State Treasurer State of Michigan lifted its holdings in Medtronic PLC (NYSE:MDT) by 0.5% during the first quarter, HoldingsChannel reports. The institutional investor owned 386,538 shares of the medical technology company’s stock after purchasing an additional 2,000 shares during the quarter. State Treasurer State of Michigan’s holdings in Medtronic were worth $35,206,000 at the end of the most recent reporting period.
Other institutional investors have also bought and sold shares of the company. Sustainable Insight Capital Management LLC purchased a new stake in shares of Medtronic in the fourth quarter valued at approximately $964,000. Actinver Wealth Management Inc. purchased a new stake in shares of Medtronic in the fourth quarter valued at approximately $2,101,000. Chesley Taft & Associates LLC boosted its stake in shares of Medtronic by 11.7% in the first quarter. Chesley Taft & Associates LLC now owns 10,029 shares of the medical technology company’s stock valued at $913,000 after buying an additional 1,050 shares in the last quarter. Wills Financial Group Inc. boosted its stake in shares of Medtronic by 19.3% in the fourth quarter. Wills Financial Group Inc. now owns 18,021 shares of the medical technology company’s stock valued at $1,639,000 after buying an additional 2,921 shares in the last quarter. Finally, Stanley Laman Group Ltd. boosted its stake in shares of Medtronic by 2.3% in the fourth quarter. Stanley Laman Group Ltd. now owns 11,702 shares of the medical technology company’s stock valued at $1,064,000 after buying an additional 266 shares in the last quarter. Hedge funds and other institutional investors own 81.52% of the company’s stock.
MDT has been the topic of a number of analyst reports. Needham & Company LLC restated a “strong-buy” rating and issued a $117.00 price target (down from $120.00) on shares of Medtronic in a research note on Monday, February 4th. Oppenheimer set a $104.00 price target on Medtronic and gave the company a “buy” rating in a research note on Wednesday, February 20th. Wells Fargo & Co decreased their price target on Medtronic from $101.00 to $100.00 and set a “market perform” rating on the stock in a research note on Thursday, April 4th. Citigroup lifted their price target on Medtronic from $95.00 to $101.00 and gave the company a “neutral” rating in a research note on Monday, February 25th. Finally, Barclays reaffirmed a “buy” rating and set a $104.00 price objective on shares of Medtronic in a report on Wednesday, February 20th. Ten investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $103.39.
Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, February 19th. The medical technology company reported $1.29 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.24 by $0.05. Medtronic had a return on equity of 13.85% and a net margin of 16.10%. The company had revenue of $7.55 billion during the quarter, compared to analysts’ expectations of $7.53 billion. During the same period in the previous year, the firm posted $1.17 earnings per share. The business’s revenue for the quarter was up 2.4% compared to the same quarter last year. As a group, research analysts predict that Medtronic PLC will post 5.15 earnings per share for the current fiscal year.
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Medtronic Company Profile
Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.
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