Point72 Hong Kong Ltd Invests $568,000 in Medtronic plc (NYSE:MDT)

Point72 Hong Kong Ltd bought a new stake in Medtronic plc (NYSE:MDT) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 6,311 shares of the medical technology company’s stock, valued at approximately $568,000.

A number of other institutional investors have also bought and sold shares of MDT. FSA Wealth Management LLC acquired a new position in shares of Medtronic in the 3rd quarter valued at about $72,000. Alethea Capital Management LLC bought a new stake in Medtronic in the third quarter worth approximately $424,000. True Wealth Design LLC lifted its stake in Medtronic by 1,793.3% in the third quarter. True Wealth Design LLC now owns 568 shares of the medical technology company’s stock valued at $51,000 after buying an additional 538 shares during the period. Bellevue Group AG boosted its holdings in shares of Medtronic by 0.7% during the 3rd quarter. Bellevue Group AG now owns 1,008,633 shares of the medical technology company’s stock worth $90,807,000 after buying an additional 6,886 shares in the last quarter. Finally, Edgestream Partners L.P. boosted its holdings in shares of Medtronic by 682.9% during the 3rd quarter. Edgestream Partners L.P. now owns 23,737 shares of the medical technology company’s stock worth $2,137,000 after buying an additional 20,705 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on MDT shares. Stifel Nicolaus boosted their target price on shares of Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research report on Wednesday, August 21st. JPMorgan Chase & Co. decreased their price target on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research note on Friday, November 15th. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research report on Monday, November 18th. Wells Fargo & Company decreased their target price on Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research report on Wednesday, November 20th. Finally, Daiwa America upgraded Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Medtronic has a consensus rating of “Hold” and an average price target of $95.27.

Medtronic Stock Performance

NYSE MDT opened at $86.54 on Tuesday. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. The business has a fifty day simple moving average of $88.69 and a 200 day simple moving average of $85.00. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $92.68. The firm has a market capitalization of $110.97 billion, a P/E ratio of 26.46, a PEG ratio of 2.45 and a beta of 0.84.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, beating the consensus estimate of $1.25 by $0.01. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The company had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.27 billion. During the same quarter in the prior year, the company posted $1.25 earnings per share. The firm’s revenue for the quarter was up 5.2% on a year-over-year basis. On average, analysts predict that Medtronic plc will post 5.46 EPS for the current fiscal 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.