Cassaday & Co Wealth Management LLC Invests $216,000 in Medtronic plc (NYSE:MDT)

Cassaday & Co Wealth Management LLC bought a new stake in Medtronic plc (NYSE:MDT) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 2,403 shares of the medical technology company’s stock, valued at approximately $216,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in MDT. Capital Research Global Investors boosted its holdings in Medtronic by 7.1% in the 1st quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after buying an additional 2,044,109 shares during the period. Pzena Investment Management LLC grew its position in shares of Medtronic by 8.3% in the second quarter. Pzena Investment Management LLC now owns 8,307,123 shares of the medical technology company’s stock valued at $653,854,000 after purchasing an additional 637,931 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Medtronic by 7.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 7,120,554 shares of the medical technology company’s stock valued at $560,494,000 after purchasing an additional 515,751 shares during the period. Longview Partners Guernsey LTD lifted its holdings in Medtronic by 2.3% during the 1st quarter. Longview Partners Guernsey LTD now owns 6,635,054 shares of the medical technology company’s stock worth $578,245,000 after purchasing an additional 147,737 shares in the last quarter. Finally, Raymond James & Associates boosted its stake in Medtronic by 2.3% in the 3rd quarter. Raymond James & Associates now owns 6,391,865 shares of the medical technology company’s stock worth $575,460,000 after purchasing an additional 145,504 shares during the period. 82.06% of the stock is currently owned by institutional investors.

Medtronic Stock Performance

Shares of MDT stock opened at $87.64 on Tuesday. The company has a market capitalization of $112.39 billion, a P/E ratio of 29.61, a PEG ratio of 2.50 and a beta of 0.84. Medtronic plc has a fifty-two week low of $74.66 and a fifty-two week high of $92.68. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. The stock has a 50 day moving average price of $89.42 and a two-hundred day moving average price of $84.82.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The company had revenue of $7.97 billion during the quarter, compared to analyst estimates of $7.90 billion. During the same period in the prior year, the business posted $1.20 EPS. The firm’s revenue was up 3.4% compared to the same quarter last year. Analysts expect that Medtronic plc will post 5.44 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have recently weighed in on MDT. Oppenheimer upped their price target on Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research report on Wednesday, August 21st. UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and upped their price objective for the stock from $76.00 to $90.00 in a research report on Thursday, August 15th. Evercore ISI raised their price objective on shares of Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research report on Tuesday, October 1st. Robert W. Baird upped their target price on shares of Medtronic from $90.00 to $96.00 in a research report on Friday. Finally, JPMorgan Chase & Co. lowered their price target on Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research report on Friday. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $95.80.

Medtronic Company 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.