Plato Investment Management Ltd Acquires Shares of 38,071 Medtronic plc (NYSE:MDT)

Plato Investment Management Ltd acquired a new position in Medtronic plc (NYSE:MDT) in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 38,071 shares of the medical technology company’s stock, valued at approximately $3,424,000.

Several other hedge funds have also modified their holdings of the company. Fortitude Family Office LLC purchased a new position in Medtronic during the third quarter worth approximately $27,000. Highline Wealth Partners LLC purchased a new position in shares of Medtronic during the 3rd quarter valued at approximately $27,000. Lynx Investment Advisory acquired a new stake in Medtronic in the 2nd quarter valued at $28,000. Gleason Group Inc. purchased a new stake in Medtronic in the 2nd quarter worth $42,000. Finally, Opal Wealth Advisors LLC acquired a new position in Medtronic during the second quarter worth $43,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Robert W. Baird boosted their target price on shares of Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Daiwa America upgraded Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Evercore ISI raised their target price on Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research report on Tuesday, October 1st. Stifel Nicolaus boosted their price target on Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research report on Wednesday, August 21st. Finally, Needham & Company LLC restated a “hold” rating on shares of Medtronic in a report on Friday, October 25th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $95.36.

Medtronic Stock Down 0.4 %

NYSE MDT opened at $87.98 on Thursday. The business’s fifty day simple moving average is $89.65 and its 200-day simple moving average is $84.63. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. The firm has a market cap of $112.83 billion, a PE ratio of 29.72, a P/E/G ratio of 2.52 and a beta of 0.84. Medtronic plc has a 52 week low of $72.08 and a 52 week high of $92.68.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, topping 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 company had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.90 billion. During the same period in the previous year, the firm earned $1.20 earnings per share. Medtronic’s quarterly revenue was up 3.4% compared to the same quarter last year. As a group, equities analysts anticipate that Medtronic plc will post 5.44 earnings per share for the current 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.