Edgestream Partners L.P. Grows Holdings in Medtronic plc (NYSE:MDT)

Edgestream Partners L.P. grew its position in shares of Medtronic plc (NYSE:MDT - Free Report) by 682.9% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 23,737 shares of the medical technology company's stock after purchasing an additional 20,705 shares during the quarter. Edgestream Partners L.P.'s holdings in Medtronic were worth $2,137,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Fortitude Family Office LLC acquired a new position in Medtronic in the third quarter valued at approximately $27,000. Highline Wealth Partners LLC bought a new position in Medtronic during the third quarter worth $27,000. Darwin Wealth Management LLC acquired a new stake in Medtronic in the third quarter worth $27,000. Lynx Investment Advisory bought a new stake in Medtronic in the second quarter valued at $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.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Wells Fargo & Company reduced their price objective on Medtronic from $106.00 to $98.00 and set an "overweight" rating for the company in a research note on Wednesday, November 20th. Piper Sandler boosted their price target on shares of Medtronic from $85.00 to $90.00 and gave the company a "neutral" rating in a research note on Wednesday, August 21st. Citigroup raised their price objective on shares of Medtronic from $85.00 to $92.00 and gave the company a "neutral" rating in a research note on Tuesday, October 1st. Royal Bank of Canada raised shares of Medtronic from a "sector perform" rating to an "outperform" rating and boosted their target price for the stock from $98.00 to $105.00 in a research report on Thursday, October 10th. Finally, Barclays raised their price target on shares of Medtronic from $105.00 to $109.00 and gave the company an "overweight" rating in a research report on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $95.27.

Medtronic Price Performance

Shares of MDT traded down $0.83 during trading hours on Tuesday, reaching $85.71. 4,979,053 shares of the company's stock traded hands, compared to its average volume of 6,270,512. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $92.68. The stock has a market cap of $109.91 billion, a PE ratio of 26.21, a price-to-earnings-growth ratio of 2.45 and a beta of 0.82. The firm's 50 day simple moving average is $88.54 and its 200-day simple moving average is $85.00.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.25 by $0.01. The company had revenue of $8.40 billion during 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 in the previous year, the firm posted $1.25 EPS. Equities analysts expect that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Company Profile

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.