Glenmede Trust Co. NA Boosts Stake in Medtronic plc (NYSE:MDT)

Glenmede Trust Co. NA raised its holdings in Medtronic plc (NYSE:MDT) by 31.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 380,554 shares of the medical technology company’s stock after acquiring an additional 90,111 shares during the period. Glenmede Trust Co. NA’s holdings in Medtronic were worth $34,261,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the business. Fortitude Family Office LLC purchased a new stake in shares of Medtronic in the third quarter valued at about $27,000. Highline Wealth Partners LLC purchased a new stake in shares of Medtronic in the 3rd quarter valued at approximately $27,000. Darwin Wealth Management LLC acquired a new stake in shares of Medtronic during the 3rd quarter worth approximately $27,000. Lynx Investment Advisory purchased a new stake in shares of Medtronic during the 2nd quarter valued at approximately $28,000. Finally, J. Stern & Co. LLP acquired a new position in Medtronic in the third quarter valued at approximately $30,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Price Performance

Shares of NYSE:MDT opened at $86.29 on Thursday. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $92.68. The company has a 50-day moving average price of $88.81 and a 200 day moving average price of $84.96. The company has a market cap of $110.66 billion, a P/E ratio of 26.39, a PEG ratio of 2.43 and a beta of 0.84. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates 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 quarter in the prior year, the company posted $1.25 earnings per share. Medtronic’s quarterly revenue was up 5.2% on a year-over-year basis. Research analysts predict that Medtronic plc will post 5.46 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on MDT. JPMorgan Chase & Co. cut their target price on Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research note on Friday, November 15th. UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and boosted their price objective for the company from $76.00 to $90.00 in a report on Thursday, August 15th. Sanford C. Bernstein increased their target price on shares of Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 20th. Robert W. Baird dropped their price target on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a research report on Wednesday, November 20th. Finally, Citigroup upped their price objective on shares of Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a report on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $95.27.

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.