Truvestments Capital LLC Raises Position in Medtronic plc (NYSE:MDT)

Truvestments Capital LLC grew its position in shares of Medtronic plc (NYSE:MDT) by 20.5% during the third quarter, according to its most recent filing with the SEC. The firm owned 31,527 shares of the medical technology company’s stock after acquiring an additional 5,364 shares during the period. Truvestments Capital LLC’s holdings in Medtronic were worth $2,838,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in MDT. Fortitude Family Office LLC purchased a new stake in shares of Medtronic in the 3rd quarter worth about $27,000. Highline Wealth Partners LLC bought a new stake in shares of Medtronic in the 3rd quarter worth $27,000. Darwin Wealth Management LLC bought a new stake in Medtronic in the 3rd quarter worth about $27,000. Lynx Investment Advisory purchased a new position in shares of Medtronic during the second quarter valued at approximately $28,000. Finally, Gleason Group Inc. purchased a new stake in Medtronic during the 2nd quarter valued at $42,000. Institutional investors own 82.06% of the company’s stock.

Analyst Upgrades and Downgrades

MDT has been the topic of several research reports. Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and raised their target price for the stock from $98.00 to $105.00 in a research report on Thursday, October 10th. Daiwa America raised Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. Wells Fargo & Company decreased their price objective on Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 20th. UBS Group upgraded Medtronic from a “sell” rating to a “neutral” rating and boosted their price objective for the company from $76.00 to $90.00 in a research note on Thursday, August 15th. Finally, Sanford C. Bernstein raised their target price on shares of Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 20th. 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 given a strong buy rating to the stock. Based on data from MarketBeat, Medtronic currently has a consensus rating of “Hold” and an average price target of $95.00.

Medtronic Stock Up 0.3 %

Shares of MDT stock opened at $86.50 on Monday. The company’s fifty day simple moving average is $88.99 and its two-hundred day simple moving average is $84.91. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $92.68. The stock has a market cap of $110.93 billion, a P/E ratio of 26.36, a PEG ratio of 2.44 and a beta of 0.84. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.25 by $0.01. The company had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. Medtronic’s revenue was up 5.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.25 earnings per share. Analysts predict that Medtronic plc will post 5.46 EPS for the current fiscal year.

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.