American National Bank & Trust Co. VA Makes New $3.80 Million Investment in Medtronic plc (NYSE:MDT)

American National Bank & Trust Co. VA purchased a new position in shares of Medtronic plc (NYSE:MDT) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 43,562 shares of the medical technology company’s stock, valued at approximately $3,796,000.

Several other hedge funds also recently modified their holdings of MDT. Fortitude Family Office LLC acquired a new stake in shares of Medtronic in the fourth quarter worth approximately $25,000. Leith Wheeler Investment Counsel Ltd. boosted its position in shares of Medtronic by 293.0% in the fourth quarter. Leith Wheeler Investment Counsel Ltd. now owns 316,643 shares of the medical technology company’s stock worth $26,000 after acquiring an additional 236,064 shares during the last quarter. MeadowBrook Investment Advisors LLC acquired a new stake in shares of Medtronic in the fourth quarter worth approximately $27,000. Financial Gravity Asset Management Inc. boosted its position in shares of Medtronic by 317.0% in the third quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock worth $29,000 after acquiring an additional 279 shares during the last quarter. Finally, Tributary Capital Management LLC acquired a new stake in shares of Medtronic in the first quarter worth approximately $33,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on MDT. Truist Financial decreased their target price on shares of Medtronic from $90.00 to $88.00 and set a “hold” rating on the stock in a research report on Friday, May 24th. Royal Bank of Canada restated a “sector perform” rating and issued a $92.00 price target on shares of Medtronic in a report on Wednesday, June 5th. The Goldman Sachs Group initiated coverage on shares of Medtronic in a report on Thursday, May 30th. They issued a “sell” rating and a $83.00 price target on the stock. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a report on Friday, May 24th. Finally, Wells Fargo & Company raised their price target on shares of Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a report on Friday, May 24th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $91.70.

Medtronic Stock Down 0.3 %

Shares of MDT traded down $0.20 during mid-day trading on Thursday, reaching $77.17. 2,838,401 shares of the stock traded hands, compared to its average volume of 6,333,819. The firm has a market cap of $98.95 billion, a price-to-earnings ratio of 28.06, a P/E/G ratio of 2.25 and a beta of 0.82. The stock has a fifty day simple moving average of $81.64 and a 200 day simple moving average of $83.41. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $91.00. The company has a quick ratio of 1.55, a current ratio of 2.03 and a debt-to-equity ratio of 0.47.

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

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 28th will be paid a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.63%. This is a positive change from Medtronic’s previous quarterly dividend of $0.69. Medtronic’s dividend payout ratio (DPR) is currently 101.82%.

Insider Buying and Selling

In related news, CEO Geoffrey Martha sold 19,113 shares of Medtronic 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 in the company, valued at $12,008,261.96. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, EVP Michael Marinaro sold 854 shares of Medtronic stock in a transaction 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 sale, the executive vice president now owns 27,925 shares in the company, valued at $2,321,684.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Geoffrey Martha sold 19,113 shares of Medtronic stock in a transaction on 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 completion of the transaction, the chief executive officer now directly owns 143,348 shares of the company’s stock, valued at approximately $12,008,261.96. The disclosure for this sale can be found here. Insiders own 0.30% of the company’s stock.

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.