Medtronic plc (NYSE:MDT) Stake Reduced by Dearborn Partners LLC

Dearborn Partners LLC cut its stake in Medtronic plc (NYSE:MDT) by 3.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 66,775 shares of the medical technology company’s stock after selling 2,117 shares during the period. Dearborn Partners LLC’s holdings in Medtronic were worth $6,012,000 as of its most recent SEC filing.

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

Medtronic Stock Down 2.3 %

Shares of Medtronic stock opened at $85.97 on Friday. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. Medtronic plc has a 12-month low of $72.79 and a 12-month high of $92.68. The firm has a market capitalization of $110.25 billion, a PE ratio of 29.04, a price-to-earnings-growth ratio of 2.51 and a beta of 0.84. The stock’s fifty day moving average is $89.59 and its 200-day moving average is $84.66.

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

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Wells Fargo & Company increased their price target on Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 21st. Barclays increased their target price on shares of Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. Piper Sandler boosted their price target on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Robert W. Baird increased their price objective on shares of Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. Finally, UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and boosted their target price for the stock from $76.00 to $90.00 in a report on Thursday, August 15th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $95.36.

Medtronic 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.