Medtronic plc (NYSE:MDT) Shares Acquired by Independent Advisor Alliance

Independent Advisor Alliance lifted its position in shares of Medtronic plc (NYSE:MDT) by 43.5% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 43,832 shares of the medical technology company’s stock after buying an additional 13,289 shares during the period. Independent Advisor Alliance’s holdings in Medtronic were worth $3,946,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in MDT. Fortitude Family Office LLC acquired a new stake in Medtronic in the 3rd quarter valued at $27,000. Highline Wealth Partners LLC acquired a new stake in Medtronic in the 3rd quarter valued at $27,000. Darwin Wealth Management LLC acquired a new stake in Medtronic in the 3rd quarter valued at $27,000. Lynx Investment Advisory acquired a new stake in Medtronic in the 2nd quarter valued at $28,000. Finally, Gleason Group Inc. acquired a new stake in Medtronic in the 2nd quarter valued at $42,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Stock Performance

Shares of MDT stock opened at $85.75 on Tuesday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84. Medtronic plc has a one year low of $75.96 and a one year high of $92.68. The company’s 50-day simple moving average is $88.91 and its 200-day simple moving average is $84.93. The stock has a market capitalization of $109.97 billion, a price-to-earnings ratio of 26.22, a PEG ratio of 2.44 and a beta of 0.84.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS 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 business had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.27 billion. During the same quarter last year, the company posted $1.25 earnings per share. The company’s quarterly revenue was up 5.2% compared to the same quarter last year. Equities analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts recently issued reports on MDT shares. UBS Group upgraded Medtronic from a “sell” rating to a “neutral” rating and increased their price target for the company from $76.00 to $90.00 in a report on Thursday, August 15th. Sanford C. Bernstein increased their price target on Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a report on Wednesday, November 20th. Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and upped their price objective for the company from $98.00 to $105.00 in a research report on Thursday, October 10th. Stifel Nicolaus upped their price objective on shares of Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research report on Wednesday, August 21st. Finally, Truist Financial upped their price objective on shares of Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research report on Monday, October 14th. One investment 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 company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $95.00.

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.