AMI Investment Management Inc. Purchases 1,716 Shares of Medtronic plc (NYSE:MDT)

AMI Investment Management Inc. increased its stake in Medtronic plc (NYSE:MDT) by 5.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 35,164 shares of the medical technology company’s stock after buying an additional 1,716 shares during the period. AMI Investment Management Inc.’s holdings in Medtronic were worth $3,070,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Boyar Asset Management Inc. boosted its holdings in shares of Medtronic by 2.6% in the 4th quarter. Boyar Asset Management Inc. now owns 4,655 shares of the medical technology company’s stock valued at $383,000 after buying an additional 120 shares in the last quarter. Marino Stram & Associates LLC grew its stake in shares of Medtronic by 1.8% during the fourth quarter. Marino Stram & Associates LLC now owns 7,127 shares of the medical technology company’s stock worth $587,000 after acquiring an additional 126 shares during the last quarter. Angeles Investment Advisors LLC raised its position in shares of Medtronic by 1.0% in the 4th quarter. Angeles Investment Advisors LLC now owns 12,627 shares of the medical technology company’s stock valued at $1,046,000 after purchasing an additional 128 shares during the last quarter. Rogco LP boosted its stake in Medtronic by 1.9% in the 4th quarter. Rogco LP now owns 6,814 shares of the medical technology company’s stock worth $561,000 after purchasing an additional 129 shares in the last quarter. Finally, Verity Asset Management Inc. grew its position in Medtronic by 4.3% during the 4th quarter. Verity Asset Management Inc. now owns 3,194 shares of the medical technology company’s stock worth $263,000 after purchasing an additional 132 shares during the last quarter. Institutional investors own 82.06% of the company’s stock.

Insider Activity at Medtronic

In other news, CEO Geoffrey Martha sold 19,113 shares of Medtronic stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $83.77, for a total transaction of $1,601,096.01. Following the sale, the chief executive officer now owns 143,348 shares in the company, valued at $12,008,261.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of the company’s stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $83.77, for a total transaction of $1,601,096.01. Following the completion of the sale, the chief executive officer now directly owns 143,348 shares of the company’s stock, valued at approximately $12,008,261.96. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Michael Marinaro sold 854 shares of the company’s stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $83.14, for a total value of $71,001.56. Following the sale, the executive vice president now owns 27,925 shares of the company’s stock, valued at approximately $2,321,684.50. The disclosure for this sale can be found here. Insiders own 0.30% of the company’s stock.

Medtronic Trading Up 0.1 %

Shares of NYSE:MDT traded up $0.08 during mid-day trading on Friday, reaching $78.71. 8,917,219 shares of the company were exchanged, compared to its average volume of 6,371,193. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.03 and a quick ratio of 1.55. The firm’s 50-day simple moving average is $81.85 and its 200 day simple moving average is $83.53. Medtronic plc has a 1 year low of $68.84 and a 1 year high of $91.00. The firm has a market cap of $100.93 billion, a price-to-earnings ratio of 28.62, a P/E/G ratio of 2.29 and a beta of 0.83.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Thursday, May 23rd. The medical technology company reported $1.46 EPS for the quarter, beating the consensus estimate of $1.45 by $0.01. The company had revenue of $8.59 billion during the quarter, compared to analysts’ expectations of $8.44 billion. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. The firm’s revenue was up .5% compared to the same quarter last year. During the same quarter last year, the company posted $1.57 EPS. Equities research analysts forecast that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 28th will be given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.56%. The ex-dividend date is Friday, June 28th. This is an increase from Medtronic’s previous quarterly dividend of $0.69. Medtronic’s payout ratio is currently 100.36%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on MDT shares. Truist Financial dropped their price objective on shares of Medtronic from $90.00 to $88.00 and set a “hold” rating on the stock in a report on Friday, May 24th. The Goldman Sachs Group initiated coverage on Medtronic in a report on Thursday, May 30th. They set a “sell” rating and a $83.00 target price for the company. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Friday, May 24th. UBS Group raised their price target on shares of Medtronic from $75.00 to $76.00 and gave the stock a “sell” rating in a research report on Friday, May 24th. Finally, Wells Fargo & Company upped their price objective on shares of Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a report on Friday, May 24th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $93.00.

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.