RIA Advisory Group LLC Acquires Shares of 4,627 Medtronic plc (NYSE:MDT)

RIA Advisory Group LLC bought a new position in Medtronic plc (NYSE:MDT) in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 4,627 shares of the medical technology company’s stock, valued at approximately $417,000.

Several other institutional investors and hedge funds also recently made changes to their positions in MDT. Maxwell Wealth Strategies Inc. grew its position in Medtronic by 5.8% in the 3rd quarter. Maxwell Wealth Strategies Inc. now owns 15,599 shares of the medical technology company’s stock worth $1,399,000 after purchasing an additional 852 shares in the last quarter. Natixis Advisors LLC boosted its stake in shares of Medtronic by 13.3% in the 3rd quarter. Natixis Advisors LLC now owns 1,344,210 shares of the medical technology company’s stock worth $121,019,000 after buying an additional 158,299 shares during the last quarter. Mizuho Securities USA LLC grew its holdings in shares of Medtronic by 60.5% in the third quarter. Mizuho Securities USA LLC now owns 164,369 shares of the medical technology company’s stock valued at $14,798,000 after acquiring an additional 61,985 shares in the last quarter. Meridian Investment Counsel Inc. lifted its holdings in Medtronic by 169.5% during the third quarter. Meridian Investment Counsel Inc. now owns 12,637 shares of the medical technology company’s stock worth $1,138,000 after acquiring an additional 7,948 shares during the period. Finally, Ipswich Investment Management Co. Inc. purchased a new position in shares of Medtronic in the 3rd quarter worth about $216,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on MDT shares. Daiwa America upgraded Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. JPMorgan Chase & Co. cut their price objective on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research report on Friday. Citigroup upped their target price on shares of Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a report on Tuesday, October 1st. Royal Bank of Canada upgraded shares of Medtronic from a “sector perform” rating to an “outperform” rating and boosted their price target for the company from $98.00 to $105.00 in a research report on Thursday, October 10th. Finally, UBS Group upgraded Medtronic from a “sell” rating to a “neutral” rating and increased their price objective for the stock from $76.00 to $90.00 in a research report on Thursday, August 15th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $95.80.

Medtronic Stock Up 1.8 %

Shares of MDT opened at $87.53 on Friday. Medtronic plc has a 1 year low of $74.20 and a 1 year high of $92.68. The firm has a market cap of $112.25 billion, a P/E ratio of 29.57, a P/E/G ratio of 2.51 and a beta of 0.84. The stock has a 50 day simple moving average of $89.48 and a two-hundred day simple moving average of $84.71. 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 (NYSE:MDT) last announced its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. The company had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The firm’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.20 earnings per share. On average, analysts forecast that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

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.