Medtronic plc (NYSE:MDT) Position Increased by Chemung Canal Trust Co.

Chemung Canal Trust Co. increased its holdings in shares of Medtronic plc (NYSE:MDT - Free Report) by 1,467.5% in the first quarter, according to its most recent filing with the SEC. The fund owned 47,902 shares of the medical technology company's stock after acquiring an additional 44,846 shares during the period. Chemung Canal Trust Co.'s holdings in Medtronic were worth $4,175,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Morgan Stanley raised its position in Medtronic by 9.2% during the 3rd quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company's stock valued at $1,863,229,000 after purchasing an additional 1,994,123 shares in the last quarter. Norges Bank bought a new stake in Medtronic during the 4th quarter valued at $1,229,726,000. Sanders Capital LLC raised its position in Medtronic by 2.8% during the 4th quarter. Sanders Capital LLC now owns 12,634,161 shares of the medical technology company's stock valued at $1,040,802,000 after purchasing an additional 346,641 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in 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 purchasing an additional 101,111 shares in the last quarter. Finally, American Century Companies Inc. raised its position in 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 purchasing an additional 649,367 shares in the last quarter. 82.06% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have recently issued reports on MDT shares. Truist Financial cut their price target on Medtronic from $90.00 to $88.00 and set a "hold" rating on the stock in a report on Friday, May 24th. The Goldman Sachs Group started coverage on Medtronic in a report on Thursday, May 30th. They issued a "sell" rating and a $83.00 price target on the stock. Wells Fargo & Company lifted their price target on Medtronic from $102.00 to $105.00 and gave the company an "overweight" rating in a report on Friday, May 24th. Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a report on Friday, May 24th. Finally, Royal Bank of Canada reiterated a "sector perform" rating and issued a $92.00 price target on shares of Medtronic in a report on Wednesday, June 5th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, Medtronic presently has a consensus rating of "Hold" and an average target price of $93.00.

Insider Activity

In other news, CEO Geoffrey Martha sold 19,113 shares of the business's stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $83.77, for a total value of $1,601,096.01. Following the completion of the transaction, the chief executive officer now owns 143,348 shares of the company's stock, valued at approximately $12,008,261.96. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, EVP Michael Marinaro sold 854 shares of the company's stock in a transaction dated 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 approximately $2,321,684.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Geoffrey Martha sold 19,113 shares of the company's stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $83.77, for a total value of $1,601,096.01. Following the completion of the transaction, the chief executive officer now directly owns 143,348 shares of the company's stock, valued at approximately $12,008,261.96. The disclosure for this sale can be found here. Insiders own 0.30% of the company's stock.

Medtronic Stock Performance

MDT traded up $0.08 on Friday, reaching $78.71. 8,917,219 shares of the stock were exchanged, compared to its average volume of 6,371,193. The company's 50-day moving average price is $81.85 and its 200 day moving average price is $83.53. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $91.00. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.03 and a quick ratio of 1.55. The firm has a market capitalization of $100.93 billion, a PE ratio of 28.62, a PEG ratio of 2.29 and a beta of 0.83.

Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings results on Thursday, May 23rd. The medical technology company reported $1.46 EPS for the quarter, topping analysts' consensus estimates of $1.45 by $0.01. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The company had revenue of $8.59 billion during the quarter, compared to analysts' expectations of $8.44 billion. During the same quarter in the previous year, the firm posted $1.57 EPS. The firm's revenue was up .5% compared to the same quarter last year. As a group, sell-side analysts forecast that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 28th will be issued a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.56%. The ex-dividend date is Friday, June 28th. This is a boost from Medtronic's previous quarterly dividend of $0.69. Medtronic's payout ratio is 100.36%.

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.