First Hawaiian Bank Buys 2,302 Shares of Medtronic plc (NYSE:MDT)

First Hawaiian Bank increased its stake in Medtronic plc (NYSE:MDT) by 11.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 22,393 shares of the medical technology company’s stock after purchasing an additional 2,302 shares during the quarter. First Hawaiian Bank’s holdings in Medtronic were worth $1,789,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Fortitude Family Office LLC purchased a new position in shares of Medtronic during the 3rd quarter valued at $27,000. Highline Wealth Partners LLC bought a new stake in Medtronic in the 3rd quarter valued at about $27,000. Darwin Wealth Management LLC bought a new position in Medtronic during the third quarter worth about $27,000. J. Stern & Co. LLP purchased a new position in shares of Medtronic in the third quarter worth about $30,000. Finally, Chelsea Counsel Co. bought a new stake in shares of Medtronic in the third quarter valued at approximately $45,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Trading Up 3.6 %

NYSE MDT opened at $82.73 on Thursday. The stock’s 50-day simple moving average is $84.30 and its two-hundred day simple moving average is $84.90. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $92.68. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $106.08 billion, a price-to-earnings ratio of 25.30, a PEG ratio of 2.33 and a beta of 0.83.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The company had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.27 billion. During the same quarter in the previous year, the company posted $1.25 EPS. Medtronic’s quarterly revenue was up 5.2% compared to the same quarter last year. Research analysts forecast that Medtronic plc will post 5.45 EPS for the current fiscal year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Friday, December 27th will be issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.38%. The ex-dividend date of this dividend is Friday, December 27th. Medtronic’s dividend payout ratio is currently 85.63%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on MDT shares. Robert W. Baird reduced their price objective on shares of 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. reduced their price target on Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research report on Friday, November 15th. Sanford C. Bernstein increased their price objective on Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a report on Wednesday, November 20th. Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and lifted their target price for the company from $98.00 to $105.00 in a report on Thursday, October 10th. Finally, Barclays increased their price target on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $95.00.

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.