Advisors Asset Management Inc. Boosts Position in Medtronic plc (NYSE:MDT)

by · The Cerbat Gem

Advisors Asset Management Inc. grew its stake in Medtronic plc (NYSE:MDT – Free Report) by 8.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 166,057 shares of the medical technology company’s stock after acquiring an additional 12,461 shares during the period. Advisors Asset Management Inc.’s holdings in Medtronic were worth $14,950,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of MDT. Segall Bryant & Hamill LLC purchased a new position in shares of Medtronic during the third quarter valued at $2,641,000. Prospera Private Wealth LLC bought a new position in Medtronic during the 3rd quarter worth about $7,874,000. West Family Investments Inc. purchased a new position in Medtronic during the 3rd quarter valued at about $343,000. PNC Financial Services Group Inc. raised its holdings in shares of Medtronic by 9.8% in the 3rd quarter. PNC Financial Services Group Inc. now owns 574,483 shares of the medical technology company’s stock valued at $51,721,000 after purchasing an additional 51,346 shares in the last quarter. Finally, First City Capital Management Inc. lifted its position in shares of Medtronic by 2.9% in the 3rd quarter. First City Capital Management Inc. now owns 4,123 shares of the medical technology company’s stock worth $371,000 after purchasing an additional 116 shares during the period. Institutional investors own 82.06% of the company’s stock.

Analysts Set New Price Targets

MDT has been the subject of a number of recent research reports. Daiwa America raised shares of Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research report on Monday. Piper Sandler raised their target price on shares of Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. Barclays upped their price target on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Finally, JPMorgan Chase & Co. lowered their price objective on Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research report on Friday, November 15th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $95.60.

Read Our Latest Stock Analysis on MDT

Medtronic Stock Down 2.9 %

Shares of MDT opened at $85.01 on Wednesday. Medtronic plc has a 52 week low of $74.66 and a 52 week high of $92.68. The company has a market capitalization of $109.02 billion, a price-to-earnings ratio of 28.72, a PEG ratio of 2.50 and a beta of 0.84. The stock’s 50-day moving average price is $89.30 and its 200-day moving average price is $84.84. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55.

Medtronic (NYSE:MDT – Get Free Report) last posted its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.01. The firm had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.27 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The business’s revenue was up 5.2% compared to the same quarter last year. During the same period in the previous year, the business posted $1.25 EPS. On average, sell-side analysts predict that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Profile

(Free Report)

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.

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