Huntington National Bank Buys 3,917 Shares of Medtronic plc (NYSE:MDT)

Huntington National Bank increased its stake in Medtronic plc (NYSE:MDT) by 3.3% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 124,185 shares of the medical technology company’s stock after acquiring an additional 3,917 shares during the period. Huntington National Bank’s holdings in Medtronic were worth $11,180,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in MDT. Fortitude Family Office LLC purchased a new position in shares of Medtronic in the 3rd quarter worth about $27,000. Highline Wealth Partners LLC bought a new stake in Medtronic in the 3rd quarter worth approximately $27,000. Lynx Investment Advisory purchased a new stake in Medtronic in the second quarter worth approximately $28,000. Gleason Group Inc. bought a new position in Medtronic during the second quarter valued at approximately $42,000. Finally, Opal Wealth Advisors LLC bought a new position in Medtronic during the second quarter valued at approximately $43,000. Institutional investors own 82.06% of the company’s stock.

Medtronic Price Performance

Shares of MDT stock opened at $85.97 on Friday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. Medtronic plc has a fifty-two week low of $72.79 and a fifty-two week high of $92.68. The firm has a market cap of $110.25 billion, a P/E ratio of 29.04, a P/E/G ratio of 2.51 and a beta of 0.84. The business’s 50 day moving average price is $89.59 and its 200-day moving average price is $84.66.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.03. The business had revenue of $7.97 billion for the quarter, compared to analysts’ expectations of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The firm’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.20 earnings per share. On average, equities research analysts anticipate that Medtronic plc will post 5.44 earnings per share for the current year.

Analyst Upgrades and Downgrades

MDT has been the subject of a number of recent research reports. Robert W. Baird boosted their price objective on shares of Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Evercore ISI boosted their price target on shares of Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 1st. Piper Sandler raised their price objective on Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. Barclays lifted their price objective on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. Finally, Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and increased their target price for the company from $98.00 to $105.00 in a report on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Medtronic presently has a consensus rating of “Hold” and a consensus price target of $95.36.

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.