Prime Capital Investment Advisors LLC Sells 22,854 Shares of Medtronic plc (NYSE:MDT)

Prime Capital Investment Advisors LLC reduced its position in Medtronic plc (NYSE:MDT) by 50.6% in the third quarter, Holdings Channel.com reports. The fund owned 22,289 shares of the medical technology company’s stock after selling 22,854 shares during the quarter. Prime Capital Investment Advisors LLC’s holdings in Medtronic were worth $2,007,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Savvy Advisors Inc. bought a new position in shares of Medtronic in the third quarter valued at approximately $404,000. Proactive Wealth Strategies LLC bought a new position in shares of Medtronic in the third quarter valued at approximately $2,644,000. Baillie Gifford & Co. boosted its position in shares of Medtronic by 23.1% in the third quarter. Baillie Gifford & Co. now owns 532,302 shares of the medical technology company’s stock valued at $47,923,000 after acquiring an additional 99,747 shares during the period. WealthPlan Investment Management LLC boosted its position in shares of Medtronic by 25.2% in the third quarter. WealthPlan Investment Management LLC now owns 3,460 shares of the medical technology company’s stock valued at $312,000 after acquiring an additional 697 shares during the period. Finally, Keystone Financial Services lifted its position in Medtronic by 8.7% during the third quarter. Keystone Financial Services now owns 6,136 shares of the medical technology company’s stock valued at $552,000 after purchasing an additional 492 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors.

Medtronic Stock Down 0.4 %

Shares of NYSE MDT opened at $87.98 on Thursday. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. Medtronic plc has a 52 week low of $72.08 and a 52 week high of $92.68. The firm’s fifty day moving average is $89.65 and its 200 day moving average is $84.63. The company has a market cap of $112.83 billion, a price-to-earnings ratio of 29.72, a PEG ratio of 2.52 and a beta of 0.84.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, topping the consensus estimate of $1.20 by $0.03. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The company had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.90 billion. During the same period in the previous year, the firm earned $1.20 earnings per share. The firm’s revenue for the quarter was up 3.4% on a year-over-year basis. On average, equities research analysts expect that Medtronic plc will post 5.44 earnings per share for the current year.

Wall Street Analysts Forecast Growth

MDT has been the subject of several research analyst reports. Barclays lifted their target price 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. Oppenheimer lifted their target price 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. Piper Sandler lifted their target price on shares of Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research report on Friday, October 25th. Finally, Royal Bank of Canada upgraded shares of Medtronic from a “sector perform” rating to an “outperform” rating and lifted their target price for the company from $98.00 to $105.00 in a research report on Thursday, October 10th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $95.36.

Medtronic Company 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.