Accredited Investors Inc. Buys 876 Shares of Medtronic plc (NYSE:MDT)

Accredited Investors Inc. raised its stake in Medtronic plc (NYSE:MDT) by 8.3% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,434 shares of the medical technology company’s stock after purchasing an additional 876 shares during the quarter. Accredited Investors Inc.’s holdings in Medtronic were worth $1,029,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in MDT. Clear Harbor Asset Management LLC increased its holdings in Medtronic by 1.2% during 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 position in shares of Medtronic by 1.8% in the 3rd quarter. First PREMIER Bank now owns 6,417 shares of the medical technology company’s stock valued at $577,000 after acquiring an additional 116 shares during the period. Precision Wealth Strategies LLC increased its stake in shares of Medtronic by 3.3% during the 3rd quarter. Precision Wealth Strategies LLC now owns 3,741 shares of the medical technology company’s stock worth $337,000 after purchasing an additional 118 shares during the last quarter. Lake Street Advisors Group LLC raised its holdings in shares of Medtronic by 2.0% in the 3rd 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 period. Finally, Sigma Planning Corp lifted its stake in Medtronic by 0.4% in the 3rd quarter. Sigma Planning Corp now owns 28,843 shares of the medical technology company’s stock valued at $2,597,000 after purchasing an additional 124 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on MDT shares. Stifel Nicolaus upped their price objective on Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research note on Wednesday, August 21st. Daiwa America raised Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and raised their price target for the company from $98.00 to $105.00 in a report on Thursday, October 10th. JPMorgan Chase & Co. decreased their price objective on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a report on Friday. Finally, Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Friday, October 25th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $95.80.

Medtronic Stock Performance

NYSE MDT opened at $87.53 on Friday. The firm has a 50-day moving average price of $89.48 and a two-hundred day moving average price of $84.74. Medtronic plc has a 12-month low of $74.20 and a 12-month high of $92.68. The company has a market capitalization of $112.25 billion, a P/E ratio of 29.57, a P/E/G ratio of 2.50 and a beta of 0.84. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The business had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. During the same period in the previous year, the company posted $1.20 earnings per share. The firm’s revenue for the quarter was up 3.4% compared to the same quarter last year. Analysts anticipate that Medtronic plc will post 5.44 earnings per share for the current year.

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.