Medtronic plc (NYSE:MDT) Shares Sold by Commerce Bank

Commerce Bank cut its holdings in shares of Medtronic plc (NYSE:MDT) by 19.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 138,105 shares of the medical technology company’s stock after selling 32,660 shares during the quarter. Commerce Bank’s holdings in Medtronic were worth $12,434,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Segall Bryant & Hamill LLC acquired a new position in Medtronic during the third quarter worth about $2,641,000. Prospera Private Wealth LLC acquired a new position in Medtronic in the 3rd quarter valued at about $7,874,000. West Family Investments Inc. acquired a new position in Medtronic in the 3rd quarter valued at about $343,000. PNC Financial Services Group Inc. boosted its holdings in Medtronic by 9.8% in the 3rd quarter. PNC Financial Services Group Inc. now owns 574,483 shares of the medical technology company’s stock valued at $51,721,000 after purchasing an additional 51,346 shares during the last quarter. Finally, First City Capital Management Inc. boosted its holdings in Medtronic by 2.9% in the 3rd quarter. First City Capital Management Inc. now owns 4,123 shares of the medical technology company’s stock valued at $371,000 after purchasing an additional 116 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

MDT has been the topic of several recent analyst reports. Wells Fargo & Company decreased their target price on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a report on Wednesday. UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and boosted their target price for the company from $76.00 to $90.00 in a report on Thursday, August 15th. Robert W. Baird reduced their price target on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a research note on Wednesday. Sanford C. Bernstein boosted their price target on shares of Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a research note on Wednesday. Finally, Daiwa America raised shares of Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. One equities research analyst has rated the stock with a sell rating, nine have assigned 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, the company currently has an average rating of “Hold” and an average target price of $95.19.

Medtronic Trading Down 1.0 %

Shares of Medtronic stock opened at $84.11 on Thursday. The company has a fifty day simple moving average of $89.17 and a 200-day simple moving average of $84.84. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $92.68. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55. The stock has a market cap of $107.87 billion, a price-to-earnings ratio of 25.72, a PEG ratio of 2.50 and a beta of 0.84.

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, beating the consensus estimate of $1.25 by $0.01. The business had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.27 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The company’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.25 EPS. On average, equities analysts forecast that Medtronic plc will post 5.44 EPS for the current fiscal year.

About Medtronic

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.