Alley Co LLC boosted its position in shares of Medtronic PLC (NYSE:MDT) by 2.9% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 56,902 shares of the medical technology company’s stock after purchasing an additional 1,627 shares during the quarter. Medtronic comprises about 1.7% of Alley Co LLC’s holdings, making the stock its 23rd biggest holding. Alley Co LLC’s holdings in Medtronic were worth $5,597,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. Ballew Advisors Inc bought a new position in shares of Medtronic in the 2nd quarter worth approximately $100,000. Fort L.P. bought a new stake in Medtronic during the 2nd quarter worth approximately $121,000. Global Trust Asset Management LLC raised its stake in Medtronic by 112.1% during the 2nd quarter. Global Trust Asset Management LLC now owns 1,523 shares of the medical technology company’s stock worth $130,000 after acquiring an additional 805 shares during the period. Polaris Greystone Financial Group LLC raised its stake in Medtronic by 255.1% during the 3rd quarter. Polaris Greystone Financial Group LLC now owns 1,321 shares of the medical technology company’s stock worth $130,000 after acquiring an additional 949 shares during the period. Finally, Trustcore Financial Services LLC raised its stake in Medtronic by 97.3% during the 2nd quarter. Trustcore Financial Services LLC now owns 1,760 shares of the medical technology company’s stock worth $151,000 after acquiring an additional 868 shares during the period. 79.56% of the stock is currently owned by institutional investors.
A number of equities research analysts have commented on MDT shares. Needham & Company LLC upgraded shares of Medtronic from a “buy” rating to a “strong-buy” rating and raised their target price for the stock from $103.00 to $119.00 in a research note on Monday, August 13th. Wells Fargo & Co lifted their price objective on shares of Medtronic from $95.00 to $101.00 and gave the company a “market perform” rating in a research report on Wednesday, August 22nd. Argus lifted their price objective on shares of Medtronic from $108.00 to $120.00 and gave the company a “buy” rating in a research report on Monday, October 8th. Leerink Swann lifted their price objective on shares of Medtronic from $95.00 to $100.00 and gave the company a “market perform” rating in a research report on Wednesday, August 22nd. Finally, Zacks Investment Research cut shares of Medtronic from a “hold” rating to a “sell” rating in a research report on Tuesday, August 7th. Eight investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $102.98.
NYSE MDT traded up $0.81 on Thursday, hitting $92.97. 6,829,350 shares of the stock were exchanged, compared to its average volume of 5,647,759. The company has a quick ratio of 2.06, a current ratio of 2.56 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $124.46 billion, a price-to-earnings ratio of 19.49, a PEG ratio of 2.45 and a beta of 0.94. Medtronic PLC has a 52-week low of $76.41 and a 52-week high of $100.15.
Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, November 20th. The medical technology company reported $1.22 EPS for the quarter, topping the consensus estimate of $1.15 by $0.07. Medtronic had a net margin of 7.44% and a return on equity of 13.51%. The company had revenue of $7.48 billion during the quarter, compared to analyst estimates of $7.35 billion. During the same period in the previous year, the firm earned $1.07 earnings per share. Medtronic’s quarterly revenue was up 6.1% compared to the same quarter last year. Equities research analysts anticipate that Medtronic PLC will post 5.12 EPS for the current year.
In other news, EVP Geoffrey Martha sold 49,799 shares of Medtronic stock in a transaction on Monday, September 24th. The stock was sold at an average price of $97.93, for a total transaction of $4,876,816.07. Following the completion of the sale, the executive vice president now directly owns 87,872 shares in the company, valued at $8,605,304.96. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Hooman Hakami sold 26,159 shares of Medtronic stock in a transaction dated Friday, August 31st. The shares were sold at an average price of $96.29, for a total value of $2,518,850.11. Following the completion of the sale, the executive vice president now owns 63,046 shares of the company’s stock, valued at $6,070,699.34. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 123,134 shares of company stock valued at $11,918,901. Corporate insiders own 0.28% of the company’s stock.
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Medtronic Company Profile
Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.
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