Valley National Advisers Inc. Buys 11,029 Shares of Medtronic plc (NYSE:MDT)

Valley National Advisers Inc. boosted its stake in shares of Medtronic plc (NYSE:MDT) by 14.5% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 86,886 shares of the medical technology company’s stock after purchasing an additional 11,029 shares during the quarter. Medtronic comprises 1.1% of Valley National Advisers Inc.’s portfolio, making the stock its 20th largest holding. Valley National Advisers Inc.’s holdings in Medtronic were worth $7,571,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Boyar Asset Management Inc. increased its position in Medtronic by 2.6% in the 4th quarter. Boyar Asset Management Inc. now owns 4,655 shares of the medical technology company’s stock worth $383,000 after buying an additional 120 shares during the period. Marino Stram & Associates LLC raised its stake in Medtronic by 1.8% during the 4th quarter. Marino Stram & Associates LLC now owns 7,127 shares of the medical technology company’s stock valued at $587,000 after purchasing an additional 126 shares during the last quarter. Angeles Investment Advisors LLC boosted its holdings in Medtronic by 1.0% in the 4th quarter. Angeles Investment Advisors LLC now owns 12,627 shares of the medical technology company’s stock valued at $1,046,000 after purchasing an additional 128 shares during the period. Rogco LP grew its position in Medtronic by 1.9% in the 4th quarter. Rogco LP now owns 6,814 shares of the medical technology company’s stock worth $561,000 after purchasing an additional 129 shares during the last quarter. Finally, Verity Asset Management Inc. increased its holdings in shares of Medtronic by 4.3% during the 4th quarter. Verity Asset Management Inc. now owns 3,194 shares of the medical technology company’s stock worth $263,000 after purchasing an additional 132 shares during the period. Institutional investors own 82.06% of the company’s stock.

Medtronic Price Performance

MDT stock traded down $0.18 during trading on Wednesday, hitting $77.19. 2,838,400 shares of the stock traded hands, compared to its average volume of 6,318,653. The stock has a market cap of $98.98 billion, a price-to-earnings ratio of 28.06, a P/E/G ratio of 2.29 and a beta of 0.82. Medtronic plc has a one year low of $68.84 and a one year high of $91.00. The company has a current ratio of 2.03, a quick ratio of 1.55 and a debt-to-equity ratio of 0.47. The company has a 50 day simple moving average of $81.71 and a 200 day simple moving average of $83.45.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share for the quarter, topping the consensus estimate of $1.45 by $0.01. The company had revenue of $8.59 billion during the quarter, compared to analyst estimates of $8.44 billion. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. The company’s revenue was up .5% on a year-over-year basis. During the same quarter last year, the business posted $1.57 earnings per share. Equities analysts expect that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 28th will be issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.63%. The ex-dividend date of this dividend is Friday, June 28th. This is a boost from Medtronic’s previous quarterly dividend of $0.69. Medtronic’s dividend payout ratio is presently 101.82%.

Insider Activity

In other news, 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 transaction of $71,001.56. Following the transaction, the executive vice president now directly owns 27,925 shares in the company, valued at $2,321,684.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Michael Marinaro sold 854 shares of the business’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 owns 27,925 shares in the company, valued at $2,321,684.50. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Geoffrey Martha sold 19,113 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 143,348 shares in the company, valued at approximately $12,008,261.96. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

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

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.