Medtronic PLC (NYSE:MDT) Stock Holdings Boosted by Chemung Canal Trust Co.

Chemung Canal Trust Co. boosted its stake in Medtronic PLC (NYSE:MDT - Free Report) by 43.5% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 47,760 shares of the medical technology company's stock after buying an additional 14,468 shares during the period. Chemung Canal Trust Co.'s holdings in Medtronic were worth $4,292,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Brighton Jones LLC lifted its stake in Medtronic by 1,368.0% during the fourth quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock valued at $3,194,000 after buying an additional 37,265 shares in the last quarter. Proficio Capital Partners LLC acquired a new position in shares of Medtronic in the 4th quarter valued at about $13,132,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Medtronic by 2.2% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 429,310 shares of the medical technology company's stock valued at $34,293,000 after purchasing an additional 9,395 shares during the period. Daiwa Securities Group Inc. increased its holdings in shares of Medtronic by 10.3% in the 4th quarter. Daiwa Securities Group Inc. now owns 177,192 shares of the medical technology company's stock valued at $14,154,000 after purchasing an additional 16,482 shares during the period. Finally, Independent Advisor Alliance increased its holdings in shares of Medtronic by 25.3% in the 4th quarter. Independent Advisor Alliance now owns 54,907 shares of the medical technology company's stock valued at $4,386,000 after purchasing an additional 11,075 shares during the period. Institutional investors own 82.06% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Truist Financial dropped their price objective on Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a report on Friday, April 11th. Evercore ISI increased their price target on Medtronic from $103.00 to $106.00 and gave the company an "outperform" rating in a report on Tuesday. Mizuho reduced their price objective on Medtronic from $100.00 to $98.00 and set an "outperform" rating for the company in a research report on Thursday, May 22nd. Royal Bank Of Canada reduced their target price on Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a research report on Thursday, May 22nd. Finally, Wolfe Research upgraded Medtronic from an "underperform" rating to a "peer perform" rating in a research note on Monday, June 30th. Nine analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $98.00.

Medtronic Price Performance

Shares of MDT opened at $88.63 on Wednesday. Medtronic PLC has a 12-month low of $75.96 and a 12-month high of $96.25. The business has a 50-day simple moving average of $85.45 and a two-hundred day simple moving average of $86.69. The company has a quick ratio of 1.42, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The stock has a market cap of $113.67 billion, a PE ratio of 24.48, a PEG ratio of 2.37 and a beta of 0.80.

Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.04. The company had revenue of $8.93 billion during the quarter, compared to analysts' expectations of $8.81 billion. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The business's quarterly revenue was up 3.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.46 earnings per share. Analysts anticipate that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be issued a $0.71 dividend. The ex-dividend date is Friday, June 27th. This represents a $2.84 annualized dividend and a yield of 3.20%. This is a positive change from Medtronic's previous quarterly dividend of $0.70. Medtronic's dividend payout ratio is presently 78.45%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.