Verity & Verity LLC Increases Position in Medtronic plc (NYSE:MDT)

Verity & Verity LLC raised its stake in shares of Medtronic plc (NYSE:MDT) by 3.7% during the third quarter, HoldingsChannel reports. The fund owned 176,098 shares of the medical technology company’s stock after acquiring an additional 6,316 shares during the quarter. Medtronic comprises approximately 1.6% of Verity & Verity LLC’s holdings, making the stock its 27th largest position. Verity & Verity LLC’s holdings in Medtronic were worth $15,854,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Clear Harbor Asset Management LLC increased its holdings in shares of Medtronic by 1.2% during the 3rd quarter. Clear Harbor Asset Management LLC now owns 9,558 shares of the medical technology company’s stock worth $861,000 after acquiring an additional 111 shares during the last quarter. First PREMIER Bank raised its position in shares of Medtronic by 1.8% in the third quarter. First PREMIER Bank now owns 6,417 shares of the medical technology company’s stock valued at $577,000 after purchasing an additional 116 shares during the period. Precision Wealth Strategies LLC lifted 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 buying an additional 118 shares during the last quarter. Lake Street Advisors Group LLC boosted its holdings in shares of Medtronic by 2.0% during the 3rd quarter. Lake Street Advisors Group LLC now owns 6,024 shares of the medical technology company’s stock worth $547,000 after buying an additional 118 shares during the period. Finally, Sigma Planning Corp grew 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 buying an additional 124 shares during the last quarter. Institutional investors own 82.06% of the company’s stock.

Medtronic Stock Up 0.1 %

Shares of NYSE MDT opened at $87.64 on Tuesday. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55. The business has a 50-day moving average of $89.42 and a 200-day moving average of $84.82. The firm has a market capitalization of $112.39 billion, a price-to-earnings ratio of 29.61, a PEG ratio of 2.50 and a beta of 0.84. Medtronic plc has a 12 month low of $74.66 and a 12 month high of $92.68.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.03. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The business had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. During the same period in the previous year, the firm posted $1.20 earnings per share. The firm’s revenue for the quarter was up 3.4% on a year-over-year basis. Sell-side 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 brokerages have recently issued reports on MDT. Robert W. Baird boosted their price objective on Medtronic from $90.00 to $96.00 in a report on Friday. Truist Financial upped their price objective on Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a report on Monday, October 14th. Piper Sandler lifted their target price on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Oppenheimer upped their price target on shares of Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research note on Wednesday, August 21st. Finally, Citigroup lifted their price objective on shares of Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 1st. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Medtronic presently has an average rating of “Hold” and a consensus target price 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.