Hancock Whitney Corp Has $3.49 Million Stock Position in Medtronic plc (NYSE:MDT)

Hancock Whitney Corp decreased its holdings in Medtronic plc (NYSE:MDT) by 19.5% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 40,087 shares of the medical technology company’s stock after selling 9,699 shares during the period. Hancock Whitney Corp’s holdings in Medtronic were worth $3,494,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in MDT. Capital Research Global Investors boosted its holdings in shares of Medtronic by 7.1% during the 1st quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after buying an additional 2,044,109 shares during the period. Bank of New York Mellon Corp grew its position in shares of Medtronic by 3.5% in the first quarter. Bank of New York Mellon Corp now owns 21,817,063 shares of the medical technology company’s stock valued at $1,901,357,000 after purchasing an additional 727,931 shares during the last quarter. Norges Bank bought a new position in shares of Medtronic during the fourth quarter worth approximately $1,229,726,000. Sanders Capital LLC boosted its stake in Medtronic by 2.8% in 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 during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in Medtronic by 0.9% in 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 buying an additional 101,111 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors.

Insider Activity

In other Medtronic news, 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 sale, the chief executive officer now owns 143,348 shares in the company, valued at approximately $12,008,261.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.30% of the company’s stock.

Medtronic Price Performance

Medtronic stock traded down $0.27 during mid-day trading on Thursday, reaching $80.05. The company had a trading volume of 2,145,985 shares, compared to its average volume of 6,301,519. The business has a fifty day simple moving average of $80.08 and a 200 day simple moving average of $82.73. The company has a market cap of $102.65 billion, a P/E ratio of 29.02, a P/E/G ratio of 2.35 and a beta of 0.82. The company has a current ratio of 2.03, a quick ratio of 1.55 and a debt-to-equity ratio of 0.47. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $89.18.

Medtronic (NYSE:MDT) last issued its earnings results on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share (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 business had revenue of $8.59 billion during the quarter, compared to analysts’ expectations of $8.44 billion. During the same quarter in the prior year, the firm earned $1.57 EPS. The business’s revenue for the quarter was up .5% compared to the same quarter last year. On average, equities research analysts predict that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Friday, June 28th were given a $0.70 dividend. This is a boost from Medtronic’s previous quarterly dividend of $0.69. This represents a $2.80 annualized dividend and a yield of 3.50%. The ex-dividend date of this dividend was Friday, June 28th. Medtronic’s dividend payout ratio is 101.82%.

Wall Street Analyst Weigh In

MDT has been the subject of a number of recent research reports. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research report on Friday, May 24th. Wells Fargo & Company raised their target price on shares of Medtronic from $102.00 to $105.00 and gave the stock an “overweight” rating in a report on Friday, May 24th. Truist Financial cut their price target on Medtronic from $88.00 to $85.00 and set a “hold” rating for the company in a research note on Tuesday, July 16th. Citigroup dropped their price objective on Medtronic from $90.00 to $85.00 and set a “neutral” rating for the company in a report on Wednesday, July 10th. Finally, The Goldman Sachs Group started coverage on Medtronic in a report on Thursday, May 30th. They set a “sell” rating and a $83.00 target price on the stock. Two analysts have rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $90.90.

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.