Advisors Asset Management Inc. Raises Stock Position in Medtronic plc (NYSE:MDT)

Advisors Asset Management Inc. grew its stake in Medtronic plc (NYSE:MDT) by 8.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 166,057 shares of the medical technology company’s stock after purchasing an additional 12,461 shares during the quarter. Advisors Asset Management Inc.’s holdings in Medtronic were worth $14,950,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Clearbridge Investments LLC boosted its holdings in shares of Medtronic by 2.8% during the 1st quarter. Clearbridge Investments LLC now owns 595,995 shares of the medical technology company’s stock worth $51,941,000 after purchasing an additional 16,105 shares during the last quarter. Lake Street Advisors Group LLC purchased a new stake in shares of Medtronic during the 1st quarter valued at approximately $498,000. National Bank of Canada FI lifted its holdings in Medtronic by 13.6% in the first quarter. National Bank of Canada FI now owns 261,325 shares of the medical technology company’s stock valued at $21,642,000 after acquiring an additional 31,195 shares during the last quarter. InterOcean Capital Group LLC increased its stake in Medtronic by 4.4% during the first quarter. InterOcean Capital Group LLC now owns 4,885 shares of the medical technology company’s stock worth $426,000 after acquiring an additional 207 shares during the last quarter. Finally, MQS Management LLC acquired a new stake in shares of Medtronic during the 1st quarter worth about $503,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Stock Down 2.9 %

Medtronic stock opened at $85.01 on Wednesday. The stock’s 50 day moving average price is $89.30 and its 200 day moving average price is $84.84. Medtronic plc has a 1-year low of $74.66 and a 1-year high of $92.68. The company has a market cap of $109.02 billion, a PE ratio of 28.72, a price-to-earnings-growth ratio of 2.50 and a beta of 0.84. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61.

Medtronic (NYSE:MDT) last issued its 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. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The company 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 EPS. The business’s revenue was up 5.2% on a year-over-year basis. On average, sell-side analysts predict that Medtronic plc will post 5.44 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and boosted their target price for the company from $76.00 to $90.00 in a research report on Thursday, August 15th. Daiwa America upgraded Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. Piper Sandler upped their target price on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Truist Financial increased their target price on Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a report on Monday, October 14th. Finally, Wells Fargo & Company lifted their price target on Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $95.60.

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.