Meeder Asset Management Inc. Boosts Holdings in Medtronic plc (NYSE:MDT)

Meeder Asset Management Inc. lifted its position in shares of Medtronic plc (NYSE:MDT) by 47,752.1% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 167,961 shares of the medical technology company’s stock after purchasing an additional 167,610 shares during the quarter. Medtronic comprises approximately 1.0% of Meeder Asset Management Inc.’s holdings, making the stock its 24th largest holding. Meeder Asset Management Inc.’s holdings in Medtronic were worth $15,122,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of MDT. Fortitude Family Office LLC purchased a new stake in shares of Medtronic during the 3rd quarter worth about $27,000. Highline Wealth Partners LLC purchased a new stake in shares of Medtronic during the 3rd quarter worth about $27,000. Lynx Investment Advisory purchased a new stake in shares of Medtronic during the 2nd quarter worth about $28,000. Gleason Group Inc. purchased a new stake in shares of Medtronic during the 2nd quarter worth about $42,000. Finally, Opal Wealth Advisors LLC purchased a new stake in shares of Medtronic during the 2nd quarter worth about $43,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Stock Performance

MDT stock opened at $87.64 on Tuesday. 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 firm has a market cap of $112.39 billion, a P/E ratio of 29.61, a P/E/G ratio of 2.50 and a beta of 0.84. Medtronic plc has a 12-month low of $74.66 and a 12-month high of $92.68. The stock’s 50 day simple moving average is $89.42 and its 200 day simple moving average is $84.82.

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 the consensus estimate of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The business had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. During the same period in the prior year, the company posted $1.20 EPS. The business’s revenue was up 3.4% compared to the same quarter last year. As a group, equities research analysts predict that Medtronic plc will post 5.44 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on MDT. Evercore ISI boosted their target price on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. UBS Group upgraded Medtronic from a “sell” rating to a “neutral” rating and upped their price target for the stock from $76.00 to $90.00 in a report on Thursday, August 15th. Wells Fargo & Company upped their price target on Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. Oppenheimer upped their price target on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a report on Wednesday, August 21st. Finally, Piper Sandler upped their price target on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $95.80.

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.