Medtronic plc (NYSE:MDT) Shares Sold by 49 Wealth Management LLC

49 Wealth Management LLC decreased its stake in shares of Medtronic plc (NYSE:MDT) by 23.3% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,995 shares of the medical technology company’s stock after selling 1,215 shares during the period. 49 Wealth Management LLC’s holdings in Medtronic were worth $360,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Olstein Capital Management L.P. lifted its holdings in Medtronic by 19.2% in the 3rd quarter. Olstein Capital Management L.P. now owns 87,000 shares of the medical technology company’s stock valued at $7,833,000 after purchasing an additional 14,000 shares in the last quarter. Manning & Napier Advisors LLC acquired a new stake in Medtronic during the second quarter worth approximately $25,643,000. Ferguson Wellman Capital Management Inc. purchased a new stake in Medtronic in the 3rd quarter worth approximately $9,486,000. Harvest Portfolios Group Inc. raised its holdings in Medtronic by 6.5% in the 3rd quarter. Harvest Portfolios Group Inc. now owns 689,131 shares of the medical technology company’s stock valued at $62,042,000 after acquiring an additional 42,112 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its stake in shares of Medtronic by 6.3% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 368,682 shares of the medical technology company’s stock worth $29,019,000 after purchasing an additional 21,995 shares during the period. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Stock Up 0.7 %

NYSE MDT opened at $84.71 on Friday. The company has a quick ratio of 1.61, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $92.68. The business has a 50 day moving average price of $89.07 and a two-hundred day moving average price of $84.84. The stock has a market cap of $108.63 billion, a PE ratio of 25.90, a P/E/G ratio of 2.42 and a beta of 0.84.

Medtronic (NYSE:MDT) last announced 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. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The business had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.27 billion. During the same period in the prior year, the firm earned $1.25 earnings per share. The business’s quarterly revenue was up 5.2% compared to the same quarter last year. As a group, sell-side analysts predict that Medtronic plc will post 5.46 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on MDT. Barclays lifted their price objective on Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Monday. Piper Sandler boosted their target price on shares of Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. Stifel Nicolaus increased their price target on shares of Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research note on Wednesday, August 21st. Finally, Robert W. Baird decreased their price target on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a report on Wednesday. One analyst has rated the stock with a sell rating, nine have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $95.19.

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.