Richard C. Young & CO. LTD. Raises Holdings in Medtronic plc (NYSE:MDT)

Richard C. Young & CO. LTD. raised its stake in shares of Medtronic plc (NYSE:MDT) by 2.7% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 139,232 shares of the medical technology company’s stock after buying an additional 3,634 shares during the quarter. Richard C. Young & CO. LTD.’s holdings in Medtronic were worth $12,535,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the stock. Olstein Capital Management L.P. raised its stake in Medtronic by 19.2% in the 3rd quarter. Olstein Capital Management L.P. now owns 87,000 shares of the medical technology company’s stock valued at $7,833,000 after purchasing an additional 14,000 shares during the last quarter. Manning & Napier Advisors LLC purchased a new position in shares of Medtronic during the 2nd quarter worth about $25,643,000. Ferguson Wellman Capital Management Inc. purchased a new stake in Medtronic in the third quarter valued at approximately $9,486,000. National Bank of Canada FI increased its position in Medtronic by 13.6% during the first quarter. National Bank of Canada FI now owns 261,325 shares of the medical technology company’s stock worth $21,642,000 after purchasing an additional 31,195 shares during the last quarter. Finally, Harvest Portfolios Group Inc. increased its position in Medtronic by 6.5% during the third quarter. Harvest Portfolios Group Inc. now owns 689,131 shares of the medical technology company’s stock worth $62,042,000 after purchasing an additional 42,112 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Stock Up 1.8 %

Shares of NYSE MDT opened at $87.53 on Monday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. The stock has a market cap of $112.25 billion, a PE ratio of 29.57, a PEG ratio of 2.50 and a beta of 0.84. The business has a fifty day moving average of $89.48 and a two-hundred day moving average of $84.77. Medtronic plc has a 52-week low of $74.20 and a 52-week high of $92.68.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.03. The firm had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The business’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.20 EPS. As a group, equities research analysts expect that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on MDT shares. Oppenheimer upped their price objective on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a report on Wednesday, August 21st. Evercore ISI raised 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. JPMorgan Chase & Co. decreased their target price on Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a report on Friday. Royal Bank of Canada upgraded shares of Medtronic from a “sector perform” rating to an “outperform” rating and lifted their target price for the company from $98.00 to $105.00 in a report on Thursday, October 10th. Finally, UBS Group upgraded Medtronic from a “sell” rating to a “neutral” rating and upped their price target for the stock from $76.00 to $90.00 in a report on Thursday, August 15th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have issued 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 $95.80.

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.