Balboa Wealth Partners Takes $239,000 Position in Medtronic plc (NYSE:MDT)

Balboa Wealth Partners purchased a new position in Medtronic plc (NYSE:MDT) during the third quarter, Holdings Channel.com reports. The institutional investor purchased 2,655 shares of the medical technology company’s stock, valued at approximately $239,000.

Other large investors have also recently made changes to their positions in the company. Fortitude Family Office LLC acquired a new stake in Medtronic during the 3rd quarter worth $27,000. Highline Wealth Partners LLC purchased a new position in shares of Medtronic in the third quarter worth about $27,000. Lynx Investment Advisory acquired a new position in Medtronic during the second quarter worth about $28,000. Gleason Group Inc. purchased a new stake in Medtronic during the 2nd quarter valued at about $42,000. Finally, Opal Wealth Advisors LLC acquired a new stake in Medtronic in the 2nd quarter valued at about $43,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently weighed in on MDT shares. Robert W. Baird boosted their target price on Medtronic from $90.00 to $96.00 in a report on Friday. Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and boosted their price objective for the stock from $98.00 to $105.00 in a research note on Thursday, October 10th. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Friday, October 25th. Barclays boosted their price target on shares of Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. Finally, Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. 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 assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $95.80.

Medtronic Stock Up 1.8 %

Shares of NYSE MDT opened at $87.53 on Friday. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. The business’s 50 day moving average is $89.52 and its two-hundred day moving average is $84.67. Medtronic plc has a 52-week low of $74.20 and a 52-week high of $92.68. The firm has a market cap of $112.25 billion, a price-to-earnings ratio of 29.57, a PEG ratio of 2.51 and a beta of 0.84.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The business had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. During the same period in the previous year, the firm posted $1.20 earnings per share. The company’s revenue was up 3.4% on a year-over-year basis. Research analysts predict that Medtronic plc will post 5.44 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.