Point72 Asia Singapore Pte. Ltd. Takes Position in Medtronic plc (NYSE:MDT)

Point72 Asia Singapore Pte. Ltd. acquired a new stake in Medtronic plc (NYSE:MDT - Free Report) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 105,560 shares of the medical technology company's stock, valued at approximately $9,504,000. Medtronic accounts for about 1.8% of Point72 Asia Singapore Pte. Ltd.'s investment portfolio, making the stock its 9th largest holding.

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

Medtronic Trading Up 0.3 %

Shares of Medtronic stock traded up $0.27 on Friday, reaching $86.54. 3,543,192 shares of the company's stock were exchanged, compared to its average volume of 6,752,262. The company has a market capitalization of $110.97 billion, a P/E ratio of 26.46, a price-to-earnings-growth ratio of 2.45 and a beta of 0.84. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $92.68. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84. The firm's 50-day moving average is $88.69 and its two-hundred day moving average is $85.00.

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 (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.01. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The business had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.27 billion. During the same period in the prior year, the firm earned $1.25 earnings per share. Medtronic's revenue was up 5.2% on a year-over-year basis. Sell-side analysts predict that Medtronic plc will post 5.46 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently issued reports on MDT shares. JPMorgan Chase & Co. lowered their price target on shares of Medtronic from $99.00 to $96.00 and set a "neutral" rating for the company in a report on Friday, November 15th. Barclays lifted their price target on Medtronic from $105.00 to $109.00 and gave the company an "overweight" rating in a research note on Tuesday, November 26th. Oppenheimer upped their price objective on Medtronic from $92.00 to $94.00 and gave the company a "market perform" rating in a research note on Wednesday, August 21st. Sanford C. Bernstein lifted their target price on shares of Medtronic from $96.00 to $97.00 and gave the stock an "outperform" rating in a research report on Wednesday, November 20th. Finally, Truist Financial upped their price target on shares of Medtronic from $90.00 to $93.00 and gave the company a "hold" rating in a research report on Monday, October 14th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Medtronic currently has an average rating of "Hold" and a consensus target price of $95.27.

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.