Evergreen Wealth Management LLC Purchases 7,037 Shares of Medtronic plc (NYSE:MDT)

Evergreen Wealth Management LLC boosted its position in Medtronic plc (NYSE:MDT) by 36.7% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 26,202 shares of the medical technology company’s stock after purchasing an additional 7,037 shares during the period. Medtronic comprises 1.4% of Evergreen Wealth Management LLC’s investment portfolio, making the stock its 26th biggest position. Evergreen Wealth Management LLC’s holdings in Medtronic were worth $2,359,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MDT. Capital Research Global Investors lifted its holdings in Medtronic by 7.1% during the first quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after acquiring an additional 2,044,109 shares during the period. Healthcare of Ontario Pension Plan Trust Fund raised its stake in shares of Medtronic by 1,195.9% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,837,600 shares of the medical technology company’s stock worth $144,637,000 after purchasing an additional 1,695,800 shares during the period. International Assets Investment Management LLC boosted its holdings in shares of Medtronic by 8,908.6% in the 3rd quarter. International Assets Investment Management LLC now owns 1,298,415 shares of the medical technology company’s stock worth $116,896,000 after buying an additional 1,284,002 shares during the last quarter. Troy Asset Management Ltd bought a new position in Medtronic during the second quarter valued at about $85,440,000. Finally, 1832 Asset Management L.P. increased its holdings in Medtronic by 26.9% during the second quarter. 1832 Asset Management L.P. now owns 4,915,609 shares of the medical technology company’s stock worth $386,908,000 after buying an additional 1,041,863 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Price Performance

Shares of MDT traded up $1.53 during mid-day trading on Friday, reaching $87.53. 7,952,317 shares of the stock traded hands, compared to its average volume of 6,225,400. The company has a market cap of $112.25 billion, a price-to-earnings ratio of 29.57, a price-to-earnings-growth ratio of 2.51 and a beta of 0.84. Medtronic plc has a 1 year low of $74.20 and a 1 year high of $92.68. The firm has a fifty day moving average price of $89.48 and a 200 day moving average price of $84.71. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55.

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

Analyst Ratings Changes

A number of research analysts have recently weighed in on the stock. Stifel Nicolaus increased their target price on shares of Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research report on Wednesday, August 21st. Robert W. Baird increased their price objective on Medtronic from $90.00 to $96.00 in a report on Friday. Truist Financial upped their price target on Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research report on Monday, October 14th. Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and boosted their price objective for the company from $98.00 to $105.00 in a research note on Thursday, October 10th. Finally, Oppenheimer increased their target price on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $95.80.

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.