Sanibel Captiva Trust Company Inc. Has $9.09 Million Holdings in Medtronic plc (NYSE:MDT)

Sanibel Captiva Trust Company Inc. decreased its position in shares of Medtronic plc (NYSE:MDT) by 11.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 100,966 shares of the medical technology company’s stock after selling 12,776 shares during the period. Sanibel Captiva Trust Company Inc.’s holdings in Medtronic were worth $9,090,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. Wedmont Private Capital boosted its stake in Medtronic by 10.5% during the 3rd quarter. Wedmont Private Capital now owns 4,798 shares of the medical technology company’s stock valued at $418,000 after purchasing an additional 457 shares during the period. Daymark Wealth Partners LLC lifted its holdings in shares of Medtronic by 2.4% during the third quarter. Daymark Wealth Partners LLC now owns 42,553 shares of the medical technology company’s stock worth $3,831,000 after buying an additional 987 shares during the last quarter. Saxon Interests Inc. boosted its position in shares of Medtronic by 16.4% in the third quarter. Saxon Interests Inc. now owns 11,848 shares of the medical technology company’s stock valued at $1,067,000 after acquiring an additional 1,665 shares during the period. Perkins Coie Trust Co grew its stake in shares of Medtronic by 0.9% in the third quarter. Perkins Coie Trust Co now owns 38,978 shares of the medical technology company’s stock worth $3,509,000 after acquiring an additional 348 shares during the last quarter. Finally, First PREMIER Bank increased its position in Medtronic by 1.8% during the third quarter. First PREMIER Bank now owns 6,417 shares of the medical technology company’s stock worth $577,000 after acquiring an additional 116 shares during the period. 82.06% of the stock is currently owned by institutional investors.

Medtronic Trading Up 0.2 %

Shares of Medtronic stock opened at $88.35 on Thursday. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $91.49. The stock has a market capitalization of $113.28 billion, a P/E ratio of 32.13, a price-to-earnings-growth ratio of 2.56 and a beta of 0.84. The company has a 50-day simple moving average of $87.06 and a 200 day simple moving average of $83.35. The company has a quick ratio of 1.61, a current ratio of 2.13 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 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.03. The company had revenue of $7.97 billion during the quarter, compared to analyst estimates of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The company’s revenue was up 3.4% on a year-over-year basis. During the same quarter last year, the business posted $1.20 earnings per share. Research analysts expect that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.17%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s payout ratio is presently 101.82%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Tuesday, August 20th. Piper Sandler lifted their target price on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Robert W. Baird boosted their price target on Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. Barclays raised their price objective on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Finally, UBS Group upgraded Medtronic from a “sell” rating to a “neutral” rating and boosted their price objective for the company from $76.00 to $90.00 in a research report on Thursday, August 15th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $94.64.

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.