Grandfield & Dodd LLC Trims Stock Position in Medtronic plc (NYSE:MDT)

Grandfield & Dodd LLC trimmed its position in Medtronic plc (NYSE:MDT - Free Report) by 16.7% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 112,709 shares of the medical technology company's stock after selling 22,674 shares during the period. Grandfield & Dodd LLC's holdings in Medtronic were worth $10,147,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MDT. Clear Harbor Asset Management LLC raised its stake in shares of Medtronic by 1.2% in the third quarter. Clear Harbor Asset Management LLC now owns 9,558 shares of the medical technology company's stock worth $861,000 after acquiring an additional 111 shares during the last quarter. First PREMIER Bank lifted its holdings in Medtronic by 1.8% during the 3rd quarter. First PREMIER Bank now owns 6,417 shares of the medical technology company's stock worth $577,000 after buying an additional 116 shares in the last quarter. First City Capital Management Inc. increased its stake in shares of Medtronic by 2.9% in the 3rd quarter. First City Capital Management Inc. now owns 4,123 shares of the medical technology company's stock valued at $371,000 after buying an additional 116 shares during the period. Precision Wealth Strategies LLC grew its position in shares of Medtronic by 3.3% during the 3rd quarter. Precision Wealth Strategies LLC now owns 3,741 shares of the medical technology company's stock worth $337,000 after buying an additional 118 shares during the period. Finally, Lake Street Advisors Group LLC grew its holdings in Medtronic by 2.0% during the 3rd quarter. Lake Street Advisors Group LLC now owns 6,024 shares of the medical technology company's stock worth $547,000 after acquiring an additional 118 shares during the period. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Stock Performance

Shares of MDT stock traded down $0.89 during trading hours on Wednesday, hitting $84.11. 7,278,674 shares of the company were exchanged, compared to its average volume of 6,274,537. The firm has a fifty day simple moving average of $89.30 and a 200 day simple moving average of $84.84. 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 plc has a 52-week low of $75.96 and a 52-week high of $92.68. The stock has a market capitalization of $107.87 billion, a price-to-earnings ratio of 28.33, a P/E/G ratio of 2.50 and a beta of 0.84.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, beating the consensus estimate of $1.25 by $0.01. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The firm had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.27 billion. During the same period last year, the firm earned $1.25 EPS. The business's quarterly revenue was up 5.2% compared to the same quarter last year. Research analysts predict that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

MDT has been the topic of several analyst reports. UBS Group upgraded shares of Medtronic from a "sell" rating to a "neutral" rating and increased their target price for the stock from $76.00 to $90.00 in a report on Thursday, August 15th. Daiwa America raised shares of Medtronic to a "strong-buy" rating in a research report on Friday, August 23rd. Robert W. Baird lowered their target price on Medtronic from $96.00 to $93.00 and set a "neutral" rating for the company in a report on Wednesday. Royal Bank of Canada upgraded Medtronic from a "sector perform" rating to an "outperform" rating and boosted their price target for the company from $98.00 to $105.00 in a report on Thursday, October 10th. Finally, Oppenheimer boosted their target price on Medtronic from $92.00 to $94.00 and gave the company a "market perform" rating in a research note on Wednesday, August 21st. One analyst has rated the stock with a sell rating, nine have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $95.19.

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.