Fiduciary Trust Co Grows Position in Medtronic plc (NYSE:MDT)

Fiduciary Trust Co raised its holdings in shares of Medtronic plc (NYSE:MDT) by 0.4% in the third quarter, Holdings Channel.com reports. The institutional investor owned 35,375 shares of the medical technology company’s stock after purchasing an additional 142 shares during the quarter. Fiduciary Trust Co’s holdings in Medtronic were worth $3,185,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. CreativeOne Wealth LLC boosted its position in shares of Medtronic by 279.5% during the 3rd quarter. CreativeOne Wealth LLC now owns 20,672 shares of the medical technology company’s stock valued at $1,861,000 after acquiring an additional 15,225 shares during the last quarter. Glenmede Trust Co. NA lifted its position in Medtronic by 31.0% in the third quarter. Glenmede Trust Co. NA now owns 380,554 shares of the medical technology company’s stock valued at $34,261,000 after buying an additional 90,111 shares during the last quarter. Hardy Reed LLC lifted its position in Medtronic by 4.4% in the third quarter. Hardy Reed LLC now owns 2,743 shares of the medical technology company’s stock valued at $247,000 after buying an additional 116 shares during the last quarter. Townsquare Capital LLC lifted its position in Medtronic by 4.1% in the third quarter. Townsquare Capital LLC now owns 361,815 shares of the medical technology company’s stock valued at $32,574,000 after buying an additional 14,235 shares during the last quarter. Finally, Cadence Bank lifted its position in Medtronic by 2.3% in the third quarter. Cadence Bank now owns 74,437 shares of the medical technology company’s stock valued at $6,702,000 after buying an additional 1,674 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Stock Performance

Medtronic stock opened at $86.27 on Friday. The stock’s 50 day moving average price is $88.75 and its 200 day moving average price is $84.97. The firm has a market capitalization of $110.62 billion, a PE ratio of 26.38, a price-to-earnings-growth ratio of 2.44 and a beta of 0.84. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84. Medtronic plc has a one year low of $75.96 and a one year high of $92.68.

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

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Daiwa America raised shares of Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. JPMorgan Chase & Co. dropped their price target on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research note on Friday, November 15th. Sanford C. Bernstein increased their price target on shares of Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a research note on Wednesday, November 20th. 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 report on Tuesday, October 1st. Finally, Truist Financial raised their target price on shares of Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a research report on Monday, October 14th. One analyst has rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Medtronic has a consensus rating of “Hold” and a consensus target price of $95.27.

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.