Bellevue Group AG Increases Holdings in Medtronic plc (NYSE:MDT)

Bellevue Group AG lifted its holdings in Medtronic plc (NYSE:MDT) by 0.7% in the third quarter, Holdings Channel reports. The fund owned 1,008,633 shares of the medical technology company’s stock after purchasing an additional 6,886 shares during the quarter. Medtronic makes up 1.5% of Bellevue Group AG’s holdings, making the stock its 21st biggest holding. Bellevue Group AG’s holdings in Medtronic were worth $90,807,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Fortitude Family Office LLC bought a new stake in shares of Medtronic in the 3rd quarter valued at approximately $27,000. Darwin Wealth Management LLC purchased a new stake in Medtronic during the 3rd quarter valued at $27,000. Highline Wealth Partners LLC bought a new stake in Medtronic in the third quarter worth $27,000. J. Stern & Co. LLP purchased a new position in Medtronic during the third quarter worth $30,000. Finally, Lynx Investment Advisory purchased a new position in Medtronic during the second quarter worth $28,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Trading Up 0.3 %

NYSE MDT opened at $86.54 on Friday. The company’s 50-day simple moving average is $88.69 and its two-hundred day simple moving average is $85.00. Medtronic plc has a one year low of $75.96 and a one year high of $92.68. The company has a market capitalization of $110.97 billion, a price-to-earnings ratio of 26.46, a price-to-earnings-growth ratio of 2.45 and a beta of 0.84. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, topping analysts’ consensus estimates of $1.25 by $0.01. The company had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. Medtronic’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.25 earnings per share. Equities analysts forecast that Medtronic plc will post 5.46 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Barclays raised their target price on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. Citigroup boosted their target price on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research report on Tuesday, October 1st. Evercore ISI raised their price target on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 1st. Piper Sandler upped their price objective on Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. Finally, Daiwa America upgraded Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. One 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. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $95.27.

About Medtronic

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.