Medtronic plc (NYSE:MDT) Shares Acquired by Great Valley Advisor Group Inc.

Great Valley Advisor Group Inc. boosted its holdings in Medtronic plc (NYSE:MDT) by 6.6% during the third quarter, Holdings Channel.com reports. The fund owned 89,686 shares of the medical technology company’s stock after acquiring an additional 5,518 shares during the period. Great Valley Advisor Group Inc.’s holdings in Medtronic were worth $8,075,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Olstein Capital Management L.P. lifted its stake in Medtronic by 19.2% in the 3rd quarter. Olstein Capital Management L.P. now owns 87,000 shares of the medical technology company’s stock valued at $7,833,000 after buying an additional 14,000 shares in the last quarter. Manning & Napier Advisors LLC acquired a new position in shares of Medtronic in the second quarter valued at approximately $25,643,000. Ferguson Wellman Capital Management Inc. acquired a new stake in Medtronic during the third quarter worth approximately $9,486,000. Harvest Portfolios Group Inc. raised its holdings in Medtronic by 6.5% in the 3rd quarter. Harvest Portfolios Group Inc. now owns 689,131 shares of the medical technology company’s stock valued at $62,042,000 after acquiring an additional 42,112 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted 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 purchasing an additional 21,995 shares during the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

MDT has been the topic of several research analyst reports. Robert W. Baird reduced their price objective on Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a research note on Wednesday. Evercore ISI increased their price objective 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. Oppenheimer raised their target price on shares of Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research note on Wednesday, August 21st. Truist Financial upped their price target on shares of Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a research report on Monday, October 14th. Finally, JPMorgan Chase & Co. reduced their price objective on Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research note on Friday, November 15th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $95.00.

Medtronic Stock Performance

Shares of NYSE MDT opened at $86.21 on Friday. The stock has a market capitalization of $110.56 billion, a P/E ratio of 26.36, a P/E/G ratio of 2.40 and a beta of 0.84. The firm’s 50-day moving average price is $88.99 and its two-hundred day moving average price is $84.87. Medtronic plc has a 52-week low of $75.96 and a 52-week 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.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, topping the consensus estimate of $1.25 by $0.01. The business had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The company’s quarterly revenue was up 5.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.25 earnings per share. As a group, sell-side analysts forecast that Medtronic plc will post 5.46 earnings per share for the current 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.