Aljian Capital Management LLC Makes New Investment in Medtronic plc (NYSE:MDT)

Aljian Capital Management LLC acquired a new stake in shares of Medtronic plc (NYSE:MDT) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 5,109 shares of the medical technology company’s stock, valued at approximately $460,000.

A number of other institutional investors also recently modified their holdings of the company. Claro Advisors LLC raised its holdings in Medtronic by 18.3% during the third quarter. Claro Advisors LLC now owns 17,586 shares of the medical technology company’s stock worth $1,583,000 after buying an additional 2,723 shares during the last quarter. Atlanta Consulting Group Advisors LLC grew its holdings in shares of Medtronic by 59.3% during the third quarter. Atlanta Consulting Group Advisors LLC now owns 4,752 shares of the medical technology company’s stock valued at $428,000 after buying an additional 1,769 shares during the last quarter. Accredited Investors Inc. increased its position in shares of Medtronic by 8.3% during the third quarter. Accredited Investors Inc. now owns 11,434 shares of the medical technology company’s stock worth $1,029,000 after acquiring an additional 876 shares in the last quarter. River Street Advisors LLC raised its holdings in shares of Medtronic by 1.5% in the 3rd quarter. River Street Advisors LLC now owns 11,894 shares of the medical technology company’s stock worth $1,071,000 after acquiring an additional 173 shares during the last quarter. Finally, Evergreen Wealth Management LLC lifted its position in Medtronic by 36.7% in the 3rd quarter. Evergreen Wealth Management LLC now owns 26,202 shares of the medical technology company’s stock valued at $2,359,000 after acquiring an additional 7,037 shares in the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Stock Performance

Shares of MDT opened at $87.53 on Monday. Medtronic plc has a 52-week low of $74.20 and a 52-week high of $92.68. The stock’s 50-day simple moving average is $89.48 and its 200 day simple moving average is $84.77. 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 stock has a market capitalization of $112.25 billion, a price-to-earnings ratio of 29.57, a price-to-earnings-growth ratio of 2.50 and a beta of 0.84.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. The firm had revenue of $7.97 billion for the quarter, compared to the consensus estimate 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 firm posted $1.20 earnings per share. Research analysts forecast that Medtronic plc will post 5.44 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. Oppenheimer boosted their price objective on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a report on Wednesday, August 21st. Wells Fargo & Company lifted their price objective on shares of Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and raised their price target for the company from $98.00 to $105.00 in a research report on Thursday, October 10th. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a report on Friday, October 25th. Finally, Evercore ISI lifted their price target on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average 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.