Camden National Bank Sells 5,718 Shares of Medtronic plc (NYSE:MDT)

Camden National Bank decreased its position in shares of Medtronic plc (NYSE:MDT) by 4.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 127,308 shares of the medical technology company’s stock after selling 5,718 shares during the quarter. Medtronic makes up 1.6% of Camden National Bank’s holdings, making the stock its 24th largest holding. Camden National Bank’s holdings in Medtronic were worth $11,462,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Studio Investment Management LLC grew its position in shares of Medtronic by 11.7% during the 3rd quarter. Studio Investment Management LLC now owns 10,350 shares of the medical technology company’s stock worth $939,000 after buying an additional 1,085 shares in the last quarter. Allen Capital Group LLC bought a new stake in Medtronic during the third quarter valued at about $259,000. Pacer Advisors Inc. boosted its position in Medtronic by 14.6% during the third quarter. Pacer Advisors Inc. now owns 142,368 shares of the medical technology company’s stock valued at $12,817,000 after purchasing an additional 18,171 shares in the last quarter. LPL Financial LLC boosted its position in Medtronic by 6.9% during the third quarter. LPL Financial LLC now owns 1,092,135 shares of the medical technology company’s stock valued at $98,325,000 after purchasing an additional 70,413 shares in the last quarter. Finally, Cypress Capital Group boosted its position in Medtronic by 28.9% during the third quarter. Cypress Capital Group now owns 12,473 shares of the medical technology company’s stock valued at $1,123,000 after purchasing an additional 2,798 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on MDT. Truist Financial raised their price objective on Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research report on Monday, October 14th. Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and raised their price objective for the company from $98.00 to $105.00 in a research report on Thursday, October 10th. Citigroup increased their price target on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research note on Tuesday, October 1st. Evercore ISI increased their price target on Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research note on Tuesday, October 1st. Finally, Barclays increased their price target on Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $95.00.

Medtronic Stock Up 1.7 %

Shares of MDT stock opened at $86.21 on Friday. The company has a current ratio of 1.84, a quick ratio of 1.61 and a debt-to-equity ratio of 0.51. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $92.68. The stock has a 50 day moving average of $88.99 and a 200 day moving average of $84.87. The stock has a market cap 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.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, topping analysts’ consensus estimates of $1.25 by $0.01. The business had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The business’s revenue was up 5.2% on a year-over-year basis. During the same quarter last year, the company earned $1.25 EPS. As a group, sell-side analysts expect 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.