Medtronic plc (NYSE:MDT) Shares Sold by Commerce Bank

Commerce Bank lowered its position in shares of Medtronic plc (NYSE:MDT) by 19.1% in the third quarter, Holdings Channel reports. The institutional investor owned 138,105 shares of the medical technology company’s stock after selling 32,660 shares during the period. Commerce Bank’s holdings in Medtronic were worth $12,434,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of the company. Segall Bryant & Hamill LLC purchased a new position in Medtronic during the 3rd quarter worth $2,641,000. Prospera Private Wealth LLC purchased a new position in Medtronic during the 3rd quarter worth $7,874,000. West Family Investments Inc. purchased a new position in Medtronic during the 3rd quarter worth $343,000. PNC Financial Services Group Inc. raised its position in Medtronic by 9.8% during the 3rd quarter. PNC Financial Services Group Inc. now owns 574,483 shares of the medical technology company’s stock worth $51,721,000 after buying an additional 51,346 shares during the last quarter. Finally, First City Capital Management Inc. raised its position in Medtronic by 2.9% during the 3rd quarter. First City Capital Management Inc. now owns 4,123 shares of the medical technology company’s stock worth $371,000 after buying an additional 116 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and increased their price target for the company from $76.00 to $90.00 in a report on Thursday, August 15th. Oppenheimer increased their price target on shares of Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a report on Wednesday, August 21st. Barclays increased their price target on shares of Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. Piper Sandler increased their price target on shares of Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. Finally, Wells Fargo & Company cut their price target on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $95.19.

Medtronic Price Performance

MDT opened at $84.11 on Thursday. The company’s 50 day simple moving average is $89.17 and its 200 day simple moving average is $84.84. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $92.68. The stock has a market capitalization of $107.87 billion, a PE ratio of 25.72, a P/E/G ratio of 2.50 and a beta of 0.84.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.01. The business had revenue of $8.40 billion for 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 company’s quarterly revenue was up 5.2% on a year-over-year basis. During the same period last year, the company earned $1.25 earnings per share. As a group, sell-side analysts expect that Medtronic plc will post 5.44 EPS for the current year.

Medtronic 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.