Belmont Capital LLC Sells 2,000 Shares of Medtronic plc (NYSE:MDT)

Belmont Capital LLC trimmed its stake in Medtronic plc (NYSE:MDT) by 54.6% in the third quarter, HoldingsChannel.com reports. The firm owned 1,664 shares of the medical technology company’s stock after selling 2,000 shares during the period. Belmont Capital LLC’s holdings in Medtronic were worth $150,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Caprock Group LLC boosted its position in Medtronic by 24.6% during the third quarter. Caprock Group LLC now owns 42,404 shares of the medical technology company’s stock valued at $3,847,000 after acquiring an additional 8,364 shares during the last quarter. Nixon Peabody Trust Co. lifted its holdings in shares of Medtronic by 0.5% in the third quarter. Nixon Peabody Trust Co. now owns 129,939 shares of the medical technology company’s stock valued at $11,698,000 after purchasing an additional 690 shares in the last quarter. Cassaday & Co Wealth Management LLC bought a new stake in shares of Medtronic in the 3rd quarter worth $216,000. Strengthening Families & Communities LLC lifted its position in shares of Medtronic by 8.2% during the 3rd quarter. Strengthening Families & Communities LLC now owns 21,285 shares of the medical technology company’s stock worth $1,916,000 after buying an additional 1,622 shares in the last quarter. Finally, Richard C. Young & CO. LTD. boosted its position in Medtronic by 2.7% in the third quarter. Richard C. Young & CO. LTD. now owns 139,232 shares of the medical technology company’s stock worth $12,535,000 after purchasing an additional 3,634 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have issued reports on MDT. Citigroup increased their target price on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 1st. Robert W. Baird raised their price objective on Medtronic from $90.00 to $96.00 in a report on Friday. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research report on Monday. Wells Fargo & Company raised their price target on Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 21st. Finally, Barclays increased their price objective on Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Medtronic currently has an average rating of “Hold” and an average target price of $95.80.

Medtronic Stock Up 0.1 %

Medtronic stock opened at $87.64 on Tuesday. Medtronic plc has a twelve month low of $74.66 and a twelve month high of $92.68. The business has a fifty day moving average of $89.42 and a two-hundred day moving average of $84.82. The firm has a market cap of $112.39 billion, a P/E ratio of 29.61, a P/E/G ratio of 2.50 and a beta of 0.84. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55.

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

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.