Freedom Investment Management Inc. Decreases Stake in Medtronic plc (NYSE:MDT)

Freedom Investment Management Inc. decreased its holdings in Medtronic plc (NYSE:MDT) by 8.0% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 13,009 shares of the medical technology company’s stock after selling 1,130 shares during the period. Freedom Investment Management Inc.’s holdings in Medtronic were worth $1,171,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of MDT. Fortitude Family Office LLC purchased a new position in shares of Medtronic in the 3rd quarter valued at $27,000. Highline Wealth Partners LLC purchased a new stake in Medtronic during the 3rd quarter worth $27,000. Darwin Wealth Management LLC acquired a new stake in Medtronic in the 3rd quarter valued at $27,000. Lynx Investment Advisory purchased a new position in Medtronic in the second quarter valued at about $28,000. Finally, J. Stern & Co. LLP acquired a new position in shares of Medtronic during the third quarter worth about $30,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently commented on MDT shares. Piper Sandler raised their target price on Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. Barclays boosted their target price on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research report on Tuesday. Evercore ISI upped their target price on shares of Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research note on Tuesday, October 1st. Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and lifted their price target for the stock from $98.00 to $105.00 in a research note on Thursday, October 10th. Finally, Truist Financial upped their price objective on shares of Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research report on Monday, October 14th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Medtronic has a consensus rating of “Hold” and an average target price of $95.27.

Medtronic Price Performance

Shares of MDT opened at $86.29 on Thursday. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $92.68. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. The firm has a market cap of $110.66 billion, a price-to-earnings ratio of 26.39, a PEG ratio of 2.43 and a beta of 0.84. The stock has a 50 day moving average of $88.81 and a 200-day moving average of $84.96.

Medtronic (NYSE:MDT) last released 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 firm had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The firm’s revenue was up 5.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.25 earnings per share. As a group, analysts forecast that Medtronic plc will post 5.46 EPS 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.