Van ECK Associates Corp Increases Position in Medtronic plc (NYSE:MDT)

Van ECK Associates Corp lifted its holdings in Medtronic plc (NYSE:MDT) by 15.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 4,139,361 shares of the medical technology company’s stock after buying an additional 553,173 shares during the quarter. Van ECK Associates Corp owned approximately 0.31% of Medtronic worth $341,000,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of MDT. Steele Capital Management Inc. purchased a new stake in Medtronic in the 4th quarter valued at about $252,000. Naviter Wealth LLC grew its stake in Medtronic by 3.4% in the fourth quarter. Naviter Wealth LLC now owns 10,856 shares of the medical technology company’s stock worth $902,000 after purchasing an additional 354 shares in the last quarter. HHM Wealth Advisors LLC increased its holdings in Medtronic by 7.2% during the 4th quarter. HHM Wealth Advisors LLC now owns 2,456 shares of the medical technology company’s stock worth $202,000 after purchasing an additional 164 shares during the period. Convergence Investment Partners LLC bought a new stake in Medtronic during the 4th quarter valued at $200,000. Finally, Vance Wealth Inc. lifted its holdings in shares of Medtronic by 34.2% in the 4th quarter. Vance Wealth Inc. now owns 76,418 shares of the medical technology company’s stock worth $6,295,000 after buying an additional 19,473 shares during the period. 82.06% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

MDT has been the topic of several research reports. Oppenheimer raised their price target on Medtronic from $89.00 to $92.00 and gave the company a “market perform” rating in a research note on Wednesday, February 21st. Mizuho increased their price objective on shares of Medtronic from $95.00 to $98.00 and gave the company a “buy” rating in a research note on Wednesday, February 21st. Truist Financial lifted their price objective on shares of Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a report on Wednesday, February 21st. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $92.00 target price on shares of Medtronic in a 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 given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $94.91.

Medtronic Stock Up 1.4 %

MDT stock traded up $1.12 on Monday, hitting $80.86. 6,153,712 shares of the company’s stock were exchanged, compared to its average volume of 6,248,234. The firm has a 50 day moving average price of $83.53 and a two-hundred day moving average price of $81.25. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $92.02. The stock has a market cap of $107.37 billion, a P/E ratio of 25.66, a price-to-earnings-growth ratio of 2.73 and a beta of 0.76. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.71 and a current ratio of 2.30.

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 analysts’ consensus estimates of $1.26 by $0.04. The business had revenue of $8.09 billion for the quarter, compared to analyst estimates of $7.95 billion. Medtronic had a return on equity of 13.71% and a net margin of 13.00%. The company’s revenue was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.30 earnings per share. As a group, equities research analysts expect that Medtronic plc will post 5.2 EPS for the current fiscal year.

Medtronic Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 22nd were issued a $0.69 dividend. The ex-dividend date was Thursday, March 21st. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.41%. Medtronic’s dividend payout ratio is currently 87.90%.

Insider Transactions at Medtronic

In other Medtronic news, EVP Sean Salmon sold 30,695 shares of the business’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 owns 48,289 shares in the company, valued at approximately $4,110,842.57. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, EVP Michael Marinaro sold 854 shares of the stock in a transaction 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 owns 27,925 shares in the company, valued at $2,321,684.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Sean Salmon sold 30,695 shares of the business’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $85.13, for a total transaction of $2,613,065.35. Following the transaction, the executive vice president now owns 48,289 shares of the company’s stock, valued at $4,110,842.57. The disclosure for this sale can be found here. Insiders own 0.30% of the company’s stock.

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.