Vance Wealth Inc. Has $6.30 Million Position in Medtronic plc (NYSE:MDT)

Vance Wealth Inc. boosted its position in Medtronic plc (NYSE:MDT) by 34.2% in the fourth quarter, Holdings Channel.com reports. The firm owned 76,418 shares of the medical technology company’s stock after buying an additional 19,473 shares during the quarter. Medtronic comprises approximately 2.7% of Vance Wealth Inc.’s investment portfolio, making the stock its 7th largest position. Vance Wealth Inc.’s holdings in Medtronic were worth $6,295,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Morgan Stanley increased its holdings in shares of Medtronic by 9.2% during the third quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock valued at $1,863,229,000 after acquiring an additional 1,994,123 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Medtronic by 2.6% during the third quarter. Bank of New York Mellon Corp now owns 20,392,467 shares of the medical technology company’s stock valued at $1,597,954,000 after acquiring an additional 508,205 shares in the last quarter. Northern Trust Corp boosted its position in shares of Medtronic by 2.1% during the third quarter. Northern Trust Corp now owns 13,622,933 shares of the medical technology company’s stock valued at $1,067,493,000 after buying an additional 285,819 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Medtronic by 0.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 10,988,289 shares of the medical technology company’s stock valued at $843,979,000 after buying an additional 79,660 shares during the last quarter. Finally, American Century Companies Inc. boosted its position in shares of Medtronic by 6.7% during the third quarter. American Century Companies Inc. now owns 10,297,135 shares of the medical technology company’s stock valued at $806,883,000 after buying an additional 649,367 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently commented on MDT. Truist Financial increased their price objective on Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a research report on Wednesday, February 21st. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $92.00 price objective on shares of Medtronic in a research report on Wednesday, February 21st. Mizuho increased their price objective on Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a research report on Wednesday, February 21st. Finally, Oppenheimer increased their price objective on Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a research report on Wednesday, February 21st. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $94.91.

Insider Activity

In other news, EVP Michael Marinaro sold 854 shares of Medtronic stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $83.14, for a total transaction of $71,001.56. Following the transaction, 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 legal filing with the SEC, which can be accessed through this link. In related news, EVP Sean Salmon sold 30,695 shares of Medtronic stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $85.13, for a total transaction of $2,613,065.35. Following the sale, the executive vice president now owns 48,289 shares of the company’s stock, valued at approximately $4,110,842.57. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Michael Marinaro sold 854 shares of Medtronic stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $83.14, for a total value of $71,001.56. Following the sale, the executive vice president now directly owns 27,925 shares in the company, 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 Stock Performance

NYSE:MDT traded up $0.49 on Friday, hitting $79.74. The stock had a trading volume of 5,024,880 shares, compared to its average volume of 5,781,218. The stock has a market cap of $105.88 billion, a price-to-earnings ratio of 25.39, a price-to-earnings-growth ratio of 2.73 and a beta of 0.76. The company has a quick ratio of 1.71, a current ratio of 2.30 and a debt-to-equity ratio of 0.46. The business’s 50-day simple moving average is $83.53 and its two-hundred day simple moving average is $81.19. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $92.02.

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

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 22nd were given a dividend of $0.69 per share. The ex-dividend date was Thursday, March 21st. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.46%. 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.