Benjamin Edwards Inc. increased its holdings in Medtronic plc (NYSE:MDT - Free Report) by 2,775.9% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 236,888 shares of the medical technology company's stock after purchasing an additional 228,651 shares during the quarter. Benjamin Edwards Inc.'s holdings in Medtronic were worth $21,327,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Fortitude Family Office LLC purchased a new stake in Medtronic during the 3rd quarter worth approximately $27,000. Highline Wealth Partners LLC acquired a new position in Medtronic in the 3rd quarter valued at $27,000. Darwin Wealth Management LLC purchased a new position in Medtronic in the 3rd quarter valued at $27,000. Lynx Investment Advisory acquired a new stake in Medtronic during the 2nd quarter worth $28,000. Finally, J. Stern & Co. LLP purchased a new stake in shares of Medtronic during the third quarter worth $30,000. Hedge funds and other institutional investors own 82.06% of the company's stock.
Medtronic Price Performance
Medtronic stock remained flat at $86.54 during midday trading on Monday. The company's stock had a trading volume of 6,844,729 shares, compared to its average volume of 6,275,155. The stock has a market cap of $110.97 billion, a P/E ratio of 26.46, a P/E/G ratio of 2.45 and a beta of 0.84. 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 stock's fifty day moving average is $88.69 and its 200-day moving average is $85.00. Medtronic plc has a one year low of $75.96 and a one year high of $92.68.
Medtronic (NYSE:MDT - Get Free Report) 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 for the quarter, compared to analyst estimates of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The business's quarterly revenue was up 5.2% on a year-over-year basis. During the same quarter last year, the company earned $1.25 EPS. As a group, equities analysts forecast that Medtronic plc will post 5.46 earnings per share for the current year.
Analyst Ratings Changes
A number of research analysts have weighed in on MDT shares. Royal Bank of Canada raised shares of 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 note on Thursday, October 10th. Daiwa America raised shares of Medtronic to a "strong-buy" rating in a research report on Friday, August 23rd. Evercore ISI upped their price objective on shares of Medtronic from $100.00 to $104.00 and gave the company an "outperform" rating in a report on Tuesday, October 1st. Barclays lifted their target price on shares of Medtronic from $105.00 to $109.00 and gave the stock an "overweight" rating in a research note on Tuesday, November 26th. Finally, Sanford C. Bernstein increased their price target on shares of Medtronic from $96.00 to $97.00 and gave the company an "outperform" rating in a research note on Wednesday, November 20th. One equities 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 assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Medtronic has a consensus rating of "Hold" and a consensus price target of $95.27.
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About Medtronic
(
Free Report)
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.
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