Cassaday & Co Wealth Management LLC Takes $216,000 Position in Medtronic plc (NYSE:MDT)

Cassaday & Co Wealth Management LLC purchased a new position in Medtronic plc (NYSE:MDT) in the third quarter, Holdings Channel.com reports. The fund purchased 2,403 shares of the medical technology company’s stock, valued at approximately $216,000.

Several other large investors have also added to or reduced their stakes in the stock. Capital Research Global Investors grew its holdings in shares of Medtronic by 7.1% during the 1st quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after acquiring an additional 2,044,109 shares during the period. Pzena Investment Management LLC boosted its holdings in shares of Medtronic by 8.3% during the 2nd quarter. Pzena Investment Management LLC now owns 8,307,123 shares of the medical technology company’s stock valued at $653,854,000 after buying an additional 637,931 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Medtronic by 7.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 7,120,554 shares of the medical technology company’s stock worth $560,494,000 after acquiring an additional 515,751 shares in the last quarter. Longview Partners Guernsey LTD lifted its position in Medtronic by 2.3% during the 1st quarter. Longview Partners Guernsey LTD now owns 6,635,054 shares of the medical technology company’s stock valued at $578,245,000 after acquiring an additional 147,737 shares during the period. Finally, Raymond James & Associates boosted its stake in Medtronic by 2.3% during the third quarter. Raymond James & Associates now owns 6,391,865 shares of the medical technology company’s stock worth $575,460,000 after acquiring an additional 145,504 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Robert W. Baird raised their target price on shares of Medtronic from $90.00 to $96.00 in a research note on Friday. Evercore ISI lifted their price objective on Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research note on Tuesday, October 1st. Daiwa America raised Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Wells Fargo & Company increased their price target on shares of Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. Finally, Barclays lifted their target price on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. 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 issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $95.80.

Medtronic Stock Performance

Shares of NYSE MDT opened at $87.64 on Tuesday. The firm has a 50 day moving average of $89.42 and a 200 day moving average of $84.82. The firm has a market capitalization of $112.39 billion, a price-to-earnings ratio of 29.61, a price-to-earnings-growth ratio of 2.50 and a beta of 0.84. Medtronic plc has a 12-month low of $74.66 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.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The company had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.90 billion. During the same period in the previous year, the business earned $1.20 earnings per share. Medtronic’s quarterly revenue was up 3.4% compared to the same quarter last year. On average, research analysts anticipate that Medtronic plc will post 5.44 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.