Point72 Hong Kong Ltd Invests $568,000 in Medtronic plc (NYSE:MDT)

Point72 Hong Kong Ltd bought a new stake in Medtronic plc (NYSE:MDT - Free Report) during the third quarter, according to its most recent disclosure with the SEC. The institutional investor bought 6,311 shares of the medical technology company's stock, valued at approximately $568,000.

Several other hedge funds have also bought and sold shares of MDT. Fortitude Family Office LLC bought a new position in shares of Medtronic in the third quarter valued at about $27,000. Highline Wealth Partners LLC bought a new stake in shares of Medtronic during the third quarter worth approximately $27,000. Darwin Wealth Management LLC acquired a new position in shares of Medtronic in the third quarter valued at approximately $27,000. Lynx Investment Advisory bought a new position in shares of Medtronic during the second quarter worth approximately $28,000. Finally, J. Stern & Co. LLP acquired a new stake in Medtronic during the 3rd quarter worth approximately $30,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently commented on MDT shares. UBS Group upgraded shares of Medtronic from a "sell" rating to a "neutral" rating and upped their price target for the company from $76.00 to $90.00 in a research note on Thursday, August 15th. Citigroup raised their target price on shares of Medtronic from $85.00 to $92.00 and gave the stock a "neutral" rating in a report on Tuesday, October 1st. 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 research note on Thursday, October 10th. Piper Sandler raised their price objective on Medtronic from $85.00 to $90.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 21st. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a research report on Monday, November 18th. One analyst has rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Medtronic presently has a consensus rating of "Hold" and an average target price of $95.27.

Medtronic Price Performance

MDT traded down $0.83 on Tuesday, reaching $85.71. The stock had a trading volume of 4,979,053 shares, 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. The company has a market capitalization of $109.91 billion, a price-to-earnings ratio of 26.21, a price-to-earnings-growth ratio of 2.45 and a beta of 0.82. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $92.68. The firm has a 50-day moving average of $88.54 and a 200-day moving average of $85.00.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The company had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.27 billion. During the same quarter in the prior year, the firm posted $1.25 earnings per share. The firm's revenue was up 5.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Medtronic plc will post 5.46 EPS for the current year.

Medtronic 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.