Ingalls & Snyder LLC Purchases 6,989 Shares of Medtronic plc (NYSE:MDT)

Ingalls & Snyder LLC raised its position in shares of Medtronic plc (NYSE:MDT) by 31.5% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 29,198 shares of the medical technology company’s stock after purchasing an additional 6,989 shares during the period. Ingalls & Snyder LLC’s holdings in Medtronic were worth $2,629,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Fortitude Family Office LLC bought a new stake in shares of Medtronic during the 3rd quarter valued at about $27,000. Highline Wealth Partners LLC purchased a new stake in shares of Medtronic during the 3rd quarter valued at about $27,000. Darwin Wealth Management LLC purchased a new position in Medtronic during the third quarter valued at $27,000. Lynx Investment Advisory purchased a new stake in shares of Medtronic in the second quarter worth $28,000. Finally, J. Stern & Co. LLP purchased a new position in Medtronic in the 3rd quarter worth approximately $30,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Trading Down 1.0 %

Shares of MDT stock traded down $0.84 on Tuesday, reaching $85.70. 360,132 shares of the stock were exchanged, compared to its average volume of 6,250,088. The stock has a market cap of $109.89 billion, a P/E ratio of 26.46, a price-to-earnings-growth ratio of 2.45 and a beta of 0.82. Medtronic plc has a 1-year low of $75.96 and a 1-year high of $92.68. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. The firm has a 50 day moving average of $88.69 and a two-hundred day moving average of $85.00.

Medtronic (NYSE:MDT) last announced its 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. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The company had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.27 billion. During the same period last year, the firm earned $1.25 earnings per share. The company’s revenue was up 5.2% on a year-over-year basis. On average, research analysts anticipate that Medtronic plc will post 5.46 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on MDT shares. Evercore ISI boosted their target price on shares of Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. Truist Financial lifted their price objective on shares of Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a report on Monday, October 14th. JPMorgan Chase & Co. decreased their price objective on Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a report on Friday, November 15th. Piper Sandler lifted their price objective 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. Finally, Royal Bank of Canada upgraded shares of Medtronic from a “sector perform” rating to an “outperform” rating and lifted their price objective for the stock from $98.00 to $105.00 in a research note on Thursday, October 10th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average 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.