Valley National Advisers Inc. Has $6.42 Million Stake in Medtronic plc (NYSE:MDT)

Valley National Advisers Inc. lessened its holdings in shares of Medtronic plc (NYSE:MDT) by 6.2% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 81,511 shares of the medical technology company’s stock after selling 5,375 shares during the period. Medtronic accounts for about 1.0% of Valley National Advisers Inc.’s portfolio, making the stock its 22nd largest position. Valley National Advisers Inc.’s holdings in Medtronic were worth $6,415,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in MDT. Equity Investment Corp increased its position in shares of Medtronic by 27.9% during the 4th quarter. Equity Investment Corp now owns 1,341,079 shares of the medical technology company’s stock worth $110,478,000 after purchasing an additional 292,459 shares during the last quarter. Loudon Investment Management LLC increased its holdings in Medtronic by 9.5% in the 4th quarter. Loudon Investment Management LLC now owns 10,026 shares of the medical technology company’s stock worth $786,000 after purchasing an additional 874 shares in the last quarter. Chemung Canal Trust Co. grew its position in shares of Medtronic by 1,467.5% in the 1st quarter. Chemung Canal Trust Co. now owns 47,902 shares of the medical technology company’s stock valued at $4,175,000 after buying an additional 44,846 shares during the last quarter. Manning & Napier Advisors LLC bought a new stake in shares of Medtronic during the 2nd quarter valued at about $25,643,000. Finally, Apollon Wealth Management LLC boosted its position in shares of Medtronic by 43.0% during the 4th 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 in the last quarter. Institutional investors own 82.06% of the company’s stock.

Medtronic Trading Up 1.1 %

Shares of Medtronic stock traded up $0.95 during mid-day trading on Friday, hitting $84.60. The stock had a trading volume of 5,222,338 shares, compared to its average volume of 6,239,440. The company has a quick ratio of 1.55, a current ratio of 2.03 and a debt-to-equity ratio of 0.47. The firm has a market cap of $108.48 billion, a P/E ratio of 30.76, a price-to-earnings-growth ratio of 2.35 and a beta of 0.82. The firm has a 50-day moving average of $80.00 and a two-hundred day moving average of $82.37. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $89.18.

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

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Friday, June 28th were paid a dividend of $0.70 per share. This is an increase from Medtronic’s previous quarterly dividend of $0.69. The ex-dividend date of this dividend was Friday, June 28th. This represents a $2.80 annualized dividend and a dividend yield of 3.31%. Medtronic’s dividend payout ratio is presently 101.82%.

Insider Buying and Selling

In other news, CEO Geoffrey Martha sold 19,113 shares of the 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 completion of the sale, the chief executive officer now owns 143,348 shares of the company’s stock, valued at $12,008,261.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.30% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

MDT has been the topic of a number of recent research reports. UBS Group upgraded Medtronic from a “sell” rating to a “neutral” rating and raised their target price for the company from $76.00 to $90.00 in a report on Thursday. The Goldman Sachs Group began coverage on Medtronic in a report on Thursday, May 30th. They issued a “sell” rating and a $83.00 price objective for the company. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $92.00 price target on shares of Medtronic in a research report on Wednesday, July 17th. Truist Financial reduced their target price on Medtronic from $88.00 to $85.00 and set a “hold” rating on the stock in a report on Tuesday, July 16th. Finally, Stifel Nicolaus downgraded Medtronic from a “buy” rating to a “hold” rating and cut their price target for the stock from $100.00 to $85.00 in a research note on Wednesday. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $91.30.

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.