OLD National Bancorp IN Sells 1,074 Shares of Medtronic plc (NYSE:MDT)

OLD National Bancorp IN cut its stake in Medtronic plc (NYSE:MDT) by 10.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,591 shares of the medical technology company’s stock after selling 1,074 shares during the quarter. OLD National Bancorp IN’s holdings in Medtronic were worth $862,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of MDT. Mainstream Capital Management LLC purchased a new position in Medtronic during the fourth quarter worth about $26,000. Burkett Financial Services LLC lifted its position in shares of Medtronic by 185.0% during the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company’s stock worth $26,000 after buying an additional 185 shares in the last quarter. Rakuten Securities Inc. boosted its stake in shares of Medtronic by 753.8% in the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company’s stock worth $27,000 after buying an additional 294 shares during the last quarter. Wood Tarver Financial Group LLC bought a new position in shares of Medtronic in the fourth quarter valued at approximately $27,000. Finally, Optiver Holding B.V. purchased a new stake in shares of Medtronic during the fourth quarter valued at approximately $31,000. Institutional investors own 82.06% of the company’s stock.

Analysts Set New Price Targets

MDT has been the subject of several research analyst reports. 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 research report on Tuesday, March 4th. Royal Bank of Canada lowered their price objective on shares of Medtronic from $105.00 to $101.00 and set an “outperform” rating on the stock in a research report on Thursday, May 22nd. Truist Financial dropped their target price on shares of Medtronic from $93.00 to $90.00 and set a “hold” rating on the stock in a research note on Friday, April 11th. Mizuho decreased their price target on shares of Medtronic from $100.00 to $98.00 and set an “outperform” rating for the company in a research note on Thursday, May 22nd. Finally, Robert W. Baird dropped their price objective on Medtronic from $94.00 to $92.00 and set a “neutral” rating on the stock in a research note on Thursday, May 22nd. Nine equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $97.00.

Medtronic Price Performance

Shares of MDT opened at $87.46 on Tuesday. The firm has a market capitalization of $112.18 billion, a PE ratio of 26.58, a price-to-earnings-growth ratio of 2.22 and a beta of 0.79. 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 company’s fifty day moving average price is $83.89 and its 200-day moving average price is $86.20. Medtronic plc has a 1-year low of $75.96 and a 1-year high of $96.25.

Medtronic (NYSE:MDT) last posted its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, beating analysts’ consensus estimates of $1.58 by $0.04. The firm had revenue of $8.93 billion for the quarter, compared to analysts’ expectations of $8.81 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The company’s quarterly revenue was up 3.9% on a year-over-year basis. During the same period last year, the firm earned $1.46 EPS. On average, equities research analysts predict that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be issued a dividend of $0.71 per share. The ex-dividend date is Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.25%. This is an increase from Medtronic’s previous quarterly dividend of $0.70. Medtronic’s dividend payout ratio (DPR) is currently 78.45%.

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.