Cullen Frost Bankers Inc. Sells 5,219 Shares of Medtronic plc (NYSE:MDT)

Cullen Frost Bankers Inc. cut its position in Medtronic plc (NYSE:MDT) by 1.8% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 284,697 shares of the medical technology company’s stock after selling 5,219 shares during the period. Cullen Frost Bankers Inc.’s holdings in Medtronic were worth $23,453,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Morgan Stanley boosted its position in Medtronic by 9.2% during the third quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock worth $1,863,229,000 after purchasing an additional 1,994,123 shares during the period. Northern Trust Corp boosted its position in Medtronic by 2.1% during 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 period. Charles Schwab Investment Management Inc. boosted its position in Medtronic by 0.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 11,089,400 shares of the medical technology company’s stock worth $893,352,000 after purchasing an additional 101,111 shares during the period. American Century Companies Inc. boosted its position in Medtronic by 6.7% during the third quarter. American Century Companies Inc. now owns 10,297,135 shares of the medical technology company’s stock worth $806,883,000 after purchasing an additional 649,367 shares during the period. Finally, First Eagle Investment Management LLC boosted its position in Medtronic by 10.8% during the third quarter. First Eagle Investment Management LLC now owns 6,088,880 shares of the medical technology company’s stock worth $477,125,000 after purchasing an additional 592,849 shares during the period. 82.06% of the stock is owned by institutional investors.

Insiders Place Their Bets

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

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Mizuho lifted their price objective on shares of Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a research report on Wednesday, February 21st. Oppenheimer lifted their price objective on shares of Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 21st. Royal Bank of Canada reissued a “sector perform” rating and issued a $92.00 target price on shares of Medtronic in a research report on Wednesday, February 21st. Finally, Truist Financial boosted their target price on shares of Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a research report on Wednesday, February 21st. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $94.91.

Medtronic Price Performance

MDT stock traded up $0.12 during midday trading on Tuesday, reaching $81.88. The company had a trading volume of 4,939,706 shares, compared to its average volume of 6,184,942. 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 company has a market capitalization of $108.72 billion, a price-to-earnings ratio of 26.08, a price-to-earnings-growth ratio of 2.66 and a beta of 0.78. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $91.00. The stock has a 50 day moving average price of $83.01 and a 200-day moving average price of $81.69.

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

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 22nd were paid a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a yield of 3.37%. The ex-dividend date of this dividend was Thursday, March 21st. Medtronic’s payout ratio is 87.90%.

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.