First County Bank CT Sells 1,153 Shares of Medtronic plc (NYSE:MDT)

First County Bank CT trimmed its position in Medtronic plc (NYSE:MDT) by 19.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,684 shares of the medical technology company’s stock after selling 1,153 shares during the period. First County Bank CT’s holdings in Medtronic were worth $422,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Pacer Advisors Inc. lifted its stake in Medtronic by 14.6% in the 3rd quarter. Pacer Advisors Inc. now owns 142,368 shares of the medical technology company’s stock valued at $12,817,000 after acquiring an additional 18,171 shares in the last quarter. LPL Financial LLC raised its holdings in shares of Medtronic by 6.9% in the third quarter. LPL Financial LLC now owns 1,092,135 shares of the medical technology company’s stock valued at $98,325,000 after purchasing an additional 70,413 shares during the last quarter. Cypress Capital Group lifted its position in shares of Medtronic by 28.9% in the third quarter. Cypress Capital Group now owns 12,473 shares of the medical technology company’s stock worth $1,123,000 after purchasing an additional 2,798 shares in the last quarter. Creekside Partners acquired a new position in Medtronic during the third quarter worth $355,000. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its position in Medtronic by 2.8% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 813,041 shares of the medical technology company’s stock valued at $73,198,000 after purchasing an additional 22,232 shares in the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

MDT has been the subject of a number of recent research reports. Royal Bank of Canada upgraded shares of Medtronic from a “sector perform” rating to an “outperform” rating and increased their price objective for the stock from $98.00 to $105.00 in a research note on Thursday, October 10th. Oppenheimer lifted their price objective on shares of Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research report on Wednesday, August 21st. Barclays raised their price objective on Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. Piper Sandler boosted their target price on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Finally, Citigroup increased their price objective on shares of Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research report on Tuesday, October 1st. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Medtronic currently has an average rating of “Hold” and a consensus price target of $95.19.

Medtronic Stock Up 0.7 %

Shares of NYSE:MDT opened at $84.71 on Friday. The business has a fifty day simple moving average of $89.07 and a 200 day simple moving average of $84.84. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $92.68. The firm has a market cap of $108.63 billion, a P/E ratio of 25.90, a P/E/G ratio of 2.42 and a beta of 0.84. The company has a quick ratio of 1.61, a current ratio of 1.84 and a debt-to-equity ratio of 0.51.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $1.25 by $0.01. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The business had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.27 billion. During the same quarter in the prior year, the firm posted $1.25 earnings per share. The business’s quarterly revenue was up 5.2% compared to the same quarter last year. Analysts predict that Medtronic plc will post 5.46 earnings per share for the current year.

About Medtronic

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.