Fmr LLC Buys 319,256 Shares of Medtronic plc (NYSE:MDT)

Fmr LLC increased its stake in shares of Medtronic plc (NYSE:MDT) by 21.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,839,569 shares of the medical technology company’s stock after purchasing an additional 319,256 shares during the quarter. Fmr LLC’s holdings in Medtronic were worth $165,616,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of MDT. Fortitude Family Office LLC acquired a new position in Medtronic during the 3rd quarter valued at about $27,000. Highline Wealth Partners LLC acquired a new position in Medtronic in the third quarter valued at approximately $27,000. Darwin Wealth Management LLC bought a new position in Medtronic in the third quarter valued at approximately $27,000. Gleason Group Inc. acquired a new stake in Medtronic during the 2nd quarter worth $42,000. Finally, Opal Wealth Advisors LLC bought a new stake in shares of Medtronic during the 2nd quarter valued at $43,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Stock Performance

Shares of Medtronic stock opened at $85.71 on Wednesday. The stock’s 50-day moving average is $88.54 and its 200-day moving average is $85.00. Medtronic plc has a one year low of $75.96 and a one year high of $92.68. The firm has a market cap of $109.91 billion, a price-to-earnings ratio of 26.21, a price-to-earnings-growth ratio of 2.45 and a beta of 0.82. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39.

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

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Robert W. Baird decreased their price objective on Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a research note on Wednesday, November 20th. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research report on Monday, November 18th. Oppenheimer increased their price target on shares of Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research report on Wednesday, August 21st. Sanford C. Bernstein boosted their price objective on shares of Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a report on Wednesday, November 20th. Finally, Citigroup upped their target price on shares of Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research note on Tuesday, October 1st. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Medtronic has a consensus rating of “Hold” and a consensus price target of $95.27.

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.