MV Capital Management Inc. Has $2.09 Million Position in Medtronic plc (NYSE:MDT)

MV Capital Management Inc. grew its position in Medtronic plc (NYSE:MDT) by 193.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,015 shares of the medical technology company’s stock after acquiring an additional 15,830 shares during the period. MV Capital Management Inc.’s holdings in Medtronic were worth $2,093,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the company. Exchange Capital Management Inc. lifted its holdings in Medtronic by 3.1% during the 1st quarter. Exchange Capital Management Inc. now owns 35,274 shares of the medical technology company’s stock valued at $3,074,000 after purchasing an additional 1,070 shares during the last quarter. Westhampton Capital LLC lifted its stake in shares of Medtronic by 11.9% during the 1st quarter. Westhampton Capital LLC now owns 7,525 shares of the medical technology company’s stock worth $656,000 after buying an additional 800 shares during the last quarter. Leonard Rickey Investment Advisors P.L.L.C. bought a new stake in shares of Medtronic during the 1st quarter worth about $201,000. Allspring Global Investments Holdings LLC grew its stake in Medtronic by 14.6% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 887,610 shares of the medical technology company’s stock valued at $77,355,000 after buying an additional 113,125 shares during the last quarter. Finally, Tributary Capital Management LLC bought a new position in Medtronic in the 1st quarter valued at about $33,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. UBS Group upped their target price on Medtronic from $75.00 to $76.00 and gave the company a “sell” rating in a research report on Friday, May 24th. Truist Financial lowered their price objective on Medtronic from $90.00 to $88.00 and set a “hold” rating on the stock in a research report on Friday, May 24th. Wells Fargo & Company boosted their target price on shares of Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a research report on Friday, May 24th. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Friday, May 24th. Finally, The Goldman Sachs Group initiated coverage on shares of Medtronic in a research note on Thursday, May 30th. They issued a “sell” rating and a $83.00 price objective for the company. Two 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. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $91.70.

Insider Transactions at Medtronic

In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of the firm’s stock in a transaction that occurred 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 in the company, valued at $12,008,261.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Geoffrey Martha sold 19,113 shares of Medtronic stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $83.77, for a total transaction 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 value of $71,001.56. Following the completion of the transaction, the executive vice president now directly owns 27,925 shares of the company’s stock, valued at approximately $2,321,684.50. The disclosure for this sale can be found here. Company insiders own 0.30% of the company’s stock.

Medtronic Price Performance

Shares of Medtronic stock traded up $0.25 on Tuesday, reaching $77.37. 6,585,942 shares of the stock were exchanged, compared to its average volume of 6,342,100. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 2.03. The firm has a market cap of $99.21 billion, a PE ratio of 28.05, a P/E/G ratio of 2.29 and a beta of 0.82. The firm’s 50 day moving average is $81.78 and its 200-day moving average is $83.49. Medtronic plc has a one year low of $68.84 and a one year high of $91.00.

Medtronic (NYSE:MDT) last released its earnings results 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. Medtronic had a return on equity of 13.47% and a net margin of 11.36%. The firm had revenue of $8.59 billion during the quarter, compared to analysts’ expectations of $8.44 billion. During the same period in the prior year, the company earned $1.57 earnings per share. The company’s quarterly revenue was up .5% on a year-over-year basis. As a group, analysts anticipate 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. Shareholders of record on Friday, June 28th will be 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 is Friday, June 28th. This represents a $2.80 annualized dividend and a yield of 3.62%. Medtronic’s payout ratio is presently 101.82%.

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.