Broderick Brian C Cuts Position in Medtronic plc (NYSE:MDT)

Broderick Brian C cut its holdings in shares of Medtronic plc (NYSE:MDT) by 13.2% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 29,133 shares of the medical technology company’s stock after selling 4,435 shares during the quarter. Broderick Brian C’s holdings in Medtronic were worth $2,623,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Fortitude Family Office LLC purchased a new position in Medtronic during the 3rd quarter worth $27,000. Highline Wealth Partners LLC acquired a new position in Medtronic in the third quarter valued at $27,000. Lynx Investment Advisory acquired a new position in shares of Medtronic in the 2nd quarter valued at $28,000. Gleason Group Inc. acquired a new stake in Medtronic during the 2nd quarter worth approximately $42,000. Finally, Opal Wealth Advisors LLC acquired a new stake in Medtronic in the 2nd quarter valued at $43,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Price Performance

Shares of NYSE:MDT opened at $85.97 on Friday. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61. The stock has a market capitalization of $110.25 billion, a P/E ratio of 29.04, a P/E/G ratio of 2.51 and a beta of 0.84. The business has a 50-day moving average of $89.59 and a two-hundred day moving average of $84.66. Medtronic plc has a fifty-two week low of $72.79 and a fifty-two week high of $92.68.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. The firm had revenue of $7.97 billion during the quarter, compared to analyst estimates of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The business’s revenue was up 3.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.20 EPS. On average, equities research analysts predict that Medtronic plc will post 5.44 EPS for the current fiscal year.

Analyst Ratings Changes

MDT has been the subject of a number of recent analyst reports. Piper Sandler raised their price objective on Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. Evercore ISI raised their price target on shares of Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research note on Tuesday, October 1st. Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and upped their price objective for the stock from $98.00 to $105.00 in a report on Thursday, October 10th. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research note on Friday, October 25th. Finally, Robert W. Baird raised their price objective on Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $95.36.

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.