Moran Wealth Management LLC Sells 949 Shares of Medtronic plc (NYSE:MDT)

Moran Wealth Management LLC lowered its position in Medtronic plc (NYSE:MDT) by 0.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 221,689 shares of the medical technology company’s stock after selling 949 shares during the quarter. Moran Wealth Management LLC’s holdings in Medtronic were worth $19,959,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Olstein Capital Management L.P. boosted its position in shares of Medtronic by 19.2% during the 3rd quarter. Olstein Capital Management L.P. now owns 87,000 shares of the medical technology company’s stock valued at $7,833,000 after acquiring an additional 14,000 shares during the last quarter. Manning & Napier Advisors LLC bought a new stake in Medtronic in the second quarter valued at approximately $25,643,000. Ferguson Wellman Capital Management Inc. bought a new position in shares of Medtronic in the third quarter worth approximately $9,486,000. National Bank of Canada FI increased its stake in shares of Medtronic by 13.6% in the first quarter. National Bank of Canada FI now owns 261,325 shares of the medical technology company’s stock worth $21,642,000 after buying an additional 31,195 shares during the period. Finally, Harvest Portfolios Group Inc. raised its holdings in Medtronic by 6.5% during the 3rd quarter. Harvest Portfolios Group Inc. now owns 689,131 shares of the medical technology company’s stock valued at $62,042,000 after buying an additional 42,112 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on MDT shares. JPMorgan Chase & Co. cut their price target on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a report on Friday, November 15th. Barclays raised their target price on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. Stifel Nicolaus upped their price target on Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research report on Wednesday, August 21st. Citigroup lifted their price objective on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 1st. Finally, Daiwa America upgraded Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Medtronic presently has an average rating of “Hold” and an average price target of $95.07.

Medtronic Stock Down 1.6 %

Medtronic stock traded down $1.37 during mid-day trading on Wednesday, reaching $83.63. The stock had a trading volume of 1,141,268 shares, compared to its average volume of 6,246,772. Medtronic plc has a one year low of $75.96 and a one year high of $92.68. The company has a market capitalization of $107.25 billion, a price-to-earnings ratio of 29.05, a PEG ratio of 2.50 and a beta of 0.84. The company has a 50-day moving average price of $89.30 and a two-hundred day moving average price of $84.84. 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 posted its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.01. The business had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.27 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The business’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.25 EPS. On average, analysts expect that Medtronic plc will post 5.44 EPS for the current fiscal 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.