Fifth Third Wealth Advisors LLC Trims Position in Medtronic plc (NYSE:MDT)

Fifth Third Wealth Advisors LLC trimmed its stake in Medtronic plc (NYSE:MDT) by 1.1% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 28,212 shares of the medical technology company’s stock after selling 309 shares during the period. Fifth Third Wealth Advisors LLC’s holdings in Medtronic were worth $2,540,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in MDT. Fortitude Family Office LLC bought a new position in Medtronic in the third quarter worth approximately $27,000. Highline Wealth Partners LLC bought a new position in shares of Medtronic during the 3rd quarter worth $27,000. Lynx Investment Advisory bought a new stake in shares of Medtronic in the second quarter valued at about $28,000. Gleason Group Inc. purchased a new stake in Medtronic in the second quarter worth about $42,000. Finally, Opal Wealth Advisors LLC purchased a new stake in Medtronic in the second quarter worth about $43,000. 82.06% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

MDT has been the subject of several recent research reports. Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research note on Monday. Evercore ISI increased their target price on Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research report on Tuesday, October 1st. Oppenheimer boosted their price target on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 21st. Finally, Citigroup raised their price objective on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research report on Tuesday, October 1st. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Medtronic currently has an average rating of “Hold” and a consensus target price of $95.80.

Medtronic Stock Performance

MDT opened at $87.64 on Tuesday. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55. Medtronic plc has a 12-month low of $74.66 and a 12-month high of $92.68. The firm has a 50 day moving average of $89.42 and a two-hundred day moving average of $84.82. The firm has a market capitalization of $112.39 billion, a PE ratio of 29.61, a P/E/G ratio of 2.50 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, beating analysts’ consensus estimates of $1.20 by $0.03. The company had revenue of $7.97 billion during 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 firm’s quarterly revenue was up 3.4% on a year-over-year basis. During the same period in the previous year, the firm posted $1.20 earnings per share. On average, analysts anticipate that Medtronic plc will post 5.44 EPS for the current year.

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.