Portfolio Design Labs LLC Acquires Shares of 2,641 Medtronic plc (NYSE:MDT)

Portfolio Design Labs LLC acquired a new stake in shares of Medtronic plc (NYSE:MDT) during the third quarter, Holdings Channel reports. The firm acquired 2,641 shares of the medical technology company’s stock, valued at approximately $238,000.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Lake Street Advisors Group LLC acquired a new position in shares of Medtronic in the 1st quarter worth approximately $498,000. CreativeOne Wealth LLC boosted its holdings in shares of Medtronic by 31.3% in the 1st quarter. CreativeOne Wealth LLC now owns 5,456 shares of the medical technology company’s stock worth $475,000 after acquiring an additional 1,300 shares in the last quarter. Freestone Capital Holdings LLC boosted its holdings in shares of Medtronic by 3.0% in the 1st quarter. Freestone Capital Holdings LLC now owns 24,350 shares of the medical technology company’s stock worth $2,122,000 after acquiring an additional 708 shares in the last quarter. Axxcess Wealth Management LLC boosted its holdings in shares of Medtronic by 8.7% in the 1st quarter. Axxcess Wealth Management LLC now owns 27,536 shares of the medical technology company’s stock worth $2,400,000 after acquiring an additional 2,194 shares in the last quarter. Finally, Envoi LLC acquired a new position in shares of Medtronic in the 1st quarter worth approximately $26,145,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Daiwa America raised Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. 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 report on Friday, November 15th. Evercore ISI upped their price objective on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. Wells Fargo & Company reduced their price objective on Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a report on Wednesday. Finally, Stifel Nicolaus upped their price objective on Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a report on Wednesday, August 21st. 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 given a strong buy rating to the company. Based on data from MarketBeat, Medtronic presently has an average rating of “Hold” and an average target price of $95.19.

Medtronic Price Performance

MDT opened at $84.11 on Thursday. The company has a quick ratio of 1.61, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $92.68. The company has a fifty day simple moving average of $89.17 and a 200 day simple moving average of $84.84. The stock has a market cap of $107.87 billion, a P/E ratio of 25.72, a P/E/G ratio of 2.42 and a beta of 0.84.

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

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.