Independence Bank of Kentucky Grows Stock Holdings in Medtronic plc (NYSE:MDT)

Independence Bank of Kentucky boosted its holdings in shares of Medtronic plc (NYSE:MDT - Free Report) by 182.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,188 shares of the medical technology company's stock after buying an additional 3,350 shares during the period. Independence Bank of Kentucky's holdings in Medtronic were worth $414,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Fortitude Family Office LLC purchased a new stake in Medtronic during the 3rd quarter worth approximately $27,000. Darwin Wealth Management LLC purchased a new stake in shares of Medtronic during the third quarter valued at $27,000. Highline Wealth Partners LLC acquired a new position in shares of Medtronic in the 3rd quarter valued at $27,000. J. Stern & Co. LLP purchased a new position in Medtronic in the 3rd quarter worth $30,000. Finally, Fiduciary Advisors Inc. acquired a new stake in Medtronic during the 4th quarter worth about $36,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Medtronic news, EVP Brett A. Wall sold 9,850 shares of Medtronic stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total transaction of $792,038.50. Following the transaction, the executive vice president now directly owns 40,708 shares of the company's stock, valued at $3,273,330.28. The trade was a 19.48 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.20% of the company's stock.

Medtronic Price Performance

Shares of NYSE MDT traded up $0.46 during trading on Tuesday, hitting $90.99. The company had a trading volume of 5,193,094 shares, compared to its average volume of 7,546,100. The firm has a market capitalization of $116.67 billion, a price-to-earnings ratio of 27.82, a price-to-earnings-growth ratio of 2.57 and a beta of 0.84. The stock has a fifty day simple moving average of $84.47 and a two-hundred day simple moving average of $86.16. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $93.08.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, topping the consensus estimate of $1.25 by $0.01. The company had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. Medtronic's quarterly revenue was up 5.2% on a year-over-year basis. During the same period in the previous year, the business earned $1.25 EPS. On average, research analysts expect that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were paid a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, December 27th. This represents a $2.80 annualized dividend and a yield of 3.08%. Medtronic's dividend payout ratio (DPR) is presently 85.63%.

Analyst Ratings Changes

Several research analysts have recently issued reports on MDT shares. Wells Fargo & Company reduced their price objective on Medtronic from $106.00 to $98.00 and set an "overweight" rating for the company in a research note on Wednesday, November 20th. Needham & Company LLC reaffirmed a "hold" rating on shares of Medtronic in a report on Monday, November 18th. JPMorgan Chase & Co. reduced their target price on shares of Medtronic from $99.00 to $96.00 and set a "neutral" rating for the company in a report on Friday, November 15th. Barclays upped their price target on shares of Medtronic from $105.00 to $109.00 and gave the company an "overweight" rating in a report on Tuesday, November 26th. Finally, Sanford C. Bernstein lifted their price objective on Medtronic from $96.00 to $97.00 and gave the company an "outperform" rating in a research note on Wednesday, November 20th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $95.00.

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.