Ipswich Investment Management Co. Inc. Takes $216,000 Position in Medtronic plc (NYSE:MDT)

Ipswich Investment Management Co. Inc. bought a new stake in Medtronic plc (NYSE:MDT) during the third quarter, according to its most recent disclosure with the SEC. The institutional investor bought 2,400 shares of the medical technology company’s stock, valued at approximately $216,000.

Several other hedge funds have also bought and sold shares of the company. Miramar Capital LLC raised its stake in Medtronic by 1.4% in the third quarter. Miramar Capital LLC now owns 152,167 shares of the medical technology company’s stock valued at $13,700,000 after buying an additional 2,163 shares during the period. Archer Investment Corp increased its holdings in shares of Medtronic by 39.0% during the 3rd quarter. Archer Investment Corp now owns 716 shares of the medical technology company’s stock worth $64,000 after acquiring an additional 201 shares during the last quarter. CIBC Asset Management Inc raised its stake in Medtronic by 2.4% in the 3rd quarter. CIBC Asset Management Inc now owns 912,737 shares of the medical technology company’s stock valued at $82,174,000 after acquiring an additional 21,662 shares during the period. Balboa Wealth Partners acquired a new stake in Medtronic during the 3rd quarter valued at $239,000. Finally, OneDigital Investment Advisors LLC boosted its position in Medtronic by 10.9% during the third 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. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Trading Up 1.8 %

Shares of Medtronic stock opened at $87.53 on Friday. The firm’s 50 day moving average is $89.48 and its 200 day moving average is $84.71. The firm has a market capitalization of $112.25 billion, a PE ratio of 29.57, a price-to-earnings-growth ratio of 2.51 and a beta of 0.84. Medtronic plc has a 1 year low of $74.20 and a 1 year high of $92.68. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (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 analysts’ expectations of $7.90 billion. During the same quarter in the prior year, the firm earned $1.20 EPS. The business’s revenue for the quarter was up 3.4% compared to the same quarter last year. Equities research analysts forecast that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Robert W. Baird increased their price objective on shares of Medtronic from $90.00 to $96.00 in a research report on Friday. Wells Fargo & Company boosted their price objective on Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. Piper Sandler increased their target price on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Evercore ISI boosted their price target on Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research note on Tuesday, October 1st. Finally, Stifel Nicolaus increased their target price on shares of Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research report on Wednesday, August 21st. One analyst has rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average 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.