Medtronic plc (NYSE:MDT) Holdings Lifted by Townsquare Capital LLC

Townsquare Capital LLC increased its holdings in Medtronic plc (NYSE:MDT) by 4.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 361,815 shares of the medical technology company’s stock after acquiring an additional 14,235 shares during the period. Townsquare Capital LLC’s holdings in Medtronic were worth $32,574,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of MDT. Olstein Capital Management L.P. boosted its holdings in shares of 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 purchasing an additional 14,000 shares during the period. Manning & Napier Advisors LLC purchased a new position in shares of Medtronic during the 2nd quarter valued at $25,643,000. Ferguson Wellman Capital Management Inc. acquired a new position in shares of Medtronic in the third quarter worth $9,486,000. Harvest Portfolios Group Inc. boosted its position 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 valued at $62,042,000 after purchasing an additional 42,112 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its stake in shares of Medtronic by 6.3% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 368,682 shares of the medical technology company’s stock worth $29,019,000 after purchasing an additional 21,995 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Price Performance

Shares of NYSE:MDT opened at $85.67 on Wednesday. The business’s 50 day moving average is $88.85 and its 200-day moving average is $84.95. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. The firm has a market capitalization of $109.87 billion, a PE ratio of 26.20, a PEG ratio of 2.43 and a beta of 0.84. Medtronic plc has a 1-year low of $75.96 and a 1-year high of $92.68.

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

Wall Street Analyst Weigh In

A number of research firms have issued reports on MDT. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research note on Monday, November 18th. Truist Financial increased their target price on shares of Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a research report on Monday, October 14th. Piper Sandler boosted their price target on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Citigroup raised their price objective on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research note on Tuesday, October 1st. Finally, Wells Fargo & Company decreased their target price on Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research report on Wednesday, November 20th. One investment 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 has a consensus 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.