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Medtronic plc (NYSE:MDT) Shares Sold by Strategy Asset Managers LLC

Medtronic logo with Medical background

Strategy Asset Managers LLC reduced its position in shares of Medtronic plc (NYSE:MDT - Free Report) by 19.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 36,933 shares of the medical technology company's stock after selling 8,685 shares during the period. Strategy Asset Managers LLC's holdings in Medtronic were worth $3,325,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Fortitude Family Office LLC purchased a new stake in shares of Medtronic during the 3rd quarter valued at $27,000. Highline Wealth Partners LLC purchased a new stake in shares of Medtronic in the 3rd quarter valued at about $27,000. Lynx Investment Advisory purchased a new stake in shares of Medtronic during the 2nd quarter valued at $28,000. Gleason Group Inc. purchased a new position in shares of Medtronic during the 2nd quarter valued at about $42,000. Finally, Opal Wealth Advisors LLC purchased a new position in Medtronic in the 2nd quarter worth $43,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts recently issued reports on MDT shares. Robert W. Baird reduced their price target on Medtronic from $96.00 to $93.00 and set a "neutral" rating on the stock in a report on Wednesday. Evercore ISI increased their price target on shares of Medtronic from $100.00 to $104.00 and gave the stock an "outperform" rating in a research note on Tuesday, October 1st. Daiwa America upgraded Medtronic to a "strong-buy" rating in a report on Friday, August 23rd. Oppenheimer upped their price target on Medtronic from $92.00 to $94.00 and gave the stock a "market perform" rating in a research note on Wednesday, August 21st. Finally, Barclays upped their target price on shares of Medtronic from $104.00 to $105.00 and gave the stock an "overweight" rating in a research report on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $95.19.

Check Out Our Latest Stock Analysis on Medtronic

Medtronic Price Performance

MDT stock traded down $1.05 during mid-day trading on Wednesday, reaching $83.95. 3,454,238 shares of the company's stock were exchanged, compared to its average volume of 6,257,052. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $92.68. The company has a market cap of $107.66 billion, a price-to-earnings ratio of 28.33, a price-to-earnings-growth ratio of 2.50 and a beta of 0.84. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61. The stock's 50 day moving average is $89.30 and its 200 day moving average is $84.84.

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 the consensus estimate of $1.25 by $0.01. The company had revenue of $8.40 billion for 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%. Medtronic'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. On average, research analysts expect that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Company Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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