Strategy Asset Managers LLC Reduces Stake in Medtronic plc (NYSE:MDT)

Strategy Asset Managers LLC lowered its stake in shares of Medtronic plc (NYSE:MDT) by 19.0% in the 3rd quarter, HoldingsChannel reports. The firm owned 36,933 shares of the medical technology company’s stock after selling 8,685 shares during the quarter. Strategy Asset Managers LLC’s holdings in Medtronic were worth $3,325,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently modified their holdings of MDT. Clear Harbor Asset Management LLC increased its position in Medtronic by 1.2% in the third quarter. Clear Harbor Asset Management LLC now owns 9,558 shares of the medical technology company’s stock worth $861,000 after buying an additional 111 shares during the last quarter. First PREMIER Bank grew its stake in shares of Medtronic by 1.8% during the 3rd quarter. First PREMIER Bank now owns 6,417 shares of the medical technology company’s stock worth $577,000 after acquiring an additional 116 shares during the period. First City Capital Management Inc. increased its holdings in Medtronic by 2.9% in the 3rd quarter. First City Capital Management Inc. now owns 4,123 shares of the medical technology company’s stock worth $371,000 after acquiring an additional 116 shares during the last quarter. Precision Wealth Strategies LLC raised its stake in Medtronic by 3.3% in the 3rd quarter. Precision Wealth Strategies LLC now owns 3,741 shares of the medical technology company’s stock valued at $337,000 after acquiring an additional 118 shares during the period. Finally, Lake Street Advisors Group LLC lifted its holdings in Medtronic by 2.0% during the third quarter. Lake Street Advisors Group LLC now owns 6,024 shares of the medical technology company’s stock valued at $547,000 after purchasing an additional 118 shares during the last quarter. Institutional investors own 82.06% of the company’s stock.

Medtronic Trading Down 2.9 %

Shares of MDT opened at $85.01 on Wednesday. Medtronic plc has a 1-year low of $74.66 and a 1-year high of $92.68. The company has a market capitalization of $109.02 billion, a P/E ratio of 28.72, a P/E/G ratio of 2.50 and a beta of 0.84. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61. The firm’s 50 day simple moving average is $89.30 and its 200 day simple moving average is $84.84.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.01. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The firm had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.27 billion. During the same quarter last year, the company posted $1.25 EPS. The business’s quarterly revenue was up 5.2% on a year-over-year basis. Sell-side analysts forecast that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Analysts Set New Price Targets

MDT has been the topic of several research reports. Evercore ISI boosted their price target on shares of Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research report on Tuesday, October 1st. Robert W. Baird lifted their price objective on shares of Medtronic from $90.00 to $96.00 in a research note on Friday, November 15th. Piper Sandler increased their target price on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research report on Monday. Finally, Wells Fargo & Company increased their price objective on Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Medtronic has an average rating of “Hold” and an average price target of $95.80.

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.