Providence Capital Advisors LLC Has $2.98 Million Stake in Medtronic PLC (NYSE:MDT)
Providence Capital Advisors LLC increased its stake in Medtronic PLC (NYSE:MDT) by 40,700.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,600 shares of the medical technology company’s stock after acquiring an additional 30,525 shares during the period. Medtronic makes up approximately 1.8% of Providence Capital Advisors LLC’s investment portfolio, making the stock its 9th biggest position. Providence Capital Advisors LLC’s holdings in Medtronic were worth $2,980,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Hayden Royal LLC bought a new stake in shares of Medtronic during the 2nd quarter worth $275,000. Rockefeller Capital Management L.P. raised its holdings in Medtronic by 0.6% during the 1st quarter. Rockefeller Capital Management L.P. now owns 1,357,738 shares of the medical technology company’s stock worth $123,663,000 after buying an additional 7,939 shares during the period. Cim LLC raised its holdings in Medtronic by 12.9% during the 2nd quarter. Cim LLC now owns 4,189 shares of the medical technology company’s stock worth $408,000 after buying an additional 480 shares during the period. Concentric Wealth Management LLC raised its holdings in Medtronic by 3.1% during the 2nd quarter. Concentric Wealth Management LLC now owns 19,536 shares of the medical technology company’s stock worth $1,903,000 after buying an additional 595 shares during the period. Finally, Belpointe Asset Management LLC lifted its stake in Medtronic by 35.3% during the first quarter. Belpointe Asset Management LLC now owns 4,581 shares of the medical technology company’s stock valued at $417,000 after buying an additional 1,196 shares in the last quarter. Institutional investors and hedge funds own 81.19% of the company’s stock.
MDT traded up $1.19 on Wednesday, reaching $108.67. 5,121,026 shares of the company traded hands, compared to its average volume of 4,619,829. The company has a market cap of $144.81 billion, a price-to-earnings ratio of 20.82, a PEG ratio of 2.65 and a beta of 0.65. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.67 and a quick ratio of 2.20. The stock’s 50 day moving average price is $104.53 and its 200-day moving average price is $95.60. Medtronic PLC has a 52-week low of $81.66 and a 52-week high of $109.70.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 18th. Investors of record on Friday, September 27th will be given a dividend of $0.54 per share. The ex-dividend date of this dividend is Thursday, September 26th. This represents a $2.16 dividend on an annualized basis and a yield of 1.99%. Medtronic’s payout ratio is 41.38%.
In other Medtronic news, SVP Carol A. Surface sold 9,000 shares of the business’s stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $97.66, for a total value of $878,940.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Bradley E. Lerman sold 6,599 shares of the stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $102.02, for a total transaction of $673,229.98. Following the transaction, the senior vice president now owns 105,960 shares in the company, valued at approximately $10,810,039.20. The disclosure for this sale can be found here. Insiders sold 23,037 shares of company stock worth $2,301,061 in the last 90 days. Corporate insiders own 0.28% of the company’s stock.
MDT has been the subject of several recent analyst reports. Cowen reiterated an “outperform” rating and issued a $111.00 target price (up from $99.00) on shares of Medtronic in a report on Wednesday, August 14th. BTIG Research upped their price target on shares of Medtronic to $120.00 and gave the company a “buy” rating in a research report on Wednesday, August 21st. Bank of America set a $118.00 price target on shares of Medtronic and gave the company a “buy” rating in a research report on Wednesday, August 21st. Needham & Company LLC reaffirmed a “buy” rating and issued a $133.00 price objective on shares of Medtronic in a research note on Wednesday, August 28th. Finally, UBS Group lifted their price objective on shares of Medtronic from $112.00 to $122.00 and gave the stock a “buy” rating in a research report on Wednesday, August 21st. Six equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Medtronic currently has an average rating of “Buy” and an average price target of $114.15.
Medtronic Company Profile
Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.
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