Moran Wealth Management LLC Reduces Holdings in Medtronic plc (NYSE:MDT)

Moran Wealth Management LLC decreased its holdings in shares of Medtronic plc (NYSE:MDT) by 0.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 221,689 shares of the medical technology company’s stock after selling 949 shares during the period. Moran Wealth Management LLC’s holdings in Medtronic were worth $19,959,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of MDT. Fortitude Family Office LLC purchased a new position in shares of Medtronic during the 3rd quarter valued at $27,000. Darwin Wealth Management LLC bought a new position in Medtronic in the 3rd quarter worth approximately $27,000. Highline Wealth Partners LLC purchased a new stake in Medtronic during the 3rd quarter valued at approximately $27,000. Lynx Investment Advisory purchased a new position in shares of Medtronic in the second quarter worth $28,000. Finally, Gleason Group Inc. bought a new position in shares of Medtronic during the second quarter worth $42,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Price Performance

NYSE MDT traded down $1.37 on Wednesday, hitting $83.63. The company had a trading volume of 1,141,268 shares, compared to its average volume of 6,246,772. The company’s fifty day moving average price is $89.30 and its 200-day moving average price is $84.84. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $92.68. The company has a market capitalization of $107.25 billion, a PE ratio of 29.05, a PEG ratio of 2.50 and a beta of 0.84. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61.

Medtronic (NYSE:MDT) last announced its quarterly earnings data 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 company had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.27 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. Medtronic’s revenue was up 5.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.25 EPS. As a group, analysts predict that Medtronic plc will post 5.44 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Piper Sandler increased 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. Stifel Nicolaus increased their target price on Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research report on Wednesday, August 21st. UBS Group raised shares of Medtronic from a “sell” rating to a “neutral” rating and upped their price target for the company from $76.00 to $90.00 in a research note on Thursday, August 15th. JPMorgan Chase & Co. dropped their price target on Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research report on Friday, November 15th. Finally, Barclays boosted their target price on Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $95.07.

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.