2,655 Shares in Medtronic plc (NYSE:MDT) Acquired by Balboa Wealth Partners

Balboa Wealth Partners bought a new stake in Medtronic plc (NYSE:MDT) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 2,655 shares of the medical technology company’s stock, valued at approximately $239,000.

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

Medtronic Stock Performance

Shares of NYSE MDT opened at $87.53 on Friday. Medtronic plc has a 1 year low of $74.20 and a 1 year high of $92.68. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. The company’s fifty day moving average price is $89.52 and its 200 day moving average price is $84.67. The company has a market capitalization of $112.25 billion, a PE ratio of 29.57, a price-to-earnings-growth ratio of 2.51 and a beta of 0.84.

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

Wall Street Analyst Weigh In

Several research firms have weighed in on MDT. JPMorgan Chase & Co. dropped their target price on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research report on Friday. UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and upped their target price for the company from $76.00 to $90.00 in a research report on Thursday, August 15th. Daiwa America raised Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Piper Sandler boosted their price target on Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. Finally, Citigroup raised their price objective on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 1st. One research 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. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $95.80.

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.