Polar Asset Management Partners Inc. Invests $20.60 Million in Medtronic plc (NYSE:MDT)

Polar Asset Management Partners Inc. purchased a new stake in shares of Medtronic plc (NYSE:MDT - Free Report) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 228,800 shares of the medical technology company's stock, valued at approximately $20,599,000.

Several other large investors also recently bought and sold shares of the business. Mather Group LLC. boosted its stake in shares of Medtronic by 6.3% during the 2nd quarter. Mather Group LLC. now owns 3,304 shares of the medical technology company's stock worth $288,000 after acquiring an additional 197 shares during the last quarter. Bourgeon Capital Management LLC raised its stake in shares of Medtronic by 0.5% in the second quarter. Bourgeon Capital Management LLC now owns 141,861 shares of the medical technology company's stock worth $11,166,000 after buying an additional 724 shares during the period. Symmetry Partners LLC grew its stake in shares of Medtronic by 11.0% during the 2nd quarter. Symmetry Partners LLC now owns 7,252 shares of the medical technology company's stock valued at $571,000 after acquiring an additional 720 shares during the period. Juncture Wealth Strategies LLC purchased a new stake in Medtronic in the 2nd quarter worth approximately $254,000. Finally, Talbot Financial LLC raised its stake in Medtronic by 7.1% during the 2nd quarter. Talbot Financial LLC now owns 121,051 shares of the medical technology company's stock worth $9,528,000 after acquiring an additional 8,029 shares during the period. 82.06% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have weighed in on MDT shares. Piper Sandler upped their price target on Medtronic from $85.00 to $90.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 21st. Sanford C. Bernstein raised their target price on shares of Medtronic from $96.00 to $97.00 and gave the company an "outperform" rating in a research note on Wednesday, November 20th. JPMorgan Chase & Co. reduced their price target on shares of Medtronic from $99.00 to $96.00 and set a "neutral" rating on the stock in a report on Friday, November 15th. Citigroup raised their price objective on Medtronic from $85.00 to $92.00 and gave the company a "neutral" rating in a research report on Tuesday, October 1st. Finally, UBS Group raised Medtronic from a "sell" rating to a "neutral" rating and lifted their target price for the stock from $76.00 to $90.00 in a report on Thursday, August 15th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $95.27.

Medtronic Stock Down 0.5 %

Shares of MDT traded down $0.40 during trading hours on Wednesday, hitting $85.31. The company had a trading volume of 5,351,882 shares, compared to its average volume of 6,266,587. Medtronic plc has a one year low of $75.96 and a one year high of $92.68. The company's fifty day moving average price is $88.54 and its two-hundred day moving average price is $85.00. The company has a market capitalization of $109.39 billion, a PE ratio of 26.21, a price-to-earnings-growth ratio of 2.45 and a beta of 0.82. 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 (NYSE:MDT - Get Free Report) last announced its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, beating 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 company 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 earnings per share. Medtronic's revenue was up 5.2% compared to the same quarter last year. As a group, equities analysts forecast that Medtronic plc will post 5.46 earnings per share for the current fiscal 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.