Valicenti Advisory Services Inc. Has $6.11 Million Position in Medtronic plc (NYSE:MDT)

Valicenti Advisory Services Inc. raised its holdings in Medtronic plc (NYSE:MDT) by 0.6% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 69,304 shares of the medical technology company’s stock after acquiring an additional 403 shares during the quarter. Medtronic comprises 1.9% of Valicenti Advisory Services Inc.’s holdings, making the stock its 16th biggest holding. Valicenti Advisory Services Inc.’s holdings in Medtronic were worth $6,106,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Sciencast Management LP increased its stake in Medtronic by 24.1% in the 2nd quarter. Sciencast Management LP now owns 10,758 shares of the medical technology company’s stock valued at $929,000 after buying an additional 2,091 shares during the last quarter. Cardinal Capital Management increased its stake in shares of Medtronic by 1.9% during the 2nd quarter. Cardinal Capital Management now owns 59,928 shares of the medical technology company’s stock worth $5,320,000 after purchasing an additional 1,091 shares during the last quarter. American National Bank increased its stake in shares of Medtronic by 21.5% during the 2nd quarter. American National Bank now owns 79,554 shares of the medical technology company’s stock worth $7,009,000 after purchasing an additional 14,093 shares during the last quarter. Epiq Partners LLC increased its stake in shares of Medtronic by 1.7% during the 2nd quarter. Epiq Partners LLC now owns 18,153 shares of the medical technology company’s stock worth $1,599,000 after purchasing an additional 300 shares during the last quarter. Finally, Richelieu Gestion SA increased its stake in shares of Medtronic by 6.3% during the 2nd quarter. Richelieu Gestion SA now owns 46,174 shares of the medical technology company’s stock worth $4,068,000 after purchasing an additional 2,731 shares during the last quarter. 80.75% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Medtronic

In other Medtronic news, EVP Gregory L. Smith sold 10,000 shares of the business’s stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $83.84, for a total value of $838,400.00. Following the completion of the sale, the executive vice president now owns 46,723 shares of the company’s stock, valued at approximately $3,917,256.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Gregory L. Smith sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $83.84, for a total transaction of $838,400.00. Following the completion of the sale, the executive vice president now owns 46,723 shares of the company’s stock, valued at approximately $3,917,256.32. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Brett A. Wall sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $83.38, for a total transaction of $83,380.00. Following the sale, the executive vice president now directly owns 33,573 shares of the company’s stock, valued at approximately $2,799,316.74. The disclosure for this sale can be found here. Insiders sold 19,866 shares of company stock valued at $1,688,839 in the last quarter. Company insiders own 0.30% of the company’s stock.

Medtronic Stock Performance

NYSE MDT traded down $0.13 during trading on Tuesday, reaching $82.67. The company’s stock had a trading volume of 311,807 shares, compared to its average volume of 5,670,510. The company has a current ratio of 2.42, a quick ratio of 1.79 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $109.99 billion, a price-to-earnings ratio of 30.54, a price-to-earnings-growth ratio of 2.87 and a beta of 0.71. Medtronic plc has a 12 month low of $75.76 and a 12 month high of $92.02. The firm has a 50 day moving average price of $84.16 and a 200 day moving average price of $84.35.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, August 22nd. The medical technology company reported $1.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.11 by $0.09. The firm had revenue of $7.70 billion during the quarter, compared to the consensus estimate of $7.57 billion. Medtronic had a net margin of 11.47% and a return on equity of 13.81%. The business’s revenue for the quarter was up 4.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.13 EPS. As a group, equities analysts anticipate that Medtronic plc will post 5.12 EPS for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Friday, September 22nd will be issued a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a yield of 3.34%. The ex-dividend date is Thursday, September 21st. Medtronic’s dividend payout ratio is currently 101.85%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on MDT shares. Royal Bank of Canada restated a “sector perform” rating and set a $89.00 price objective on shares of Medtronic in a research note on Wednesday, August 23rd. Mizuho boosted their price objective on shares of Medtronic from $95.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, August 23rd. Morgan Stanley upgraded shares of Medtronic from an “equal weight” rating to an “overweight” rating and set a $104.00 price objective on the stock in a research note on Tuesday, May 30th. 22nd Century Group restated an “initiates” rating on shares of Medtronic in a research note on Friday, June 30th. Finally, Oppenheimer reaffirmed a “market perform” rating and set a $89.00 target price on shares of Medtronic in a report on Wednesday, August 23rd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $91.67.

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.