Prospera Private Wealth LLC Buys New Position in Medtronic plc (NYSE:MDT)

Prospera Private Wealth LLC acquired a new position in shares of Medtronic plc (NYSE:MDT - Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 87,461 shares of the medical technology company's stock, valued at approximately $7,874,000. Medtronic comprises about 1.5% of Prospera Private Wealth LLC's portfolio, making the stock its 15th biggest position.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Olstein Capital Management L.P. raised its stake in shares of Medtronic by 19.2% during the third quarter. Olstein Capital Management L.P. now owns 87,000 shares of the medical technology company's stock worth $7,833,000 after buying an additional 14,000 shares during the last quarter. Manning & Napier Advisors LLC bought a new stake in Medtronic in the second quarter valued at about $25,643,000. Ferguson Wellman Capital Management Inc. acquired a new position in Medtronic in the third quarter valued at about $9,486,000. National Bank of Canada FI boosted its holdings in Medtronic by 13.6% during the first quarter. National Bank of Canada FI now owns 261,325 shares of the medical technology company's stock worth $21,642,000 after buying an additional 31,195 shares during the last quarter. Finally, Harvest Portfolios Group Inc. grew its position in shares of Medtronic by 6.5% during the 3rd quarter. Harvest Portfolios Group Inc. now owns 689,131 shares of the medical technology company's stock worth $62,042,000 after buying an additional 42,112 shares during the period. Institutional investors and hedge funds own 82.06% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. UBS Group raised shares of Medtronic from a "sell" rating to a "neutral" rating and lifted their price objective for the stock from $76.00 to $90.00 in a research note on Thursday, August 15th. Citigroup boosted their price target on shares of Medtronic from $85.00 to $92.00 and gave the company a "neutral" rating in a report on Tuesday, October 1st. Oppenheimer raised their price objective on Medtronic from $92.00 to $94.00 and gave the stock a "market perform" rating in a research note on Wednesday, August 21st. Barclays increased their price target on Medtronic from $104.00 to $105.00 and gave the stock an "overweight" rating in a report on Thursday, August 22nd. Finally, Stifel Nicolaus raised their target price on shares of Medtronic from $85.00 to $87.00 and gave the stock a "hold" rating in a report on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $95.19.

Medtronic Price Performance

Shares of Medtronic stock traded down $0.90 during midday trading on Wednesday, hitting $84.10. 2,983,845 shares of the company traded hands, compared to its average volume of 6,254,961. The stock has a market cap of $107.86 billion, a price-to-earnings ratio of 28.33, a PEG ratio of 2.50 and a beta of 0.84. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. The firm's fifty day moving average price is $89.30 and its 200-day moving average price is $84.84. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $92.68.

Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly 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. The company had revenue of $8.40 billion during the quarter, compared to analysts' expectations of $8.27 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The business's quarterly revenue was up 5.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.25 earnings per share. As a group, sell-side analysts forecast that Medtronic plc will post 5.44 earnings per share 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.