Farmers Trust Co. Has $5.85 Million Holdings in Medtronic plc (NYSE:MDT)

Farmers Trust Co. grew its position in Medtronic plc (NYSE:MDT) by 1.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 64,945 shares of the medical technology company’s stock after purchasing an additional 884 shares during the quarter. Farmers Trust Co.’s holdings in Medtronic were worth $5,847,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the company. Curbstone Financial Management Corp acquired a new position in Medtronic in the third quarter valued at about $413,000. Czech National Bank increased its holdings in Medtronic by 3.3% in the 3rd quarter. Czech National Bank now owns 261,279 shares of the medical technology company’s stock valued at $23,523,000 after buying an additional 8,249 shares during the period. Central Pacific Bank Trust Division increased its holdings in Medtronic by 14.8% in the 3rd quarter. Central Pacific Bank Trust Division now owns 2,411 shares of the medical technology company’s stock valued at $217,000 after buying an additional 311 shares during the period. Cascade Investment Advisors Inc. lifted its holdings in shares of Medtronic by 4.0% during the 3rd quarter. Cascade Investment Advisors Inc. now owns 21,884 shares of the medical technology company’s stock worth $1,970,000 after acquiring an additional 840 shares during the period. Finally, Trust Co. of Toledo NA OH boosted its position in shares of Medtronic by 3.4% during the 3rd quarter. Trust Co. of Toledo NA OH now owns 17,763 shares of the medical technology company’s stock worth $1,599,000 after acquiring an additional 583 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Tuesday, August 20th. Robert W. Baird boosted their target price on Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Piper Sandler increased their price objective on shares of Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. Truist Financial raised their price objective on Medtronic from $85.00 to $90.00 and gave the company a “hold” rating in a report on Friday, August 23rd. Finally, Citigroup boosted their price target on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a report on Tuesday. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $94.21.

Medtronic Price Performance

MDT stock opened at $87.77 on Friday. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $91.49. The stock has a market capitalization of $112.54 billion, a PE ratio of 31.92, a price-to-earnings-growth ratio of 2.56 and a beta of 0.84. The company’s 50-day moving average is $86.58 and its 200-day moving average is $83.26. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The company had revenue of $7.97 billion for the quarter, compared to analysts’ expectations of $7.90 billion. During the same period last year, the business earned $1.20 EPS. Medtronic’s quarterly revenue was up 3.4% compared to the same quarter last year. Equities research analysts expect that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be issued a $0.70 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.19%. Medtronic’s dividend payout ratio is presently 101.82%.

About Medtronic

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.