Cullen Frost Bankers Inc. Reduces Stock Holdings in Medtronic plc (NYSE:MDT)

Cullen Frost Bankers Inc. decreased its position in Medtronic plc (NYSE:MDT) by 1.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 284,697 shares of the medical technology company’s stock after selling 5,219 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in Medtronic were worth $23,453,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Morgan Stanley increased its holdings in shares of Medtronic by 9.2% during the third quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock valued at $1,863,229,000 after acquiring an additional 1,994,123 shares in the last quarter. Northern Trust Corp boosted its position in Medtronic by 2.1% in the third quarter. Northern Trust Corp now owns 13,622,933 shares of the medical technology company’s stock worth $1,067,493,000 after purchasing an additional 285,819 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Medtronic by 0.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 11,089,400 shares of the medical technology company’s stock valued at $893,352,000 after buying an additional 101,111 shares in the last quarter. American Century Companies Inc. lifted its position in shares of Medtronic by 6.7% during the 3rd quarter. American Century Companies Inc. now owns 10,297,135 shares of the medical technology company’s stock valued at $806,883,000 after buying an additional 649,367 shares in the last quarter. Finally, First Eagle Investment Management LLC raised its stake in Medtronic by 10.8% during the 3rd quarter. First Eagle Investment Management LLC now owns 6,088,880 shares of the medical technology company’s stock valued at $477,125,000 after purchasing an additional 592,849 shares during the period. Institutional investors own 82.06% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on MDT. Royal Bank of Canada reissued a “sector perform” rating and set a $92.00 target price on shares of Medtronic in a research note on Wednesday, February 21st. Truist Financial boosted their target price on Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a research report on Wednesday, February 21st. Oppenheimer boosted their price objective on Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a report on Wednesday, February 21st. Finally, Mizuho upped their target price on Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a report on Wednesday, February 21st. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $94.91.

Insider Transactions at Medtronic

In other news, EVP Sean Salmon sold 30,695 shares of Medtronic stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $85.13, for a total transaction of $2,613,065.35. Following the completion of the sale, the executive vice president now directly owns 48,289 shares of the company’s stock, valued at approximately $4,110,842.57. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, EVP Michael Marinaro sold 854 shares of the company’s stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $83.14, for a total value of $71,001.56. Following the completion of the sale, the executive vice president now directly owns 27,925 shares of the company’s stock, valued at $2,321,684.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Sean Salmon sold 30,695 shares of the business’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $85.13, for a total transaction of $2,613,065.35. Following the transaction, the executive vice president now owns 48,289 shares in the company, valued at $4,110,842.57. The disclosure for this sale can be found here. Corporate insiders own 0.30% of the company’s stock.

Medtronic Trading Up 0.1 %

Shares of MDT stock traded up $0.12 during trading on Tuesday, hitting $81.88. 4,939,706 shares of the stock traded hands, compared to its average volume of 6,184,942. The firm has a market capitalization of $108.72 billion, a P/E ratio of 26.08, a price-to-earnings-growth ratio of 2.66 and a beta of 0.78. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.30 and a quick ratio of 1.71. The firm’s fifty day moving average price is $83.01 and its 200-day moving average price is $81.69. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $91.00.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, February 20th. The medical technology company reported $1.30 EPS for the quarter, beating the consensus estimate of $1.26 by $0.04. Medtronic had a net margin of 13.00% and a return on equity of 13.71%. The firm had revenue of $8.09 billion for the quarter, compared to analyst estimates of $7.95 billion. During the same quarter in the previous year, the company earned $1.30 EPS. The business’s revenue for the quarter was up 4.7% compared to the same quarter last year. As a group, research analysts forecast that Medtronic plc will post 5.2 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 22nd were given a dividend of $0.69 per share. The ex-dividend date was Thursday, March 21st. This represents a $2.76 annualized dividend and a dividend yield of 3.37%. Medtronic’s dividend payout ratio (DPR) is currently 87.90%.

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.