Empowered Funds LLC Decreases Stock Position in Medtronic plc (NYSE:MDT)

Empowered Funds LLC trimmed its position in Medtronic plc (NYSE:MDT) by 5.9% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 103,044 shares of the medical technology company’s stock after selling 6,498 shares during the quarter. Empowered Funds LLC’s holdings in Medtronic were worth $9,277,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in MDT. Nwam LLC increased its position in Medtronic by 3.2% in the first quarter. Nwam LLC now owns 4,492 shares of the medical technology company’s stock worth $371,000 after purchasing an additional 141 shares during the last quarter. Pinnacle Wealth Planning Services Inc. increased its holdings in shares of Medtronic by 3.4% in the 1st quarter. Pinnacle Wealth Planning Services Inc. now owns 4,118 shares of the medical technology company’s stock worth $359,000 after buying an additional 137 shares during the last quarter. Nicolet Advisory Services LLC purchased a new stake in shares of Medtronic during the 1st quarter valued at about $247,000. TIAA Trust National Association lifted its holdings in shares of Medtronic by 16.1% in the 1st quarter. TIAA Trust National Association now owns 8,083 shares of the medical technology company’s stock valued at $704,000 after acquiring an additional 1,119 shares during the last quarter. Finally, Ontario Teachers Pension Plan Board purchased a new position in Medtronic in the first quarter worth about $1,616,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Wells Fargo & Company raised their price objective on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Wednesday, August 21st. Citigroup lifted their price objective on shares of Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 1st. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research note on Friday, October 25th. Evercore ISI lifted their price target on shares of Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 1st. Finally, Daiwa America raised shares of Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Medtronic currently has a consensus rating of “Hold” and an average target price of $95.80.

Medtronic Price Performance

MDT opened at $87.53 on Friday. 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 business’s fifty day simple moving average is $89.48 and its 200-day simple moving average is $84.71. The company has a market capitalization of $112.25 billion, a price-to-earnings ratio of 29.57, a PEG ratio of 2.51 and a beta of 0.84. Medtronic plc has a 12-month low of $74.20 and a 12-month high of $92.68.

Medtronic (NYSE:MDT) last posted its 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 business had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.90 billion. During the same quarter last year, the firm posted $1.20 EPS. The company’s revenue for the quarter was up 3.4% on a year-over-year basis. On average, equities research analysts anticipate that Medtronic plc will post 5.44 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.