Valmark Advisers Inc. Sells 833 Shares of Medtronic plc (NYSE:MDT)

Valmark Advisers Inc. cut its stake in Medtronic plc (NYSE:MDT) by 8.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,782 shares of the medical technology company’s stock after selling 833 shares during the quarter. Valmark Advisers Inc.’s holdings in Medtronic were worth $723,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently added to or reduced their stakes in MDT. Hartford Financial Management Inc. grew its position in Medtronic by 425.0% during the third quarter. Hartford Financial Management Inc. now owns 315 shares of the medical technology company’s stock valued at $25,000 after buying an additional 255 shares during the period. Fortitude Family Office LLC bought a new stake in Medtronic during the fourth quarter valued at approximately $25,000. Leith Wheeler Investment Counsel Ltd. grew its position in Medtronic by 293.0% during the fourth quarter. Leith Wheeler Investment Counsel Ltd. now owns 316,643 shares of the medical technology company’s stock valued at $26,000 after buying an additional 236,064 shares during the period. Financial Gravity Asset Management Inc. grew its position in Medtronic by 317.0% during the third quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock valued at $29,000 after buying an additional 279 shares during the period. Finally, Princeton Global Asset Management LLC bought a new stake in Medtronic during the third quarter valued at approximately $31,000. 82.06% of the stock is currently owned by institutional investors.

Medtronic Price Performance

Shares of MDT stock traded up $0.49 during mid-day trading on Friday, hitting $79.74. The company had a trading volume of 5,024,880 shares, compared to its average volume of 5,781,218. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $92.02. The stock’s 50 day moving average price is $83.53 and its 200-day moving average price is $81.19. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.30 and a quick ratio of 1.71. The company has a market capitalization of $105.88 billion, a P/E ratio of 25.39, a P/E/G ratio of 2.73 and a beta of 0.76.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, February 20th. The medical technology company reported $1.30 EPS for the quarter, topping the consensus estimate of $1.26 by $0.04. Medtronic had a net margin of 13.00% and a return on equity of 13.71%. The firm had revenue of $8.09 billion for the quarter, compared to the consensus estimate of $7.95 billion. During the same quarter in the previous year, the firm earned $1.30 earnings per share. The company’s quarterly revenue was up 4.7% compared to the same quarter last year. Equities research analysts forecast that Medtronic plc will post 5.2 earnings per share for the current year.

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 22nd were issued a $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 3.46%. The ex-dividend date was Thursday, March 21st. Medtronic’s dividend payout ratio (DPR) is presently 87.90%.

Insider Transactions at Medtronic

In related news, EVP Sean Salmon sold 30,695 shares of the company’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $85.13, for a total transaction of $2,613,065.35. Following the sale, the executive vice president now owns 48,289 shares of the company’s stock, valued at $4,110,842.57. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, EVP Michael Marinaro sold 854 shares of the company’s stock in a transaction 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 sale, the executive vice president now owns 27,925 shares of the company’s stock, valued at $2,321,684.50. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Sean Salmon sold 30,695 shares of the company’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $85.13, for a total transaction of $2,613,065.35. Following the sale, the executive vice president now directly owns 48,289 shares in the company, valued at approximately $4,110,842.57. The disclosure for this sale can be found here. Insiders own 0.30% of the company’s stock.

Analyst Ratings Changes

MDT has been the subject of several recent research reports. Truist Financial boosted their target price on shares of Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a research report on Wednesday, February 21st. Oppenheimer boosted their target price on shares of Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a research report on Wednesday, February 21st. Royal Bank of Canada reiterated a “sector perform” rating and issued a $92.00 price target on shares of Medtronic in a research report on Wednesday, February 21st. Finally, Mizuho upped their price target on shares of Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a research report on Wednesday, February 21st. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, Medtronic currently has a consensus rating of “Hold” and a consensus price target of $94.91.

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.