Medtronic plc (NYSE:MDT) Shares Sold by Valeo Financial Advisors LLC

Valeo Financial Advisors LLC lessened its stake in Medtronic plc (NYSE:MDT) by 17.9% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 18,942 shares of the medical technology company’s stock after selling 4,117 shares during the quarter. Valeo Financial Advisors LLC’s holdings in Medtronic were worth $1,491,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. MeadowBrook Investment Advisors LLC acquired a new position in Medtronic during the fourth quarter worth $27,000. LifeSteps Financial Inc. purchased a new position in Medtronic in the first quarter valued at $27,000. Lynx Investment Advisory purchased a new position in shares of Medtronic during the second quarter worth about $28,000. Tributary Capital Management LLC purchased a new position in shares of Medtronic during the first quarter worth about $33,000. Finally, Fortis Group Advisors LLC grew its holdings in shares of Medtronic by 100.0% during the fourth quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock worth $38,000 after purchasing an additional 230 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently commented on MDT. UBS Group raised their price objective on shares of Medtronic from $75.00 to $76.00 and gave the company a “sell” rating in a research report on Friday, May 24th. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research note on Friday, May 24th. The Goldman Sachs Group started coverage on shares of Medtronic in a report on Thursday, May 30th. They issued a “sell” rating and a $83.00 price objective on the stock. Citigroup reduced their price target on shares of Medtronic from $90.00 to $85.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 10th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $92.00 price target on shares of Medtronic in a research note on Wednesday, July 17th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $90.90.

Medtronic Price Performance

NYSE:MDT traded up $1.12 on Thursday, reaching $82.21. The stock had a trading volume of 4,088,152 shares, compared to its average volume of 6,295,626. The company has a market capitalization of $105.42 billion, a P/E ratio of 29.83, a price-to-earnings-growth ratio of 2.35 and a beta of 0.82. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $89.18. 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 stock has a fifty day moving average price of $79.97 and a 200-day moving average price of $82.53.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share for the quarter, topping 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 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 previous year, the firm posted $1.57 earnings per share. Medtronic’s revenue for the quarter was up .5% compared to the same quarter last year. Research analysts forecast that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Friday, June 28th were issued a dividend of $0.70 per share. This is a boost from Medtronic’s previous quarterly dividend of $0.69. The ex-dividend date of this dividend was Friday, June 28th. This represents a $2.80 annualized dividend and a yield of 3.41%. Medtronic’s dividend payout ratio is presently 101.82%.

Insider Buying and Selling

In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of the company’s stock in a transaction on 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 directly owns 143,348 shares of the company’s stock, valued at $12,008,261.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.30% of the stock is currently owned by corporate insiders.

Medtronic 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.