First Citizens Bank & Trust Co. Sells 8,668 Shares of Medtronic PLC $MDT

Key Points

• First Citizens Bank & Trust Co. has reduced its stake in Medtronic PLC by 24.3%, selling 8,668 shares and now owning 27,004 shares worth approximately $2.35 million.
• Medtronic recently declared a quarterly dividend of $0.71 per share, representing an annual yield of 3.0% with a payout ratio of 78.24%.
• Wall Street analysts retain a generally positive outlook on Medtronic, with an average target price of $102.82 and ratings ranging from "Strong Buy" to "Sell".

First Citizens Bank & Trust Co. reduced its stake in shares of Medtronic PLC (NYSE:MDT - Free Report) by 24.3% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 27,004 shares of the medical technology company's stock after selling 8,668 shares during the period. First Citizens Bank & Trust Co.'s holdings in Medtronic were worth $2,354,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of MDT. Legacy Advisory Services LLC bought a new position in shares of Medtronic in the 1st quarter worth about $541,000. GC Wealth Management RIA LLC raised its position in shares of Medtronic by 20.6% in the 2nd quarter. GC Wealth Management RIA LLC now owns 33,569 shares of the medical technology company's stock worth $2,926,000 after acquiring an additional 5,734 shares in the last quarter. Verdence Capital Advisors LLC raised its position in shares of Medtronic by 22.0% in the 2nd quarter. Verdence Capital Advisors LLC now owns 29,396 shares of the medical technology company's stock worth $2,562,000 after acquiring an additional 5,296 shares in the last quarter. RNC Capital Management LLC raised its position in shares of Medtronic by 8.8% in the 1st quarter. RNC Capital Management LLC now owns 417,021 shares of the medical technology company's stock worth $37,474,000 after acquiring an additional 33,729 shares in the last quarter. Finally, Sivik Global Healthcare LLC raised its position in shares of Medtronic by 6.7% in the 2nd quarter. Sivik Global Healthcare LLC now owns 80,000 shares of the medical technology company's stock worth $6,974,000 after acquiring an additional 5,000 shares in the last quarter. 82.06% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on MDT. Needham & Company LLC reissued a "hold" rating on shares of Medtronic in a research report on Thursday, August 14th. Daiwa Capital Markets lifted their price objective on Medtronic from $101.00 to $104.00 and gave the stock a "buy" rating in a research report on Friday, September 12th. Citigroup lifted their price objective on Medtronic from $101.00 to $112.00 and gave the stock a "buy" rating in a research report on Tuesday, October 7th. Truist Financial lifted their price objective on Medtronic from $96.00 to $103.00 and gave the stock a "hold" rating in a research report on Wednesday, October 15th. Finally, Wall Street Zen lowered Medtronic from a "buy" rating to a "hold" rating in a research report on Friday, October 3rd. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Medtronic presently has an average rating of "Moderate Buy" and an average target price of $102.82.

Medtronic Stock Performance

Shares of Medtronic stock opened at $94.25 on Friday. Medtronic PLC has a one year low of $79.29 and a one year high of $99.37. The firm has a market capitalization of $120.89 billion, a price-to-earnings ratio of 25.96, a PEG ratio of 2.53 and a beta of 0.78. The business has a 50-day simple moving average of $94.31 and a 200 day simple moving average of $89.25. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.01 and a quick ratio of 1.50.

Medtronic (NYSE:MDT - Get Free Report) last issued its earnings results on Tuesday, August 19th. The medical technology company reported $1.26 EPS for the quarter, beating analysts' consensus estimates of $1.23 by $0.03. The business had revenue of $8.58 billion during the quarter, compared to analyst estimates of $8.37 billion. Medtronic had a return on equity of 14.61% and a net margin of 13.63%.The firm's revenue was up 7.7% compared to the same quarter last year. During the same period in the previous year, the company posted $1.23 EPS. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. On average, research analysts anticipate that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 17th. Shareholders of record on Friday, September 26th were paid a dividend of $0.71 per share. The ex-dividend date was Friday, September 26th. This represents a $2.84 dividend on an annualized basis and a yield of 3.0%. Medtronic's payout ratio is 78.24%.

Insider Transactions at Medtronic

In other Medtronic news, EVP Harry Skip Kiil sold 8,605 shares of Medtronic stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $91.58, for a total transaction of $788,045.90. Following the completion of the transaction, the executive vice president owned 35,615 shares in the company, valued at approximately $3,261,621.70. The trade was a 19.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William R. Jellison purchased 2,500 shares of the business's stock in a transaction on Monday, August 25th. The shares were bought at an average price of $92.37 per share, with a total value of $230,925.00. Following the purchase, the director directly owned 5,000 shares in the company, valued at approximately $461,850. The trade was a 100.00% increase in their position. The disclosure for this purchase can be found here. 0.26% of the stock is currently owned by insiders.

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.

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