Medtronic PLC (NYSE:MDT) Shares Sold by Valley National Advisers Inc.

Valley National Advisers Inc. decreased its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 68.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,636 shares of the medical technology company's stock after selling 18,481 shares during the quarter. Valley National Advisers Inc.'s holdings in Medtronic were worth $776,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in MDT. Mainstream Capital Management LLC purchased a new stake in shares of Medtronic during the 4th quarter worth $26,000. Burkett Financial Services LLC boosted its stake in Medtronic by 185.0% in the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock worth $26,000 after purchasing an additional 185 shares in the last quarter. Rakuten Securities Inc. lifted its stake in shares of Medtronic by 753.8% during the fourth quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock worth $27,000 after buying an additional 294 shares during the period. Wood Tarver Financial Group LLC acquired a new stake in Medtronic during the 4th quarter worth about $27,000. Finally, Optiver Holding B.V. purchased a new stake in Medtronic in the fourth quarter valued at approximately $31,000. Hedge funds and other institutional investors own 82.06% of the company's stock.

Medtronic Trading Down 0.1%

Shares of MDT traded down $0.05 during midday trading on Wednesday, hitting $88.70. 2,209,883 shares of the stock were exchanged, compared to its average volume of 6,962,749. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85. The firm has a market cap of $113.76 billion, a P/E ratio of 24.49, a P/E/G ratio of 2.35 and a beta of 0.80. Medtronic PLC has a 52-week low of $75.96 and a 52-week high of $96.25. The stock has a fifty day simple moving average of $85.03 and a 200 day simple moving average of $86.43.

Medtronic (NYSE:MDT - Get Free Report) last released its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.58 by $0.04. The company had revenue of $8.93 billion for the quarter, compared to analyst estimates of $8.81 billion. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The firm's quarterly revenue was up 3.9% on a year-over-year basis. During the same period in the prior year, the business earned $1.46 EPS. On average, research analysts anticipate that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be paid a $0.71 dividend. The ex-dividend date of this dividend is Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a yield of 3.20%. This is an increase from Medtronic's previous quarterly dividend of $0.70. Medtronic's payout ratio is currently 78.45%.

Analyst Ratings Changes

Several equities research analysts have commented on MDT shares. Robert W. Baird lowered their price target on shares of Medtronic from $94.00 to $92.00 and set a "neutral" rating on the stock in a report on Thursday, May 22nd. Truist Financial cut their price target on shares of Medtronic from $93.00 to $90.00 and set a "hold" rating for the company in a report on Friday, April 11th. Royal Bank Of Canada reduced their target price on Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a report on Thursday, May 22nd. Leerink Partners assumed coverage on shares of Medtronic in a research note on Monday, June 16th. They issued an "outperform" rating and a $110.00 price target on the stock. Finally, Needham & Company LLC reissued a "hold" rating on shares of Medtronic in a research note on Friday, June 6th. Nine analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Medtronic has an average rating of "Moderate Buy" and a consensus target price of $97.87.

Medtronic Company 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.