49 Wealth Management LLC cut its stake in Medtronic plc (NYSE:MDT – Free Report) by 23.3% during the 3rd quarter, HoldingsChannel reports. The fund owned 3,995 shares of the medical technology company’s stock after selling 1,215 shares during the period. 49 Wealth Management LLC’s holdings in Medtronic were worth $360,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. Fortitude Family Office LLC bought a new stake in Medtronic in the third quarter valued at about $27,000. Darwin Wealth Management LLC bought a new stake in shares of Medtronic in the 3rd quarter valued at approximately $27,000. Highline Wealth Partners LLC bought a new position in Medtronic during the third quarter worth $27,000. Lynx Investment Advisory acquired a new position in Medtronic in the second quarter worth $28,000. Finally, Gleason Group Inc. acquired a new stake in shares of Medtronic during the second quarter worth $42,000. 82.06% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of brokerages recently weighed in on MDT. Piper Sandler boosted their price objective on shares of Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. Evercore ISI boosted their price objective on Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research report on Tuesday, October 1st. Daiwa America raised Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Truist Financial boosted their price target on Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a research report on Monday, October 14th. Finally, Barclays lifted their price objective on shares of Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $95.19.
Medtronic Trading Up 0.7 %
Medtronic stock opened at $84.71 on Friday. The company has a 50 day moving average price of $89.07 and a 200 day moving average price of $84.84. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.61 and a current ratio of 1.84. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $92.68. The firm has a market capitalization of $108.63 billion, a price-to-earnings ratio of 25.90, a P/E/G ratio of 2.42 and a beta of 0.84.
Medtronic (NYSE:MDT – Get Free Report) last posted its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share 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 firm earned $1.25 earnings per share. Medtronic’s quarterly revenue was up 5.2% on a year-over-year basis. Research analysts forecast that Medtronic plc will post 5.46 EPS 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.
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