Studio Investment Management LLC Raises Stake in Medtronic plc (NYSE:MDT)

Studio Investment Management LLC grew its stake in shares of Medtronic plc (NYSE:MDT) by 11.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,350 shares of the medical technology company’s stock after buying an additional 1,085 shares during the period. Studio Investment Management LLC’s holdings in Medtronic were worth $939,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of MDT. Fortitude Family Office LLC bought a new stake in Medtronic during the 3rd quarter worth approximately $27,000. Highline Wealth Partners LLC bought a new position in shares of Medtronic in the third quarter worth $27,000. Darwin Wealth Management LLC bought a new position in shares of Medtronic in the third quarter worth $27,000. Lynx Investment Advisory bought a new stake in Medtronic during the second quarter valued at $28,000. Finally, Gleason Group Inc. purchased a new position in Medtronic during the second quarter worth about $42,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

MDT has been the topic of several recent analyst reports. Sanford C. Bernstein raised their price target on Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a report on Wednesday. Piper Sandler raised their target price on shares of Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and boosted their price target for the stock from $98.00 to $105.00 in a research note on Thursday, October 10th. UBS Group raised shares of Medtronic from a “sell” rating to a “neutral” rating and lifted their price objective for the stock from $76.00 to $90.00 in a report on Thursday, August 15th. Finally, Oppenheimer increased their target price on Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research note on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $95.19.

Medtronic Trading Up 0.7 %

NYSE MDT opened at $84.71 on Friday. The stock has a 50-day moving average of $89.07 and a 200-day moving average of $84.84. The company has a current ratio of 1.84, a quick ratio of 1.61 and a debt-to-equity ratio of 0.51. Medtronic plc has a 1-year low of $75.96 and a 1-year high of $92.68. The firm has a market cap of $108.63 billion, a PE ratio of 25.90, a price-to-earnings-growth ratio of 2.42 and a beta of 0.84.

Medtronic (NYSE:MDT) last announced its quarterly earnings data 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 firm had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The business’s revenue was up 5.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.25 earnings per share. As a group, sell-side analysts forecast that Medtronic plc will post 5.46 EPS for the current year.

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.