Medtronic plc (NYSE:MDT) Shares Bought by Industrial Alliance Investment Management Inc.

Industrial Alliance Investment Management Inc. raised its holdings in Medtronic plc (NYSE:MDT) by 4.4% during the first quarter, HoldingsChannel.com reports. The firm owned 6,315 shares of the medical technology company’s stock after buying an additional 266 shares during the period. Industrial Alliance Investment Management Inc.’s holdings in Medtronic were worth $550,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Equity Investment Corp raised its position in shares of Medtronic by 27.9% in the 4th quarter. Equity Investment Corp now owns 1,341,079 shares of the medical technology company’s stock valued at $110,478,000 after purchasing an additional 292,459 shares in the last quarter. Loudon Investment Management LLC increased its position in Medtronic by 9.5% in the fourth quarter. Loudon Investment Management LLC now owns 10,026 shares of the medical technology company’s stock worth $786,000 after buying an additional 874 shares during the period. Chemung Canal Trust Co. increased its position in Medtronic by 1,467.5% in the first quarter. Chemung Canal Trust Co. now owns 47,902 shares of the medical technology company’s stock worth $4,175,000 after buying an additional 44,846 shares during the period. International Assets Investment Management LLC increased its position in Medtronic by 8,340.3% in the fourth quarter. International Assets Investment Management LLC now owns 1,038,579 shares of the medical technology company’s stock worth $85,558,000 after buying an additional 1,026,274 shares during the period. Finally, Apollon Wealth Management LLC grew its stake 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 worth $4,185,000 after purchasing an additional 15,265 shares in the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have recently issued reports on MDT. Royal Bank of Canada reissued a “sector perform” rating and issued a $92.00 price target on shares of Medtronic in a research note on Wednesday, July 17th. Truist Financial decreased their price target on Medtronic from $88.00 to $85.00 and set a “hold” rating for the company in a research note on Tuesday, July 16th. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research note on Friday, May 24th. Citigroup decreased their price target on Medtronic from $90.00 to $85.00 and set a “neutral” rating for the company in a research note on Wednesday, July 10th. Finally, Wells Fargo & Company increased their price target on Medtronic from $102.00 to $105.00 and gave the stock an “overweight” rating in a research note on Friday, May 24th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $90.90.

Medtronic Trading Up 1.0 %

Shares of NYSE MDT traded up $0.81 during mid-day trading on Tuesday, hitting $80.81. 6,567,642 shares of the company traded hands, compared to its average volume of 6,322,256. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $89.18. The stock has a market capitalization of $103.62 billion, a price-to-earnings ratio of 29.09, a PEG ratio of 2.29 and a beta of 0.82. The company has a quick ratio of 1.55, a current ratio of 2.03 and a debt-to-equity ratio of 0.47. The business has a 50 day moving average of $80.27 and a two-hundred day moving average of $82.79.

Medtronic (NYSE:MDT) last announced its earnings results on Thursday, May 23rd. The medical technology company reported $1.46 EPS for the quarter, beating 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 business had revenue of $8.59 billion during the quarter, compared to the consensus estimate of $8.44 billion. During the same period in the prior year, the business posted $1.57 earnings per share. Medtronic’s revenue was up .5% compared to the same quarter last year. On average, sell-side analysts anticipate that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Friday, June 28th were issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.46%. This is an increase from Medtronic’s previous quarterly dividend of $0.69. The ex-dividend date of this dividend was Friday, June 28th. Medtronic’s dividend payout ratio is currently 101.82%.

Insider Activity

In related news, CEO Geoffrey Martha sold 19,113 shares of the stock in a transaction dated Friday, June 7th. The stock was 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 directly owns 143,348 shares of the company’s stock, valued at approximately $12,008,261.96. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.30% of the stock is currently owned by company insiders.

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.