iA Global Asset Management Inc. Makes New $513,000 Investment in Medtronic plc (NYSE:MDT)

iA Global Asset Management Inc. acquired a new position in Medtronic plc (NYSE:MDT) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 5,890 shares of the medical technology company’s stock, valued at approximately $513,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in MDT. Boyar Asset Management Inc. raised its position in Medtronic by 2.6% in the fourth quarter. Boyar Asset Management Inc. now owns 4,655 shares of the medical technology company’s stock worth $383,000 after acquiring an additional 120 shares during the period. Hall Laurie J Trustee lifted its holdings in shares of Medtronic by 0.3% in the 1st quarter. Hall Laurie J Trustee now owns 44,015 shares of the medical technology company’s stock worth $3,835,000 after acquiring an additional 125 shares during the last quarter. Quent Capital LLC lifted its holdings in shares of Medtronic by 8.0% in the 1st quarter. Quent Capital LLC now owns 1,680 shares of the medical technology company’s stock worth $146,000 after acquiring an additional 125 shares during the last quarter. Abbrea Capital LLC lifted its holdings in shares of Medtronic by 2.5% in the 1st quarter. Abbrea Capital LLC now owns 5,077 shares of the medical technology company’s stock worth $446,000 after acquiring an additional 125 shares during the last quarter. Finally, Marino Stram & Associates LLC lifted its holdings in Medtronic by 1.8% during the 4th quarter. Marino Stram & Associates LLC now owns 7,127 shares of the medical technology company’s stock valued at $587,000 after buying an additional 126 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on MDT shares. Truist Financial reduced their price target on shares of Medtronic from $88.00 to $85.00 and set a “hold” rating for the company in a report on Tuesday, July 16th. Royal Bank of Canada reissued a “sector perform” rating and set a $92.00 target price on shares of Medtronic in a research report on Wednesday, July 17th. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Friday, May 24th. Citigroup decreased their target price on shares of Medtronic from $90.00 to $85.00 and set a “neutral” rating for the company in a research note on Wednesday, July 10th. Finally, UBS Group boosted their target price on shares of Medtronic from $75.00 to $76.00 and gave the company a “sell” rating in a research note on Friday, May 24th. Two analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Medtronic presently has an average rating of “Hold” and a consensus price target of $90.90.

Insider Transactions at Medtronic

In other news, CEO Geoffrey Martha sold 19,113 shares of the stock in a transaction dated Friday, June 7th. The shares were 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 owns 143,348 shares of the company’s stock, valued at $12,008,261.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.30% of the company’s stock.

Medtronic Trading Up 0.8 %

Shares of MDT traded up $0.63 during mid-day trading on Friday, reaching $81.12. The stock had a trading volume of 2,692,226 shares, compared to its average volume of 6,295,823. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.03 and a quick ratio of 1.55. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $89.18. The business’s fifty day moving average is $80.06 and its 200 day moving average is $82.71. The firm has a market cap of $104.02 billion, a price-to-earnings ratio of 29.62, a P/E/G ratio of 2.34 and a beta of 0.82.

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

Medtronic Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Friday, June 28th were given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.45%. The ex-dividend date of this dividend was Friday, June 28th. This is a boost from Medtronic’s previous quarterly dividend of $0.69. Medtronic’s dividend payout ratio is currently 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.