Providence Capital Advisors LLC Has $783,000 Holdings in Medtronic plc (NYSE:MDT)

Providence Capital Advisors LLC cut its holdings in Medtronic plc (NYSE:MDT) by 87.6% during the third quarter, Holdings Channel.com reports. The firm owned 8,700 shares of the medical technology company’s stock after selling 61,317 shares during the quarter. Providence Capital Advisors LLC’s holdings in Medtronic were worth $783,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Olstein Capital Management L.P. increased its holdings in Medtronic by 19.2% during the third quarter. Olstein Capital Management L.P. now owns 87,000 shares of the medical technology company’s stock worth $7,833,000 after buying an additional 14,000 shares during the last quarter. Manning & Napier Advisors LLC acquired a new position in Medtronic during the second quarter worth $25,643,000. Ferguson Wellman Capital Management Inc. acquired a new position in Medtronic during the third quarter worth $9,486,000. Harvest Portfolios Group Inc. increased its holdings in Medtronic by 6.5% during the third quarter. Harvest Portfolios Group Inc. now owns 689,131 shares of the medical technology company’s stock worth $62,042,000 after buying an additional 42,112 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its holdings in Medtronic by 6.3% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 368,682 shares of the medical technology company’s stock worth $29,019,000 after buying an additional 21,995 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Trading Up 0.7 %

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

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

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on MDT shares. Robert W. Baird lowered their target price on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a report on Wednesday, November 20th. Sanford C. Bernstein boosted their target price on shares of Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a report on Wednesday, November 20th. Piper Sandler upped their price objective on shares of Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Monday, November 18th. Finally, Oppenheimer upped their price objective on shares of Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a report on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $95.27.

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.