Meridian Wealth Management LLC Sells 371 Shares of Medtronic plc (NYSE:MDT)

Meridian Wealth Management LLC cut its holdings in shares of Medtronic plc (NYSE:MDT) by 4.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,539 shares of the medical technology company’s stock after selling 371 shares during the period. Meridian Wealth Management LLC’s holdings in Medtronic were worth $679,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Studio Investment Management LLC lifted its stake in Medtronic by 11.7% during the third quarter. Studio Investment Management LLC now owns 10,350 shares of the medical technology company’s stock worth $939,000 after purchasing an additional 1,085 shares during the last quarter. Allen Capital Group LLC acquired a new position in shares of Medtronic during the third quarter worth $259,000. Pacer Advisors Inc. increased its holdings in shares of Medtronic by 14.6% during the third quarter. Pacer Advisors Inc. now owns 142,368 shares of the medical technology company’s stock worth $12,817,000 after buying an additional 18,171 shares in the last quarter. LPL Financial LLC increased its holdings in shares of Medtronic by 6.9% during the third quarter. LPL Financial LLC now owns 1,092,135 shares of the medical technology company’s stock worth $98,325,000 after buying an additional 70,413 shares in the last quarter. Finally, Cypress Capital Group increased its holdings in shares of Medtronic by 28.9% during the third quarter. Cypress Capital Group now owns 12,473 shares of the medical technology company’s stock worth $1,123,000 after buying an additional 2,798 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on MDT. Evercore ISI upped their price target on shares of Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. Sanford C. Bernstein upped their price target on shares of Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a report on Wednesday, November 20th. Piper Sandler upped their price target on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Stifel Nicolaus upped their price target on shares of Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a report on Wednesday, August 21st. Finally, Oppenheimer increased their price objective on Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a report on Wednesday, August 21st. One analyst has rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $95.00.

Medtronic Trading Up 1.7 %

Shares of MDT stock opened at $86.21 on Monday. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $92.68. 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 stock has a 50 day simple moving average of $88.99 and a two-hundred day simple moving average of $84.91. The company has a market cap of $110.56 billion, a P/E ratio of 26.36, a PEG ratio of 2.40 and a beta of 0.84.

Medtronic (NYSE:MDT) last released its quarterly earnings data 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 company had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. Medtronic’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.25 EPS. Research analysts forecast that Medtronic plc will post 5.46 earnings per share for the current year.

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.