Medtronic plc (NYSE:MDT) Shares Sold by Foundry Partners LLC

Foundry Partners LLC trimmed its stake in shares of Medtronic plc (NYSE:MDT) by 0.5% during the third quarter, Holdings Channel reports. The firm owned 267,632 shares of the medical technology company’s stock after selling 1,348 shares during the period. Medtronic comprises about 1.2% of Foundry Partners LLC’s holdings, making the stock its 18th largest position. Foundry Partners LLC’s holdings in Medtronic were worth $24,095,000 as of its most recent SEC filing.

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

Medtronic Stock Down 1.0 %

Shares of MDT opened at $84.11 on Thursday. The business’s fifty day moving average price is $89.17 and its two-hundred day moving average price is $84.84. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.61 and a current ratio of 1.84. The firm has a market capitalization of $107.87 billion, a price-to-earnings ratio of 25.72, a PEG ratio of 2.42 and a beta of 0.84. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $92.68.

Medtronic (NYSE:MDT) last released its 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 firm had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The company’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. On average, analysts predict that Medtronic plc will post 5.46 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on MDT. Robert W. Baird decreased their target price on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a research note on Wednesday. Piper Sandler increased their price target on Medtronic from $85.00 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 boosted their price objective for the stock from $98.00 to $105.00 in a research report on Thursday, October 10th. Truist Financial increased their price target on shares of Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a report on Monday, October 14th. Finally, Citigroup lifted their price objective on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a report on Tuesday, October 1st. One analyst has rated the stock with a sell rating, nine have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Medtronic presently has a consensus rating of “Hold” and a consensus price target of $95.19.

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.