Bedell Frazier Investment Counselling LLC Sells 389 Shares of Medtronic plc (NYSE:MDT)

Bedell Frazier Investment Counselling LLC trimmed its holdings in shares of Medtronic plc (NYSE:MDT) by 6.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,287 shares of the medical technology company’s stock after selling 389 shares during the period. Bedell Frazier Investment Counselling LLC’s holdings in Medtronic were worth $476,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in MDT. Fortitude Family Office LLC bought a new stake in Medtronic in the 3rd quarter valued at about $27,000. Highline Wealth Partners LLC bought a new stake in Medtronic in the 3rd quarter valued at about $27,000. Darwin Wealth Management LLC bought a new stake in Medtronic in the 3rd quarter valued at about $27,000. Lynx Investment Advisory bought a new stake in Medtronic in the 2nd quarter valued at about $28,000. Finally, Gleason Group Inc. bought a new stake in Medtronic in the 2nd quarter valued at about $42,000. 82.06% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

MDT has been the subject of a number of recent analyst reports. Truist Financial lifted their target price on Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a report on Monday, October 14th. Citigroup lifted their target price on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a report on Tuesday, October 1st. Robert W. Baird reduced their target price on Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a report on Wednesday, November 20th. UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and lifted their target price for the company from $76.00 to $90.00 in a report on Thursday, August 15th. Finally, Evercore ISI lifted their target price on Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a report on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $95.00.

Medtronic Stock Up 1.7 %

Shares of MDT opened at $86.21 on Monday. The firm has a market cap of $110.56 billion, a P/E ratio of 26.36, a P/E/G ratio of 2.44 and a beta of 0.84. The stock has a 50 day simple moving average of $88.99 and a two-hundred day simple moving average of $84.91. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $92.68.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.01. The business had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. Medtronic’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.25 earnings per share. On average, analysts forecast that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

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.