Provence Wealth Management Group Buys 3,459 Shares of Medtronic plc (NYSE:MDT)

Provence Wealth Management Group grew its position in Medtronic plc (NYSE:MDT) by 5,086.8% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 3,527 shares of the medical technology company’s stock after purchasing an additional 3,459 shares during the period. Provence Wealth Management Group’s holdings in Medtronic were worth $291,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the company. Fortitude Family Office LLC bought a new position in Medtronic in the 4th quarter valued at $25,000. Financial Gravity Asset Management Inc. raised its holdings 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. Princeton Global Asset Management LLC acquired a new position in Medtronic during the 3rd quarter worth about $31,000. Hartford Financial Management Inc. grew its holdings in Medtronic by 52.1% during the 4th quarter. Hartford Financial Management Inc. now owns 479 shares of the medical technology company’s stock worth $39,000 after acquiring an additional 164 shares during the last quarter. Finally, Rakuten Securities Inc. acquired a new stake in Medtronic in the 4th quarter valued at about $49,000. Institutional investors own 82.06% of the company’s stock.

Insider Activity at Medtronic

In other Medtronic news, EVP Michael Marinaro sold 854 shares of the firm’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 completion of the transaction, 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 filing with the SEC, which can be accessed through the SEC website. In other news, EVP Sean Salmon sold 30,695 shares of the firm’s stock in a transaction that occurred on 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 completion of the sale, the executive vice president now directly owns 48,289 shares of the company’s stock, valued at $4,110,842.57. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Michael Marinaro sold 854 shares of the business’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 transaction, the executive vice president now directly owns 27,925 shares in the company, valued at $2,321,684.50. The disclosure for this sale can be found here. 0.30% of the stock is owned by company insiders.

Analyst Ratings Changes

MDT has been the subject of a number of recent research reports. Oppenheimer boosted their target price on Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 21st. Truist Financial upped their price objective on Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a report on Wednesday, February 21st. Mizuho raised their target price 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 issued a $92.00 price target on shares of Medtronic in a research note on Wednesday, February 21st. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, Medtronic has an average rating of “Hold” and a consensus price target of $94.91.

Medtronic Stock Up 1.0 %

Shares of MDT stock traded up $0.77 during trading hours on Friday, hitting $81.69. 4,987,236 shares of the company were exchanged, compared to its average volume of 6,078,836. The company has a market capitalization of $108.47 billion, a PE ratio of 26.02, a PEG ratio of 2.64 and a beta of 0.78. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $91.00. The business has a 50 day moving average of $83.08 and a two-hundred day moving average of $81.44. The company has a current ratio of 2.30, a quick ratio of 1.71 and a debt-to-equity ratio of 0.46.

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

Medtronic Announces Dividend

The business also recently disclosed 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 3.38%. The ex-dividend date of this dividend was Thursday, March 21st. Medtronic’s payout ratio is 87.90%.

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.