Tradition Wealth Management LLC Has $1.74 Million Position in Medtronic plc (NYSE:MDT)

Tradition Wealth Management LLC cut its holdings in Medtronic plc (NYSE:MDT) by 8.9% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 19,333 shares of the medical technology company’s stock after selling 1,895 shares during the period. Tradition Wealth Management LLC’s holdings in Medtronic were worth $1,741,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the business. Fortitude Family Office LLC bought a new position in Medtronic during the third quarter worth $27,000. Highline Wealth Partners LLC acquired a new stake in Medtronic in the 3rd quarter worth $27,000. Darwin Wealth Management LLC bought a new position in shares of Medtronic during the 3rd quarter worth about $27,000. Lynx Investment Advisory acquired a new position in shares of Medtronic during the second quarter valued at about $28,000. Finally, J. Stern & Co. LLP acquired a new position in shares of Medtronic during the third quarter valued at about $30,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Stock Performance

Medtronic stock opened at $86.54 on Friday. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $92.68. The company’s 50-day moving average is $88.69 and its two-hundred day moving average is $85.00. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. The company has a market cap of $110.97 billion, a PE ratio of 26.46, a PEG ratio of 2.45 and a beta of 0.84.

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

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. JPMorgan Chase & Co. cut their price target on Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a report on Friday, November 15th. Robert W. Baird cut their target price on Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a research note on Wednesday, November 20th. Oppenheimer lifted their price target on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 21st. Stifel Nicolaus boosted their price target on shares of Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a report on Wednesday, August 21st. Finally, Citigroup raised their price objective on shares of Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a report on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target 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.