VisionPoint Advisory Group LLC Acquires New Holdings in Medtronic plc (NYSE:MDT)

VisionPoint Advisory Group LLC bought a new stake in shares of Medtronic plc (NYSE:MDT) in the fourth quarter, HoldingsChannel reports. The institutional investor bought 1,026 shares of the medical technology company’s stock, valued at approximately $82,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in MDT. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Medtronic by 436.7% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,343,385 shares of the medical technology company’s stock valued at $661,125,000 after buying an additional 5,975,110 shares during the last quarter. Van ECK Associates Corp increased its holdings in Medtronic by 2,043.4% during the fourth quarter. Van ECK Associates Corp now owns 2,598,150 shares of the medical technology company’s stock valued at $207,540,000 after buying an additional 2,476,935 shares during the last quarter. Bank of Montreal Can increased its holdings in Medtronic by 65.0% during the third quarter. Bank of Montreal Can now owns 4,546,819 shares of the medical technology company’s stock valued at $406,122,000 after buying an additional 1,790,483 shares during the last quarter. Janus Henderson Group PLC increased its holdings in Medtronic by 58.4% during the third quarter. Janus Henderson Group PLC now owns 3,850,914 shares of the medical technology company’s stock valued at $346,705,000 after buying an additional 1,420,263 shares during the last quarter. Finally, International Assets Investment Management LLC increased its holdings in Medtronic by 8,908.6% during the third quarter. International Assets Investment Management LLC now owns 1,298,415 shares of the medical technology company’s stock valued at $116,896,000 after buying an additional 1,284,002 shares during the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MDT has been the subject of a number of analyst reports. Wells Fargo & Company reduced their price objective on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research note on Wednesday, November 20th. Truist Financial reduced their price objective on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a research note on Wednesday, December 18th. Sanford C. Bernstein increased their price objective on shares of Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 20th. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research note on Wednesday. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $105.00 price objective on shares of Medtronic in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Medtronic presently has a consensus rating of “Hold” and an average price target of $95.00.

Medtronic Stock Performance

MDT opened at $89.95 on Friday. The stock has a market capitalization of $115.34 billion, a price-to-earnings ratio of 27.34, a PEG ratio of 2.46 and a beta of 0.84. The company has a fifty day moving average of $86.08 and a 200 day moving average of $87.10. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $93.08. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, beating the consensus estimate of $1.36 by $0.03. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The business had revenue of $8.29 billion during the quarter, compared to analyst estimates of $8.33 billion. As a group, sell-side analysts forecast that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were given a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, December 27th. This represents a $2.80 annualized dividend and a yield of 3.11%. Medtronic’s dividend payout ratio (DPR) is currently 85.11%.

Insider Buying and Selling at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of the stock in a transaction on Friday, January 24th. The shares were sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the completion of the transaction, the executive vice president now owns 40,979 shares in the company, valued at $3,688,110. This trade represents a 23.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.20% of the stock is owned by company insiders.

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.