Oliver Luxxe Assets LLC Purchases Shares of 58,757 Medtronic plc (NYSE:MDT)

Oliver Luxxe Assets LLC purchased a new stake in Medtronic plc (NYSE:MDT) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 58,757 shares of the medical technology company’s stock, valued at approximately $5,121,000.

A number of other institutional investors have also recently bought and sold shares of the stock. Equity Investment Corp raised its holdings in shares of Medtronic by 27.9% in the fourth quarter. Equity Investment Corp now owns 1,341,079 shares of the medical technology company’s stock valued at $110,478,000 after purchasing an additional 292,459 shares during the last quarter. Loudon Investment Management LLC raised its holdings in shares of Medtronic by 9.5% in the fourth quarter. Loudon Investment Management LLC now owns 10,026 shares of the medical technology company’s stock valued at $786,000 after purchasing an additional 874 shares during the last quarter. BKM Wealth Management LLC acquired a new stake in shares of Medtronic in the fourth quarter valued at approximately $941,000. International Assets Investment Management LLC raised its holdings in shares of Medtronic by 8,340.3% in the fourth quarter. International Assets Investment Management LLC now owns 1,038,579 shares of the medical technology company’s stock valued at $85,558,000 after purchasing an additional 1,026,274 shares during the last quarter. Finally, Apollon Wealth Management LLC raised its holdings in shares of Medtronic by 43.0% in the fourth quarter. Apollon Wealth Management LLC now owns 50,804 shares of the medical technology company’s stock valued at $4,185,000 after purchasing an additional 15,265 shares during the last quarter. Institutional investors own 82.06% of the company’s stock.

Insider Buying and Selling at Medtronic

In related news, CEO Geoffrey Martha sold 19,113 shares of the stock in a transaction on 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 transaction, the chief executive officer now directly owns 143,348 shares in the company, valued at approximately $12,008,261.96. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, EVP Michael Marinaro sold 854 shares of the firm’s stock in a transaction on Monday, April 8th. The stock was sold at an average price of $83.14, for a total transaction of $71,001.56. Following the completion of the sale, the executive vice president now directly owns 27,925 shares of the company’s stock, valued at approximately $2,321,684.50. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Geoffrey Martha sold 19,113 shares of the firm’s stock in a transaction on Friday, June 7th. The shares were 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 directly owns 143,348 shares of the company’s stock, valued at $12,008,261.96. The disclosure for this sale can be found here. Insiders own 0.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on MDT. UBS Group boosted their target price on shares of Medtronic from $75.00 to $76.00 and gave the stock a “sell” rating in a report on Friday, May 24th. Royal Bank of Canada restated a “sector perform” rating and set a $92.00 target price on shares of Medtronic in a report on Wednesday, June 5th. Truist Financial lowered their target price on shares of Medtronic from $90.00 to $88.00 and set a “hold” rating on the stock in a report on Friday, May 24th. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a report on Friday, May 24th. Finally, Wells Fargo & Company upped their price objective on shares of Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a report on Friday, May 24th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $91.70.

Medtronic Price Performance

Shares of MDT stock traded down $1.35 on Monday, reaching $77.36. The company had a trading volume of 2,984,587 shares, compared to its average volume of 6,307,132. The stock has a market capitalization of $99.20 billion, a PE ratio of 28.59, a price-to-earnings-growth ratio of 2.29 and a beta of 0.82. The company has a quick ratio of 1.55, a current ratio of 2.03 and a debt-to-equity ratio of 0.47. Medtronic plc has a one year low of $68.84 and a one year high of $91.00. The business’s 50-day moving average is $81.85 and its 200 day moving average is $83.53.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share (EPS) for the quarter, beating the consensus estimate 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 the consensus estimate of $8.44 billion. During the same quarter in the prior year, the firm posted $1.57 earnings per share. The firm’s revenue was up .5% compared to the same quarter last year. Equities research analysts forecast that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.62%. The ex-dividend date of this dividend is Friday, June 28th. This is an increase from Medtronic’s previous quarterly dividend of $0.69. Medtronic’s dividend payout ratio is currently 101.82%.

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.