Valley National Advisers Inc. Reduces Holdings in Medtronic plc (NYSE:MDT)

Valley National Advisers Inc. trimmed its position in shares of Medtronic plc (NYSE:MDT) by 57.7% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 34,487 shares of the medical technology company’s stock after selling 47,024 shares during the quarter. Valley National Advisers Inc.’s holdings in Medtronic were worth $3,104,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Lynx Investment Advisory bought a new position in shares of Medtronic in the second quarter worth about $28,000. Tributary Capital Management LLC bought a new position in shares of Medtronic in the first quarter worth about $33,000. Gleason Group Inc. bought a new position in shares of Medtronic in the second quarter worth about $42,000. Opal Wealth Advisors LLC bought a new position in shares of Medtronic in the second quarter worth about $43,000. Finally, Olistico Wealth LLC bought a new position in shares of Medtronic in the second quarter worth about $45,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Truist Financial upped their price target on shares of Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a report on Monday, October 14th. Stifel Nicolaus increased their target price on shares of Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a report on Wednesday, August 21st. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research report on Friday. Wells Fargo & Company increased their price target on shares of Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research report on Wednesday, August 21st. Finally, Barclays increased their price target on shares of Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. One analyst has rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $95.36.

Medtronic Stock Performance

MDT opened at $90.59 on Friday. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $92.68. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55. The firm has a market capitalization of $116.18 billion, a PE ratio of 30.60, a P/E/G ratio of 2.60 and a beta of 0.84. The firm has a 50 day moving average of $89.30 and a two-hundred day moving average of $83.84.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. The company had revenue of $7.97 billion during the quarter, compared to analyst estimates of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. Medtronic’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same period last year, the firm posted $1.20 EPS. On average, analysts anticipate that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were paid a dividend of $0.70 per share. The ex-dividend date was Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.09%. Medtronic’s payout ratio is 94.59%.

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.