Cornercap Investment Counsel Inc. Has $711,000 Stake in Medtronic plc (NYSE:MDT)

Cornercap Investment Counsel Inc. lessened its stake in shares of Medtronic plc (NYSE:MDT) by 24.3% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 7,897 shares of the medical technology company’s stock after selling 2,538 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in Medtronic were worth $711,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the stock. Fortitude Family Office LLC acquired a new position in Medtronic during the third quarter valued at approximately $27,000. Highline Wealth Partners LLC acquired a new position in Medtronic in the 3rd quarter valued at $27,000. Lynx Investment Advisory bought a new position in Medtronic in the 2nd quarter worth $28,000. Gleason Group Inc. acquired a new position in Medtronic during the 2nd quarter worth $42,000. Finally, Opal Wealth Advisors LLC bought a new stake in Medtronic during the second quarter valued at about $43,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Wells Fargo & Company boosted their price objective on Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 21st. Stifel Nicolaus increased their price objective on Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research report on Wednesday, August 21st. Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and boosted their target price for the stock from $98.00 to $105.00 in a research report on Thursday, October 10th. UBS Group raised shares of Medtronic from a “sell” rating to a “neutral” rating and increased their price target for the company from $76.00 to $90.00 in a report on Thursday, August 15th. Finally, Robert W. Baird upped their price objective on shares of Medtronic from $90.00 to $96.00 in a research report on Friday. One research analyst has rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $95.80.

Medtronic Stock Performance

Shares of NYSE:MDT opened at $87.53 on Friday. 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 business’s fifty day moving average price is $89.52 and its two-hundred day moving average price is $84.67. Medtronic plc has a fifty-two week low of $74.20 and a fifty-two week high of $92.68. The stock has a market capitalization of $112.25 billion, a price-to-earnings ratio of 29.57, a price-to-earnings-growth ratio of 2.51 and a beta of 0.84.

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

Medtronic Company 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.