Kingsview Wealth Management LLC Purchases 2,197 Shares of Medtronic plc (NYSE:MDT)

Kingsview Wealth Management LLC raised its position in Medtronic plc (NYSE:MDT) by 11.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 20,949 shares of the medical technology company’s stock after purchasing an additional 2,197 shares during the period. Kingsview Wealth Management LLC’s holdings in Medtronic were worth $1,886,000 at the end of the most recent reporting period.

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

Medtronic Stock Down 0.5 %

Shares of NYSE:MDT opened at $85.75 on Tuesday. The stock’s 50-day moving average is $88.91 and its 200 day moving average is $84.93. The company has a market cap of $109.97 billion, a PE ratio of 26.22, a P/E/G ratio of 2.44 and a beta of 0.84. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $92.68.

Medtronic (NYSE:MDT) 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. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The firm had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.27 billion. During the same period in the previous year, the firm earned $1.25 earnings per share. The business’s revenue was up 5.2% compared to the same quarter last year. Sell-side analysts anticipate that Medtronic plc will post 5.46 EPS for the current year.

Analyst Ratings Changes

A number of research firms have recently issued reports on MDT. Piper Sandler lifted their price objective on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Wells Fargo & Company dropped their price target on Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research note on Wednesday, November 20th. JPMorgan Chase & Co. reduced their price objective on Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research report on Friday, November 15th. Barclays boosted their target price on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Finally, Robert W. Baird reduced their price target on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 20th. 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 issued a strong buy rating to the company. According to MarketBeat, Medtronic currently has an average rating of “Hold” and an average target price of $95.00.

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.