Tennessee Valley Asset Management Partners Takes Position in Medtronic plc (NYSE:MDT)

Tennessee Valley Asset Management Partners acquired a new stake in Medtronic plc (NYSE:MDT) in the fourth quarter, Holdings Channel.com reports. The fund acquired 731 shares of the medical technology company’s stock, valued at approximately $60,000.

A number of other institutional investors have also modified their holdings of MDT. Fortitude Family Office LLC purchased a new position in Medtronic in the fourth quarter valued at $25,000. Hartford Financial Management Inc. boosted its holdings in Medtronic by 425.0% in the third quarter. Hartford Financial Management Inc. now owns 315 shares of the medical technology company’s stock valued at $25,000 after purchasing an additional 255 shares during the period. Financial Gravity Asset Management Inc. boosted its holdings in 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 purchasing an additional 279 shares during the period. Princeton Global Asset Management LLC purchased a new position in Medtronic in the third quarter valued at $31,000. Finally, CGC Financial Services LLC boosted its holdings in Medtronic by 41.1% in the fourth quarter. CGC Financial Services LLC now owns 669 shares of the medical technology company’s stock valued at $55,000 after purchasing an additional 195 shares during the period. 82.06% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Oppenheimer lifted their target price on Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a report on Wednesday, February 21st. Truist Financial lifted their target price on Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a report on Wednesday, February 21st. Mizuho lifted their price target on Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a report on Wednesday, February 21st. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $92.00 price target on shares of Medtronic in a report on Wednesday, February 21st. One analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $94.91.

Insider Activity

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

Medtronic Stock Up 0.9 %

Medtronic stock opened at $81.28 on Wednesday. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $92.02. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.71 and a current ratio of 2.30. The company has a market capitalization of $107.93 billion, a P/E ratio of 25.89, a PEG ratio of 2.72 and a beta of 0.76. The stock has a 50-day simple moving average of $83.80 and a 200-day simple moving average of $81.14.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share for the quarter, beating the consensus estimate of $1.26 by $0.04. Medtronic had a return on equity of 13.71% and a net margin of 13.00%. The business had revenue of $8.09 billion during the quarter, compared to the consensus estimate of $7.95 billion. During the same period in the previous year, the business earned $1.30 EPS. The business’s quarterly revenue was up 4.7% on a year-over-year basis. Equities research analysts expect that Medtronic plc will post 5.2 earnings per share for the current year.

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 22nd were issued a $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 3.40%. The ex-dividend date of this dividend was Thursday, March 21st. Medtronic’s payout ratio is currently 87.90%.

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.