Qsemble Capital Management LP Increases Stock Position in Medtronic plc (NYSE:MDT)

Qsemble Capital Management LP raised its holdings in shares of Medtronic plc (NYSE:MDT) by 15.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 52,816 shares of the medical technology company’s stock after buying an additional 7,257 shares during the period. Medtronic comprises 0.9% of Qsemble Capital Management LP’s investment portfolio, making the stock its 19th largest position. Qsemble Capital Management LP’s holdings in Medtronic were worth $4,755,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Pzena Investment Management LLC lifted its stake in shares of Medtronic by 3.3% during the third quarter. Pzena Investment Management LLC now owns 8,582,993 shares of the medical technology company’s stock worth $772,727,000 after purchasing an additional 275,870 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Medtronic by 7.8% during the second quarter. Dimensional Fund Advisors LP now owns 7,120,554 shares of the medical technology company’s stock valued at $560,494,000 after purchasing an additional 515,751 shares during the period. Raymond James & Associates boosted its stake in shares of Medtronic by 2.3% in the third quarter. Raymond James & Associates now owns 6,391,865 shares of the medical technology company’s stock valued at $575,460,000 after purchasing an additional 145,504 shares during the period. Fisher Asset Management LLC increased its stake in Medtronic by 11.5% during the 3rd quarter. Fisher Asset Management LLC now owns 5,893,720 shares of the medical technology company’s stock worth $530,612,000 after buying an additional 609,391 shares during the period. Finally, 1832 Asset Management L.P. lifted its holdings in Medtronic by 26.9% in the 2nd quarter. 1832 Asset Management L.P. now owns 4,915,609 shares of the medical technology company’s stock worth $386,908,000 after buying an additional 1,041,863 shares in the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

MDT has been the topic of several recent analyst reports. Wells Fargo & Company cut their price target on Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 20th. Piper Sandler raised their price target on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Evercore ISI increased their price objective on shares of Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research note on Tuesday, October 1st. Sanford C. Bernstein boosted their target price on shares of Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 20th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research report on Friday, November 15th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Medtronic has an average rating of “Hold” and a consensus target price of $95.00.

Medtronic Stock Performance

Shares of NYSE MDT traded down $0.71 during mid-day trading on Monday, hitting $85.50. The company had a trading volume of 787,538 shares, compared to its average volume of 6,249,083. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39. The stock has a market cap of $109.65 billion, a price-to-earnings ratio of 26.45, a PEG ratio of 2.44 and a beta of 0.84. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $92.68. The firm’s 50 day simple moving average is $88.99 and its two-hundred day simple moving average is $84.91.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.25 by $0.01. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The firm had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.27 billion. During the same period in the previous year, the business posted $1.25 EPS. Medtronic’s revenue was up 5.2% on a year-over-year basis. As a group, equities research analysts forecast that Medtronic plc will post 5.46 earnings per share 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.