Glenmede Trust Co. NA Grows Stake in Medtronic plc (NYSE:MDT)

Glenmede Trust Co. NA raised its position in Medtronic plc (NYSE:MDT) by 31.0% during the 3rd quarter, Holdings Channel reports. The firm owned 380,554 shares of the medical technology company’s stock after acquiring an additional 90,111 shares during the quarter. Glenmede Trust Co. NA’s holdings in Medtronic were worth $34,261,000 at the end of the most recent reporting period.

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

Medtronic Trading Up 0.7 %

Medtronic stock opened at $86.29 on Thursday. The business has a 50 day moving average price of $88.81 and a two-hundred day moving average price of $84.96. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $92.68. The stock has a market cap of $110.66 billion, a price-to-earnings ratio of 26.39, a price-to-earnings-growth ratio of 2.43 and a beta of 0.84.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.25 by $0.01. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The company had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.27 billion. During the same quarter in the prior year, the company posted $1.25 EPS. The business’s revenue was up 5.2% on a year-over-year basis. As a group, equities analysts forecast that Medtronic plc will post 5.46 EPS for the current year.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. Oppenheimer raised their target price on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 21st. UBS Group raised 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. Robert W. Baird decreased their price target on Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 20th. JPMorgan Chase & Co. dropped their price objective on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research note on Friday, November 15th. Finally, Wells Fargo & Company reduced their target price on Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a report on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Medtronic has an average rating of “Hold” and a consensus target price of $95.27.

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.