Vance Wealth Inc. Reduces Stock Position in Medtronic plc (NYSE:MDT)

Vance Wealth Inc. cut its stake in Medtronic plc (NYSE:MDT) by 47.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 29,270 shares of the medical technology company’s stock after selling 26,400 shares during the period. Medtronic makes up approximately 1.0% of Vance Wealth Inc.’s holdings, making the stock its 24th largest holding. Vance Wealth Inc.’s holdings in Medtronic were worth $2,635,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Fortitude Family Office LLC purchased a new position in shares of Medtronic during the 3rd quarter worth approximately $27,000. Highline Wealth Partners LLC purchased a new position in shares of Medtronic during the 3rd quarter worth approximately $27,000. Lynx Investment Advisory purchased a new position in shares of Medtronic during the 2nd quarter worth approximately $28,000. Gleason Group Inc. purchased a new position in shares of Medtronic during the 2nd quarter worth approximately $42,000. Finally, Opal Wealth Advisors LLC purchased a new position in shares of Medtronic during the 2nd quarter worth approximately $43,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Stock Up 0.1 %

Shares of MDT opened at $87.64 on Tuesday. The firm has a market cap of $112.39 billion, a PE ratio of 29.61, a price-to-earnings-growth ratio of 2.50 and a beta of 0.84. The company’s fifty day moving average is $89.42 and its two-hundred day moving average is $84.82. Medtronic plc has a fifty-two week low of $74.66 and a fifty-two week high of $92.68. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.01. The business had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.27 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The business’s quarterly revenue was up 5.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.25 EPS. Analysts forecast that Medtronic plc will post 5.44 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on MDT. Daiwa America raised shares of Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. JPMorgan Chase & Co. decreased their target price on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research report on Friday. Piper Sandler raised their target price on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Royal Bank of Canada upgraded shares of Medtronic from a “sector perform” rating to an “outperform” rating and raised their target price for the stock from $98.00 to $105.00 in a research report on Thursday, October 10th. Finally, Stifel Nicolaus raised their target price on shares of Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research report on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $95.80.

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.