Dearborn Partners LLC Cuts Stock Position in Medtronic plc (NYSE:MDT)

Dearborn Partners LLC cut its stake in shares of Medtronic plc (NYSE:MDT) by 3.1% in the 3rd quarter, according to the company in its most recent disclosure 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 quarter. 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 and other institutional investors have also recently bought and sold shares of the company. CIBC Asset Management Inc boosted its stake in shares of Medtronic by 2.4% in the third quarter. CIBC Asset Management Inc now owns 912,737 shares of the medical technology company’s stock valued at $82,174,000 after buying an additional 21,662 shares in the last quarter. Balboa Wealth Partners purchased a new stake in shares of Medtronic during the 3rd quarter worth $239,000. OneDigital Investment Advisors LLC grew its stake in shares of Medtronic by 10.9% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 16,450 shares of the medical technology company’s stock worth $1,481,000 after purchasing an additional 1,619 shares during the period. Oak Harbor Wealth Partners LLC grew its stake in shares of Medtronic by 7.3% during the 3rd quarter. Oak Harbor Wealth Partners LLC now owns 27,408 shares of the medical technology company’s stock worth $2,468,000 after purchasing an additional 1,869 shares during the period. Finally, Ferguson Wellman Capital Management Inc. purchased a new position in shares of Medtronic in the 3rd quarter valued at about $9,486,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Trading Down 2.3 %

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

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $7.90 billion. During the same period last year, the firm earned $1.20 earnings per share. The company’s revenue for the quarter was up 3.4% compared to the same quarter last year. As a group, research analysts expect that Medtronic plc will post 5.44 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on MDT. UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and upped their target price for the stock from $76.00 to $90.00 in a research report on Thursday, August 15th. Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and raised their price objective for the company from $98.00 to $105.00 in a research note on Thursday, October 10th. Piper Sandler upped their target price on Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Finally, Barclays raised their target price on shares of Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $95.36.

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.