Medtronic plc (NYSE:MDT) Shares Sold by Empower Advisory Group LLC

Empower Advisory Group LLC lessened its stake in Medtronic plc (NYSE:MDT) by 3.4% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 4,216 shares of the medical technology company’s stock after selling 148 shares during the period. Empower Advisory Group LLC’s holdings in Medtronic were worth $380,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in MDT. Fortitude Family Office LLC acquired a new position in Medtronic during the third quarter worth approximately $27,000. Highline Wealth Partners LLC acquired a new position in shares of Medtronic in the 3rd quarter valued at $27,000. Lynx Investment Advisory purchased a new stake in Medtronic in the 2nd quarter valued at $28,000. Gleason Group Inc. purchased a new stake in Medtronic in the 2nd quarter valued at $42,000. Finally, Opal Wealth Advisors LLC acquired a new stake in Medtronic during the 2nd quarter worth $43,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on MDT shares. UBS Group upgraded Medtronic from a “sell” rating to a “neutral” rating and boosted their price target for the company from $76.00 to $90.00 in a research report on Thursday, August 15th. Robert W. Baird boosted their target price on Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and increased their price target for the stock from $98.00 to $105.00 in a report on Thursday, October 10th. Daiwa America raised shares of Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Finally, Citigroup raised their target price on shares of Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $95.36.

Medtronic Trading Down 2.3 %

Shares of MDT stock opened at $85.97 on Friday. The stock has a market cap of $110.25 billion, a P/E ratio of 29.04, a P/E/G ratio of 2.52 and a beta of 0.84. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. Medtronic plc has a fifty-two week low of $72.79 and a fifty-two week high of $92.68. The business has a fifty day simple moving average of $89.59 and a 200-day simple moving average of $84.66.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.03. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The company had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.90 billion. During the same quarter in the prior year, the firm earned $1.20 earnings per share. The company’s revenue for the quarter was up 3.4% compared to the same quarter last year. On average, analysts forecast that Medtronic plc will post 5.44 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.