Pekin Hardy Strauss Inc. Sells 3,565 Shares of Medtronic plc (NYSE:MDT)

Pekin Hardy Strauss Inc. trimmed its position in shares of Medtronic plc (NYSE:MDT) by 4.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 69,564 shares of the medical technology company’s stock after selling 3,565 shares during the quarter. Pekin Hardy Strauss Inc.’s holdings in Medtronic were worth $6,263,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Pzena Investment Management LLC lifted its holdings in Medtronic by 3.3% in the third quarter. Pzena Investment Management LLC now owns 8,582,993 shares of the medical technology company’s stock valued at $772,727,000 after acquiring an additional 275,870 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Medtronic by 7.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 7,120,554 shares of the medical technology company’s stock valued at $560,494,000 after purchasing an additional 515,751 shares during the last quarter. Raymond James & Associates lifted its stake in shares of Medtronic by 2.3% in the 3rd quarter. Raymond James & Associates now owns 6,391,865 shares of the medical technology company’s stock worth $575,460,000 after purchasing an additional 145,504 shares during the period. 1832 Asset Management L.P. lifted its stake in shares of Medtronic by 26.9% in the 2nd quarter. 1832 Asset Management L.P. now owns 4,915,609 shares of the medical technology company’s stock worth $386,908,000 after purchasing an additional 1,041,863 shares during the period. Finally, Bank of Montreal Can boosted its holdings in shares of Medtronic by 0.8% in the second quarter. Bank of Montreal Can now owns 2,756,336 shares of the medical technology company’s stock worth $234,068,000 after buying an additional 22,240 shares during the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Price Performance

MDT stock opened at $86.21 on Friday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.61 and a current ratio of 1.84. The company’s fifty day moving average price is $88.99 and its 200-day moving average price is $84.89. Medtronic plc has a one year low of $75.96 and a one year high of $92.68. The company has a market capitalization of $110.56 billion, a PE ratio of 26.36, a price-to-earnings-growth ratio of 2.40 and a beta of 0.84.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 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 13.00% and a return on equity of 13.79%. The business’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.25 EPS. On average, equities analysts anticipate that Medtronic plc will post 5.46 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Wells Fargo & Company reduced their target price on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a report on Wednesday. Evercore ISI upped their price objective on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 1st. Sanford C. Bernstein lifted their target price on Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a research report on Wednesday. Oppenheimer upped their price target on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 21st. Finally, Robert W. Baird decreased their price objective on Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Medtronic presently has a consensus rating of “Hold” and an average price target of $95.00.

Medtronic Company 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.