Medtronic plc (NYSE:MDT) Shares Sold by Tower Bridge Advisors

Tower Bridge Advisors cut its position in Medtronic plc (NYSE:MDT) by 11.1% during the third quarter, Holdings Channel reports. The firm owned 43,896 shares of the medical technology company’s stock after selling 5,497 shares during the period. Tower Bridge Advisors’ holdings in Medtronic were worth $3,952,000 as of its most recent filing with the SEC.

Other institutional investors have also recently modified their holdings of the company. Fortitude Family Office LLC acquired a new position in Medtronic in the 3rd quarter worth approximately $27,000. Highline Wealth Partners LLC purchased a new position in shares of Medtronic during the third quarter worth $27,000. Lynx Investment Advisory acquired a new position in Medtronic during the second quarter valued at $28,000. Gleason Group Inc. purchased a new stake in Medtronic in the second quarter valued at $42,000. Finally, Opal Wealth Advisors LLC acquired a new stake in Medtronic during the 2nd quarter worth about $43,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

MDT has been the topic of a number of recent research reports. Daiwa America upgraded Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Oppenheimer upped their price objective on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 21st. Barclays lifted their target price on shares of Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. Truist Financial boosted their target price on shares of Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research note on Monday, October 14th. Finally, Royal Bank of Canada upgraded shares of 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 research report on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $95.80.

Medtronic Trading Up 1.8 %

MDT stock opened at $87.53 on Friday. The business’s 50-day moving average is $89.48 and its 200 day moving average is $84.74. Medtronic plc has a 12-month low of $74.20 and a 12-month high of $92.68. The stock has a market cap of $112.25 billion, a price-to-earnings ratio of 29.57, a PEG ratio of 2.50 and a beta of 0.84. The company has a current ratio of 2.13, a quick ratio of 1.61 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, topping analysts’ consensus estimates of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The firm had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. During the same period in the previous year, the company posted $1.20 earnings per share. The business’s revenue was up 3.4% on a year-over-year basis. On average, sell-side analysts anticipate 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.