Bedell Frazier Investment Counselling LLC Sells 389 Shares of Medtronic plc (NYSE:MDT)

Bedell Frazier Investment Counselling LLC lowered its stake in Medtronic plc (NYSE:MDT) by 6.9% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 5,287 shares of the medical technology company’s stock after selling 389 shares during the period. Bedell Frazier Investment Counselling LLC’s holdings in Medtronic were worth $476,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MDT. Fortitude Family Office LLC bought a new position in shares of Medtronic during the third quarter valued at approximately $27,000. Highline Wealth Partners LLC bought a new position in shares of Medtronic during the third quarter valued at approximately $27,000. Darwin Wealth Management LLC bought a new position in shares of Medtronic during the third quarter valued at approximately $27,000. Lynx Investment Advisory bought a new position in shares of Medtronic during the second quarter valued at approximately $28,000. Finally, Gleason Group Inc. bought a new position in shares of Medtronic during the second quarter valued at approximately $42,000. Institutional investors own 82.06% of the company’s stock.

Medtronic Trading Up 1.7 %

NYSE MDT opened at $86.21 on Monday. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $92.68. The stock has a market cap of $110.56 billion, a P/E ratio of 26.36, a P/E/G ratio of 2.44 and a beta of 0.84. The stock’s fifty day moving average price is $88.99 and its 200-day moving average price is $84.91.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 EPS 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 company had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.27 billion. During the same period last year, the firm posted $1.25 earnings per share. Medtronic’s revenue was up 5.2% compared to the same quarter last year. As a group, equities analysts forecast that Medtronic plc will post 5.46 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on MDT. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a report on Monday, November 18th. UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and upped their price target for the stock from $76.00 to $90.00 in a research note on Thursday, August 15th. Oppenheimer upped their price target on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 21st. Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and upped their price target for the stock from $98.00 to $105.00 in a research note on Thursday, October 10th. Finally, Evercore ISI upped their price target on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 1st. One analyst has rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $95.00.

About Medtronic

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.