sold at an average price of $115.46, for a total value of $1,261,977.80. Following the transaction, the executive vice president now owns 55,852 shares in the company, valued at $6,448,671.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Carol A. Surface sold 15,000 shares of Medtronic stock in a transaction on Monday, December 28th. The stock was sold at an average price of $114.90, for a total transaction of $1,723,500.00. The disclosure for this sale can be found here. 0.52% of the stock is currently owned by company insiders.
Medtronic Company Profile
Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.
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