Valmark Advisers Inc. Buys 718 Shares of Medtronic plc (NYSE:MDT)

Valmark Advisers Inc. raised its position in shares of Medtronic plc (NYSE:MDT) by 8.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 9,474 shares of the medical technology company’s stock after purchasing an additional 718 shares during the period. Valmark Advisers Inc.’s holdings in Medtronic were worth $746,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of MDT. Equity Investment Corp grew its stake 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 acquiring an additional 292,459 shares during the period. Chemung Canal Trust Co. boosted its position in Medtronic by 1,467.5% during the first quarter. Chemung Canal Trust Co. now owns 47,902 shares of the medical technology company’s stock worth $4,175,000 after purchasing an additional 44,846 shares during the period. Manning & Napier Advisors LLC purchased a new position in shares of Medtronic in the second quarter worth about $25,643,000. Apollon Wealth Management LLC raised its position 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 period. Finally, TD Asset Management Inc lifted its stake in shares of Medtronic by 4.3% during the 4th quarter. TD Asset Management Inc now owns 1,034,214 shares of the medical technology company’s stock valued at $85,199,000 after buying an additional 42,988 shares in the last quarter. 82.06% of the stock is owned by institutional investors.

Medtronic Price Performance

MDT stock opened at $88.58 on Tuesday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. The firm has a market cap of $113.58 billion, a P/E ratio of 32.21, a P/E/G ratio of 2.52 and a beta of 0.82. The firm’s fifty day moving average is $81.47 and its 200 day moving average is $82.45. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $90.13.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, topping the consensus estimate of $1.20 by $0.03. The firm had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The company’s quarterly revenue was up 3.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.20 earnings per share. Research analysts predict that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.16%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s payout ratio is 101.82%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Royal Bank of Canada reiterated a “sector perform” rating and issued a $92.00 price objective on shares of Medtronic in a research note on Wednesday, August 21st. Citigroup reduced their price target on shares of Medtronic from $90.00 to $85.00 and set a “neutral” rating for the company in a research report on Wednesday, July 10th. Piper Sandler increased their price objective on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Barclays boosted their target price on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Finally, Wells Fargo & Company boosted their price objective on Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $92.92.

Insider Buying and Selling

In other Medtronic news, 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 owns 143,348 shares of the company’s stock, valued at approximately $12,008,261.96. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.30% of the stock is owned by insiders.

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.