Virginia National Bank Invests $204,000 in Medtronic PLC (NYSE:MDT)

Virginia National Bank acquired a new position in Medtronic PLC (NYSE:MDT) during the 3rd quarter, Holdings Channel reports. The fund acquired 1,877 shares of the medical technology company’s stock, valued at approximately $204,000.

Several other institutional investors have also added to or reduced their stakes in the stock. Krane Funds Advisors LLC purchased a new position in shares of Medtronic during the 2nd quarter worth about $25,000. River & Mercantile Asset Management LLP purchased a new position in shares of Medtronic during the 2nd quarter worth about $26,000. Lenox Wealth Advisors LLC lifted its holdings in shares of Medtronic by 393.3% during the 3rd quarter. Lenox Wealth Advisors LLC now owns 296 shares of the medical technology company’s stock worth $32,000 after acquiring an additional 236 shares during the period. Redhawk Wealth Advisors Inc. purchased a new position in shares of Medtronic during the 2nd quarter worth about $34,000. Finally, Rocky Mountain Advisers LLC lifted its holdings in shares of Medtronic by 100.0% during the 2nd quarter. Rocky Mountain Advisers LLC now owns 400 shares of the medical technology company’s stock worth $39,000 after acquiring an additional 200 shares during the period. Institutional investors and hedge funds own 81.09% of the company’s stock.

MDT traded up $0.31 on Wednesday, reaching $108.50. 2,117,476 shares of the company’s stock were exchanged, compared to its average volume of 4,243,728. The company’s 50 day moving average is $108.28 and its 200-day moving average is $98.41. The company has a market cap of $144.34 billion, a price-to-earnings ratio of 20.79, a PEG ratio of 2.64 and a beta of 0.64. Medtronic PLC has a twelve month low of $81.66 and a twelve month high of $112.05. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.20 and a current ratio of 2.67.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, August 20th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.18 by $0.08. The firm had revenue of $7.49 billion during the quarter, compared to the consensus estimate of $7.40 billion. Medtronic had a net margin of 14.41% and a return on equity of 14.36%. The company’s revenue was up 1.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.17 EPS. Sell-side analysts forecast that Medtronic PLC will post 5.56 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Investors of record on Friday, September 27th will be given a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a yield of 1.99%. The ex-dividend date is Thursday, September 26th. Medtronic’s dividend payout ratio (DPR) is presently 41.38%.

In related news, SVP Richard Kuntz sold 21,425 shares of the stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $107.51, for a total transaction of $2,303,401.75. Following the completion of the sale, the senior vice president now owns 78,916 shares of the company’s stock, valued at approximately $8,484,259.16. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Hooman Hakami sold 82,877 shares of the stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $107.31, for a total transaction of $8,893,530.87. Following the sale, the executive vice president now directly owns 30,761 shares of the company’s stock, valued at approximately $3,300,962.91. The disclosure for this sale can be found here. In the last three months, insiders have sold 118,339 shares of company stock valued at $12,619,053. Corporate insiders own 0.28% of the company’s stock.

Several brokerages have recently weighed in on MDT. Bank of America set a $118.00 price objective on shares of Medtronic and gave the stock a “buy” rating in a report on Wednesday, August 21st. UBS Group increased their price objective on shares of Medtronic from $112.00 to $122.00 and gave the stock a “buy” rating in a report on Wednesday, August 21st. Raymond James increased their price objective on shares of Medtronic from $105.00 to $118.00 and gave the stock an “outperform” rating in a report on Wednesday, August 21st. Cowen reiterated an “outperform” rating and set a $111.00 price objective (up from $99.00) on shares of Medtronic in a report on Wednesday, August 14th. Finally, Morgan Stanley increased their price objective on shares of Medtronic from $105.00 to $111.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 21st. Six equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $113.84.

Medtronic Company Profile

Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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