CIBC Asset Management Inc Raises Position in Medtronic plc (NYSE:MDT)

CIBC Asset Management Inc increased its holdings in shares of Medtronic plc (NYSE:MDT) by 2.4% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 912,737 shares of the medical technology company’s stock after purchasing an additional 21,662 shares during the period. CIBC Asset Management Inc’s holdings in Medtronic were worth $82,174,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in MDT. Fortitude Family Office LLC acquired a new stake in Medtronic during the 3rd quarter worth about $27,000. Highline Wealth Partners LLC purchased a new stake in Medtronic in the third quarter valued at approximately $27,000. Lynx Investment Advisory acquired a new position in Medtronic in the 2nd quarter worth approximately $28,000. Gleason Group Inc. acquired a new stake in Medtronic during the 2nd quarter valued at approximately $42,000. Finally, Opal Wealth Advisors LLC purchased a new stake in shares of Medtronic in the 2nd quarter valued at $43,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Stifel Nicolaus raised their target price on shares of Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a report on Wednesday, August 21st. Wells Fargo & Company boosted their price objective on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. UBS Group upgraded Medtronic from a “sell” rating to a “neutral” rating and upped their price objective for the stock from $76.00 to $90.00 in a research report on Thursday, August 15th. Truist Financial raised their target price on Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research report on Monday, October 14th. Finally, Citigroup boosted their price objective on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research report on Tuesday, October 1st. One analyst has rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Medtronic has an average rating of “Hold” and a consensus price target of $95.36.

Medtronic Stock Down 2.3 %

Shares of NYSE MDT opened at $85.97 on Friday. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55. The company has a 50-day moving average of $89.59 and a 200 day moving average of $84.66. Medtronic plc has a 12-month low of $72.79 and a 12-month high of $92.68. The stock has a market cap of $110.25 billion, a PE ratio of 29.04, a P/E/G ratio of 2.51 and a beta of 0.84.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. The business had revenue of $7.97 billion during the quarter, compared to analyst estimates of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The business’s revenue was up 3.4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.20 earnings per share. As a group, sell-side analysts predict that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Company 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.