Prospera Private Wealth LLC Acquires New Stake in Medtronic plc (NYSE:MDT)

Prospera Private Wealth LLC bought a new position in Medtronic plc (NYSE:MDT) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 87,461 shares of the medical technology company’s stock, valued at approximately $7,874,000. Medtronic accounts for about 1.5% of Prospera Private Wealth LLC’s investment portfolio, making the stock its 15th largest holding.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Clear Harbor Asset Management LLC lifted its holdings in shares of 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 valued at $861,000 after buying an additional 111 shares during the period. First PREMIER Bank lifted its holdings in 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 last quarter. First City Capital Management Inc. lifted 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 valued at $371,000 after acquiring an additional 116 shares during the last quarter. Precision Wealth Strategies LLC boosted its position 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 valued at $337,000 after purchasing an additional 118 shares in the last quarter. Finally, Lake Street Advisors Group LLC grew its stake 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 worth $547,000 after purchasing an additional 118 shares during the last quarter. 82.06% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Wells Fargo & Company raised their target price on shares of Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. Daiwa America raised Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. JPMorgan Chase & Co. cut their target price on Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research report on Friday, November 15th. UBS Group upgraded 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 research report on Thursday, August 15th. Finally, Needham & Company LLC restated a “hold” rating on shares of Medtronic in a report on Monday. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $95.80.

Medtronic Stock Down 2.9 %

Medtronic stock opened at $85.01 on Wednesday. Medtronic plc has a twelve month low of $74.66 and a twelve month high of $92.68. 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 firm has a market cap of $109.02 billion, a PE ratio of 28.72, a P/E/G ratio of 2.50 and a beta of 0.84. The firm’s 50 day moving average price is $89.30 and its two-hundred day moving average price is $84.84.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates of $1.25 by $0.01. The business had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.27 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. Medtronic’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same period in the prior year, the business posted $1.25 earnings per share. On average, research 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.