Seelaus Asset Management LLC Lowers Holdings in Medtronic plc (NYSE:MDT)

Seelaus Asset Management LLC lowered its stake in shares of Medtronic plc (NYSE:MDT) by 8.7% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 4,630 shares of the medical technology company’s stock after selling 440 shares during the period. Seelaus Asset Management LLC’s holdings in Medtronic were worth $417,000 at the end of the most recent quarter.

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

Medtronic Trading Up 1.8 %

MDT opened at $87.53 on Friday. The company has a market cap of $112.25 billion, a P/E ratio of 29.57, a PEG ratio of 2.51 and a beta of 0.84. Medtronic plc has a one year low of $74.20 and a one year high of $92.68. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. The business’s 50-day simple moving average is $89.48 and its 200-day simple moving average is $84.71.

Medtronic (NYSE:MDT) last issued its 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 business had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. During the same quarter in the prior year, the business posted $1.20 EPS. The company’s revenue for the quarter was up 3.4% on a year-over-year basis. As a group, equities research analysts expect that Medtronic plc will post 5.44 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on MDT shares. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Friday, October 25th. Wells Fargo & Company lifted their price objective on Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. Stifel Nicolaus increased their target price on Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a report on Wednesday, August 21st. UBS Group raised shares of Medtronic from a “sell” rating to a “neutral” rating and lifted their target price for the stock from $76.00 to $90.00 in a research note on Thursday, August 15th. Finally, Citigroup increased their price target on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a report on Tuesday, October 1st. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Medtronic presently has a consensus rating of “Hold” and a consensus target price of $95.80.

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.