Commerce Bank Sells 32,660 Shares of Medtronic plc (NYSE:MDT)

Commerce Bank trimmed its holdings in shares of Medtronic plc (NYSE:MDT - Free Report) by 19.1% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 138,105 shares of the medical technology company's stock after selling 32,660 shares during the quarter. Commerce Bank's holdings in Medtronic were worth $12,434,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Fortitude Family Office LLC bought a new stake in shares of Medtronic in the third quarter worth $27,000. Highline Wealth Partners LLC bought a new position in shares of Medtronic in the 3rd quarter valued at about $27,000. Lynx Investment Advisory acquired a new stake in shares of Medtronic in the second quarter valued at about $28,000. Gleason Group Inc. acquired a new stake in shares of Medtronic in the second quarter valued at about $42,000. Finally, Opal Wealth Advisors LLC bought a new stake in Medtronic during the second quarter worth about $43,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on MDT. Daiwa America upgraded Medtronic to a "strong-buy" rating in a research note on Friday, August 23rd. Evercore ISI upped their price target on shares of Medtronic from $100.00 to $104.00 and gave the stock an "outperform" rating in a research report on Tuesday, October 1st. Royal Bank of Canada raised shares of Medtronic from a "sector perform" rating to an "outperform" rating and lifted their price objective for the company from $98.00 to $105.00 in a research report on Thursday, October 10th. UBS Group raised shares of Medtronic from a "sell" rating to a "neutral" rating and upped their target price for the company from $76.00 to $90.00 in a report on Thursday, August 15th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a report on Monday. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Medtronic currently has a consensus rating of "Hold" and a consensus target price of $95.19.

Medtronic Price Performance

Shares of MDT opened at $84.11 on Thursday. The company has a quick ratio of 1.61, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. The stock has a market cap of $107.87 billion, a PE ratio of 25.72, a PEG ratio of 2.42 and a beta of 0.84. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $92.68. The business has a 50-day simple moving average of $89.17 and a two-hundred day simple moving average of $84.84.

Medtronic (NYSE:MDT - Get Free Report) last posted its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS 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 the consensus estimate of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The firm's revenue was up 5.2% compared to the same quarter last year. During the same period last year, the company earned $1.25 EPS. Analysts anticipate that Medtronic plc will post 5.46 earnings per share 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.