Private Trust Co. NA Sells 310 Shares of Medtronic plc (NYSE:MDT)

Private Trust Co. NA trimmed its holdings in Medtronic plc (NYSE:MDT) by 3.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,155 shares of the medical technology company’s stock after selling 310 shares during the quarter. Private Trust Co. NA’s holdings in Medtronic were worth $824,000 as of its most recent SEC filing.

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

Medtronic Stock Performance

Medtronic stock opened at $85.67 on Wednesday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84. The company has a market capitalization of $109.87 billion, a PE ratio of 26.20, a P/E/G ratio of 2.43 and a beta of 0.84. The company has a 50 day moving average price of $88.85 and a 200-day moving average price of $84.95. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $92.68.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.01. The business had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The business’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 earned $1.25 EPS. As a group, equities analysts forecast that Medtronic plc will post 5.46 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have recently issued reports on MDT. Evercore ISI upped their price objective on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. Piper Sandler lifted their price objective on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Stifel Nicolaus upped their target price on shares of Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research report on Wednesday, August 21st. Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and lifted their price target for the stock from $98.00 to $105.00 in a research report on Thursday, October 10th. Finally, Citigroup upped their price objective on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research report on Tuesday, October 1st. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $95.27.

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.