Camden National Bank Sells 5,718 Shares of Medtronic plc (NYSE:MDT)

Camden National Bank cut its stake in shares of Medtronic plc (NYSE:MDT) by 4.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 127,308 shares of the medical technology company’s stock after selling 5,718 shares during the quarter. Medtronic makes up approximately 1.6% of Camden National Bank’s holdings, making the stock its 24th biggest position. Camden National Bank’s holdings in Medtronic were worth $11,462,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in MDT. Fortitude Family Office LLC bought a new position in shares of Medtronic during the 3rd quarter valued at approximately $27,000. Highline Wealth Partners LLC bought a new position in Medtronic in the 3rd quarter worth approximately $27,000. Darwin Wealth Management LLC bought a new position in Medtronic in the 3rd quarter worth approximately $27,000. Lynx Investment Advisory bought a new position in Medtronic in the 2nd quarter worth approximately $28,000. Finally, Gleason Group Inc. bought a new position in Medtronic in the 2nd quarter worth approximately $42,000. 82.06% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have weighed in on MDT. Sanford C. Bernstein upped their price target on Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research note on Wednesday. Evercore ISI upped their price target on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 1st. Piper Sandler upped their price target on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Barclays upped their price target on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. Finally, Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and upped their price objective for the stock from $98.00 to $105.00 in a report on Thursday, October 10th. One equities 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 company. Based on data from MarketBeat, Medtronic presently has a consensus rating of “Hold” and an average price target of $95.00.

Medtronic Stock Performance

NYSE:MDT opened at $86.21 on Friday. The stock’s fifty day moving average is $88.99 and its 200 day moving average is $84.87. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $92.68. The firm has a market capitalization of $110.56 billion, a PE ratio of 26.36, a PEG ratio of 2.40 and a beta of 0.84. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.61 and a current ratio of 1.84.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, beating the consensus estimate of $1.25 by $0.01. The company had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. Medtronic’s quarterly revenue was up 5.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.25 EPS. On average, sell-side analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current year.

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.