Concentric Wealth Management LLC Sells 1,127 Shares of Medtronic plc (NYSE:MDT)

Concentric Wealth Management LLC lowered its position in Medtronic plc (NYSE:MDT) by 3.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 29,920 shares of the medical technology company’s stock after selling 1,127 shares during the period. Concentric Wealth Management LLC’s holdings in Medtronic were worth $2,694,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Olstein Capital Management L.P. grew its holdings in shares of Medtronic by 19.2% during the third quarter. Olstein Capital Management L.P. now owns 87,000 shares of the medical technology company’s stock valued at $7,833,000 after buying an additional 14,000 shares during the last quarter. Manning & Napier Advisors LLC bought a new stake in Medtronic during the second quarter worth $25,643,000. Ferguson Wellman Capital Management Inc. purchased a new stake in Medtronic in the 3rd quarter valued at $9,486,000. Harvest Portfolios Group Inc. lifted its stake in Medtronic by 6.5% during the 3rd quarter. Harvest Portfolios Group Inc. now owns 689,131 shares of the medical technology company’s stock valued at $62,042,000 after acquiring an additional 42,112 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings in Medtronic by 6.3% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 368,682 shares of the medical technology company’s stock worth $29,019,000 after acquiring an additional 21,995 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Analyst Upgrades and Downgrades

MDT has been the topic of a number of recent analyst reports. Piper Sandler raised their price target on shares of Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. Oppenheimer upped their target price on Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a report on Wednesday, August 21st. Evercore ISI increased their price target on Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research report on Tuesday, October 1st. Barclays boosted their price objective on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Finally, Daiwa America raised Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $95.00.

Medtronic Stock Up 1.7 %

MDT opened at $86.21 on Monday. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $92.68. The company has a market cap of $110.56 billion, a PE ratio of 26.36, a price-to-earnings-growth ratio of 2.44 and a beta of 0.84. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. The company has a 50 day moving average of $88.99 and a 200 day moving average of $84.91.

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

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.