Invera Wealth Advisors LLC Buys 2,576 Shares of Medtronic plc (NYSE:MDT)

Invera Wealth Advisors LLC raised its stake in Medtronic plc (NYSE:MDT) by 80.4% in the first quarter, Holdings Channel reports. The firm owned 5,778 shares of the medical technology company’s stock after acquiring an additional 2,576 shares during the quarter. Invera Wealth Advisors LLC’s holdings in Medtronic were worth $504,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Fortitude Family Office LLC bought a new stake in shares of Medtronic in the 4th quarter valued at about $25,000. Hartford Financial Management Inc. increased its position in Medtronic by 425.0% during the third quarter. Hartford Financial Management Inc. now owns 315 shares of the medical technology company’s stock worth $25,000 after buying an additional 255 shares during the last quarter. MeadowBrook Investment Advisors LLC bought a new stake in Medtronic in the fourth quarter valued at approximately $27,000. Financial Gravity Asset Management Inc. lifted 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 valued at $29,000 after buying an additional 279 shares during the last quarter. Finally, Tributary Capital Management LLC bought a new position in shares of Medtronic during the 1st quarter worth approximately $33,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Michael Marinaro sold 854 shares of the business’s stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $83.14, for a total transaction of $71,001.56. Following the sale, the executive vice president now directly owns 27,925 shares in the company, valued at $2,321,684.50. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, EVP Michael Marinaro sold 854 shares of the firm’s stock in a transaction on Monday, April 8th. The shares were sold at an average price of $83.14, for a total transaction of $71,001.56. Following the completion of the transaction, the executive vice president now owns 27,925 shares of the company’s stock, valued at $2,321,684.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Sean Salmon sold 30,695 shares of Medtronic stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $85.13, for a total transaction of $2,613,065.35. Following the transaction, the executive vice president now owns 48,289 shares in the company, valued at approximately $4,110,842.57. The disclosure for this sale can be found here. Corporate insiders own 0.30% of the company’s stock.

Medtronic Stock Performance

Shares of MDT traded up $1.12 during mid-day trading on Monday, hitting $80.86. 6,153,712 shares of the company’s stock were exchanged, compared to its average volume of 6,248,234. The company has a quick ratio of 1.71, a current ratio of 2.30 and a debt-to-equity ratio of 0.46. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $92.02. The stock’s 50-day simple moving average is $83.46 and its 200-day simple moving average is $81.32. The firm has a market cap of $107.37 billion, a price-to-earnings ratio of 25.75, a price-to-earnings-growth ratio of 2.73 and a beta of 0.76.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, February 20th. The medical technology company reported $1.30 EPS for the quarter, topping analysts’ consensus estimates of $1.26 by $0.04. The firm had revenue of $8.09 billion for the quarter, compared to analyst estimates of $7.95 billion. Medtronic had a return on equity of 13.71% and a net margin of 13.00%. The company’s revenue was up 4.7% on a year-over-year basis. During the same quarter last year, the company earned $1.30 EPS. On average, equities research analysts expect that Medtronic plc will post 5.2 EPS for the current year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 22nd were given a dividend of $0.69 per share. The ex-dividend date was Thursday, March 21st. This represents a $2.76 annualized dividend and a yield of 3.41%. Medtronic’s dividend payout ratio is currently 87.90%.

Wall Street Analyst Weigh In

MDT has been the topic of a number of research analyst reports. Mizuho increased their price target on Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a research note on Wednesday, February 21st. Royal Bank of Canada restated a “sector perform” rating and set a $92.00 target price on shares of Medtronic in a research note on Wednesday, February 21st. Oppenheimer upped their price target on shares of Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a research note on Wednesday, February 21st. Finally, Truist Financial raised their price objective on shares of Medtronic from $87.00 to $90.00 and gave the stock a “hold” rating in a research report on Wednesday, February 21st. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $94.91.

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.