Polar Asset Management Partners Inc. Takes Position in Medtronic plc (NYSE:MDT)

Polar Asset Management Partners Inc. purchased a new stake in shares of Medtronic plc (NYSE:MDT) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 228,800 shares of the medical technology company’s stock, valued at approximately $20,599,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MDT. Fortitude Family Office LLC purchased a new position in shares of Medtronic during the 3rd quarter worth approximately $27,000. Highline Wealth Partners LLC purchased a new position in shares of Medtronic in the third quarter worth $27,000. Darwin Wealth Management LLC purchased a new position in Medtronic in the 3rd quarter worth about $27,000. J. Stern & Co. LLP bought a new position in Medtronic during the third quarter valued at approximately $30,000. Finally, Gleason Group Inc. bought a new position in shares of Medtronic during the 2nd quarter valued at $42,000. Institutional investors own 82.06% of the company’s stock.

Medtronic Stock Performance

Shares of Medtronic stock opened at $85.71 on Wednesday. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. The stock’s fifty day moving average is $88.54 and its two-hundred day moving average is $85.00. Medtronic plc has a 52 week low of $75.96 and a 52 week high of $92.68. The company has a market capitalization of $109.91 billion, a PE ratio of 26.21, a price-to-earnings-growth ratio of 2.45 and a beta of 0.82.

Medtronic (NYSE:MDT) last issued its earnings results 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 business had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The company’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same period last year, the company posted $1.25 earnings per share. As a group, analysts expect that Medtronic plc will post 5.46 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have recently commented on MDT. JPMorgan Chase & Co. reduced their price objective on Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research note on Friday, November 15th. Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and upped their price target for the stock from $98.00 to $105.00 in a research note on Thursday, October 10th. Robert W. Baird reduced their price objective on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 20th. Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Finally, Evercore ISI boosted their target price on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 1st. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Medtronic presently has a consensus rating of “Hold” and a consensus target price of $95.27.

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.