Medtronic plc (NYSE:MDT) Stock Position Reduced by Belmont Capital LLC

Belmont Capital LLC decreased its stake in Medtronic plc (NYSE:MDT) by 54.6% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,664 shares of the medical technology company’s stock after selling 2,000 shares during the quarter. Belmont Capital LLC’s holdings in Medtronic were worth $150,000 at the end of the most recent quarter.

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

Analyst Ratings Changes

MDT has been the topic of a number of recent analyst reports. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research note on Monday. Citigroup lifted their price target on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 1st. Truist Financial increased their price objective on Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research report on Monday, October 14th. Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and boosted their target price for the stock from $98.00 to $105.00 in a research report on Thursday, October 10th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a report on Friday. One research analyst has rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $95.80.

Medtronic Stock Up 0.1 %

MDT stock opened at $87.64 on Tuesday. The firm has a 50-day moving average price of $89.42 and a 200-day moving average price of $84.82. Medtronic plc has a 12 month low of $74.66 and a 12 month high of $92.68. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55. The stock has a market capitalization of $112.39 billion, a P/E ratio of 29.61, a price-to-earnings-growth ratio of 2.50 and a beta of 0.84.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, beating 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 firm had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. During the same quarter last year, the business posted $1.20 earnings per share. The company’s quarterly revenue was up 3.4% on a year-over-year basis. As a group, equities research analysts anticipate that Medtronic plc will post 5.44 EPS for the current fiscal year.

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.