Bridgewater Associates LP Reduces Position in Medtronic plc (NYSE:MDT)

Bridgewater Associates LP trimmed its holdings in Medtronic plc (NYSE:MDT) by 57.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 582,728 shares of the medical technology company’s stock after selling 796,240 shares during the period. Bridgewater Associates LP’s holdings in Medtronic were worth $52,463,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Fortitude Family Office LLC bought a new stake in Medtronic in the third quarter worth about $27,000. Darwin Wealth Management LLC acquired a new stake in Medtronic in the third quarter worth about $27,000. Highline Wealth Partners LLC purchased a new position in shares of Medtronic in the third quarter worth $27,000. J. Stern & Co. LLP acquired a new stake in Medtronic during the 3rd quarter worth about $30,000. Finally, Lynx Investment Advisory acquired a new position in Medtronic in the 2nd quarter worth approximately $28,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Price Performance

Shares of MDT opened at $85.67 on Wednesday. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $92.68. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39. The company has a market cap of $109.87 billion, a P/E ratio of 26.20, a PEG ratio of 2.43 and a beta of 0.84. The stock has a fifty day moving average price of $88.85 and a 200 day moving average price of $84.95.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, topping analysts’ consensus estimates of $1.25 by $0.01. The company had revenue of $8.40 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.25 EPS. On average, research analysts forecast that Medtronic plc will post 5.46 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on MDT shares. Barclays boosted their price target on Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a report on Tuesday. Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and increased their price target for the company from $98.00 to $105.00 in a report on Thursday, October 10th. UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and raised their price target for the stock from $76.00 to $90.00 in a report on Thursday, August 15th. Oppenheimer upped their target price 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. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research note on Monday, November 18th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $95.27.

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.