67,725 Shares in Medtronic plc (NYSE:MDT) Acquired by Concentric Capital Strategies LP

Concentric Capital Strategies LP bought a new position in Medtronic plc (NYSE:MDT) during the 3rd quarter, Holdings Channel reports. The institutional investor bought 67,725 shares of the medical technology company’s stock, valued at approximately $6,097,000.

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

Medtronic Stock Performance

Shares of MDT opened at $86.54 on Monday. Medtronic plc has a one year low of $75.96 and a one year high of $92.68. The company has a 50-day simple moving average of $88.69 and a two-hundred day simple moving average of $85.00. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39. The firm has a market capitalization of $110.97 billion, a PE ratio of 26.46, a price-to-earnings-growth ratio of 2.45 and a beta of 0.84.

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

Analyst Ratings Changes

Several equities research analysts have issued reports on MDT shares. Piper Sandler lifted their target price on shares of Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and increased their target price for the company from $98.00 to $105.00 in a research note on Thursday, October 10th. Evercore ISI raised their price target on Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research report on Tuesday, October 1st. Citigroup upped their price objective on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a report on Tuesday, October 1st. Finally, Robert W. Baird dropped their target price on Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a research report on Wednesday, November 20th. One 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 company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $95.27.

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.