Provence Wealth Management Group Raises Stock Holdings in Medtronic plc (NYSE:MDT)

Provence Wealth Management Group increased its stake in Medtronic plc (NYSE:MDT) by 5,086.8% during the 4th quarter, HoldingsChannel reports. The firm owned 3,527 shares of the medical technology company’s stock after buying 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 Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in MDT. Marino Stram & Associates LLC lifted its stake in shares of Medtronic by 1.8% in the 4th quarter. Marino Stram & Associates LLC now owns 7,127 shares of the medical technology company’s stock worth $587,000 after purchasing an additional 126 shares during the period. Rogco LP boosted its stake in shares of Medtronic by 1.9% in the fourth quarter. Rogco LP now owns 6,814 shares of the medical technology company’s stock worth $561,000 after acquiring an additional 129 shares during the period. Modera Wealth Management LLC grew its holdings in Medtronic by 3.9% during the 3rd quarter. Modera Wealth Management LLC now owns 3,537 shares of the medical technology company’s stock valued at $277,000 after buying an additional 133 shares in the last quarter. jvl associates llc raised its position in shares of Medtronic by 3.8% during the fourth quarter. jvl associates llc now owns 3,840 shares of the medical technology company’s stock valued at $316,000 after buying an additional 139 shares during the last quarter. Finally, Dfpg Investments LLC lifted its holdings in shares of Medtronic by 0.3% in the fourth quarter. Dfpg Investments LLC now owns 53,045 shares of the medical technology company’s stock worth $4,413,000 after buying an additional 142 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.

Insider Transactions at Medtronic

In related news, EVP Sean Salmon sold 30,695 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The shares were 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 owns 48,289 shares in the company, valued at $4,110,842.57. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Medtronic news, EVP Michael Marinaro sold 854 shares of the stock in a transaction on Monday, April 8th. The stock was sold at an average price of $83.14, for a total transaction of $71,001.56. Following the sale, the executive vice president now owns 27,925 shares in the company, valued at approximately $2,321,684.50. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Sean Salmon sold 30,695 shares of the firm’s stock in a transaction dated 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 directly owns 48,289 shares in the company, valued at $4,110,842.57. The disclosure for this sale can be found here. Company insiders own 0.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on MDT shares. Mizuho increased their target price on Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a research report on Wednesday, February 21st. Oppenheimer raised their price objective on shares of Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 21st. 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. Finally, Truist Financial raised their price objective on Medtronic from $87.00 to $90.00 and gave the stock a “hold” rating in a report on Wednesday, February 21st. One 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’s stock. Based on data from MarketBeat.com, Medtronic currently has a consensus rating of “Hold” and a consensus target price of $94.91.

Medtronic Stock Performance

MDT traded up $0.77 during trading on Friday, hitting $81.69. 4,987,236 shares of the stock were exchanged, compared to its average volume of 6,078,836. The firm has a market capitalization of $108.47 billion, a P/E ratio of 26.02, a PEG ratio of 2.64 and a beta of 0.78. The stock has a fifty day moving average price of $83.08 and a two-hundred day moving average price of $81.44. The company has a quick ratio of 1.71, a current ratio of 2.30 and a debt-to-equity ratio of 0.46. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $91.00.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share (EPS) 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 firm had revenue of $8.09 billion for the quarter, compared to analysts’ expectations of $7.95 billion. During the same quarter in the previous year, the firm posted $1.30 EPS. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. As a group, sell-side analysts predict that Medtronic plc will post 5.2 earnings per share for the current year.

Medtronic Dividend Announcement

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 3.38%. 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.