Cadence Bank Grows Position in Medtronic plc (NYSE:MDT)

Cadence Bank raised its position in shares of Medtronic plc (NYSE:MDT) by 2.3% during the 3rd quarter, Holdings Channel reports. The fund owned 74,437 shares of the medical technology company’s stock after purchasing an additional 1,674 shares during the period. Cadence Bank’s holdings in Medtronic were worth $6,702,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of MDT. B. Riley Wealth Advisors Inc. grew its stake in shares of Medtronic by 27.8% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 40,468 shares of the medical technology company’s stock worth $3,527,000 after buying an additional 8,792 shares in the last quarter. Tidal Investments LLC grew its position in Medtronic by 7.7% in the first quarter. Tidal Investments LLC now owns 72,529 shares of the medical technology company’s stock worth $6,320,000 after acquiring an additional 5,201 shares in the last quarter. Jaffetilchin Investment Partners LLC increased its stake in Medtronic by 37.0% during the first quarter. Jaffetilchin Investment Partners LLC now owns 11,318 shares of the medical technology company’s stock worth $986,000 after acquiring an additional 3,056 shares during the last quarter. iA Global Asset Management Inc. purchased a new stake in Medtronic during the first quarter valued at approximately $513,000. Finally, New Covenant Trust Company N.A. bought a new stake in shares of Medtronic in the 1st quarter valued at approximately $117,000. 82.06% of the stock is currently owned by institutional investors.

Medtronic Stock Down 0.1 %

Shares of Medtronic stock opened at $85.67 on Wednesday. Medtronic plc has a 52-week low of $75.96 and a 52-week high of $92.68. The firm’s 50 day moving average price is $88.85 and its 200-day moving average price is $84.95. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. The company has a market cap of $109.87 billion, a P/E ratio of 26.20, a PEG ratio of 2.43 and a beta of 0.84.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (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 analyst estimates of $8.27 billion. During the same period in the previous 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 predict that Medtronic plc will post 5.46 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Daiwa America raised Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Sanford C. Bernstein increased their target price on shares of Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a research note on Wednesday, November 20th. Citigroup lifted their price target on shares of Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 1st. Robert W. Baird cut their price target on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a report on Wednesday, November 20th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research note on Friday, November 15th. One analyst has rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $95.27.

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.