Portfolio Design Labs LLC Takes Position in Medtronic plc (NYSE:MDT)

Portfolio Design Labs LLC acquired a new position in shares of Medtronic plc (NYSE:MDTFree Report) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 2,641 shares of the medical technology company’s stock, valued at approximately $238,000.

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

Medtronic Trading Down 1.0 %

Shares of MDT opened at $84.11 on Thursday. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $92.68. The company has a quick ratio of 1.61, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. The firm has a market capitalization of $107.87 billion, a price-to-earnings ratio of 25.72, a P/E/G ratio of 2.42 and a beta of 0.84. The stock’s 50-day moving average price is $89.17 and its 200 day moving average price is $84.84.

Medtronic (NYSE:MDTGet Free Report) last issued its quarterly 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. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The firm had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.27 billion. During the same period in the previous year, the company posted $1.25 earnings per share. The company’s quarterly revenue was up 5.2% compared to the same quarter last year. As a group, research analysts predict that Medtronic plc will post 5.46 earnings per share for the current year.

Analysts Set New Price Targets

MDT has been the topic of several analyst reports. Evercore ISI increased their target price on shares of Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 1st. Wells Fargo & Company cut their target price on Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a report on Wednesday. Oppenheimer raised their target price on Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a report on Wednesday, August 21st. Truist Financial raised 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. Finally, Daiwa America upgraded Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $95.19.

Check Out Our Latest Report on Medtronic

About Medtronic

(Free Report)

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.

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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