Mizuho Securities USA LLC Buys 61,985 Shares of Medtronic plc (NYSE:MDT)

Mizuho Securities USA LLC lifted its stake in Medtronic plc (NYSE:MDT) by 60.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 164,369 shares of the medical technology company’s stock after buying an additional 61,985 shares during the period. Mizuho Securities USA LLC’s holdings in Medtronic were worth $14,798,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Fortitude Family Office LLC bought a new position in Medtronic during the third quarter worth about $27,000. Highline Wealth Partners LLC bought a new stake in Medtronic during the third quarter worth about $27,000. Lynx Investment Advisory acquired a new stake in shares of Medtronic during the second quarter worth approximately $28,000. Gleason Group Inc. bought a new position in shares of Medtronic in the second quarter valued at approximately $42,000. Finally, Opal Wealth Advisors LLC acquired a new position in shares of Medtronic in the 2nd quarter worth approximately $43,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Stock Performance

Shares of NYSE:MDT opened at $87.53 on Friday. The firm’s 50 day simple moving average is $89.48 and its 200 day simple moving average is $84.74. Medtronic plc has a fifty-two week low of $74.20 and a fifty-two week high of $92.68. The company has a market capitalization of $112.25 billion, a price-to-earnings ratio of 29.57, a P/E/G ratio of 2.50 and a beta of 0.84. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The company had revenue of $7.97 billion for the quarter, compared to analysts’ expectations of $7.90 billion. During the same period last year, the firm posted $1.20 earnings per share. The business’s quarterly revenue was up 3.4% compared to the same quarter last year. As a group, sell-side analysts forecast that Medtronic plc will post 5.44 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on MDT shares. UBS Group upgraded Medtronic from a “sell” rating to a “neutral” rating and lifted their price objective for the company from $76.00 to $90.00 in a research report on Thursday, August 15th. Wells Fargo & Company lifted their price target on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a report on Wednesday, August 21st. Evercore ISI increased their price objective on shares of Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. Oppenheimer boosted their target price on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 21st. Finally, Daiwa America raised shares of Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Medtronic currently has a consensus rating of “Hold” and an average price target of $95.80.

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.