Benjamin Edwards Inc. Increases Stake in Medtronic plc (NYSE:MDT)

Benjamin Edwards Inc. raised its position in shares of Medtronic plc (NYSE:MDT) by 2,775.9% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 236,888 shares of the medical technology company’s stock after purchasing an additional 228,651 shares during the quarter. Benjamin Edwards Inc.’s holdings in Medtronic were worth $21,327,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. Fortitude Family Office LLC bought a new stake in shares of Medtronic during the third quarter valued at approximately $27,000. Highline Wealth Partners LLC bought a new stake in shares of Medtronic in the 3rd quarter worth $27,000. Darwin Wealth Management LLC purchased a new position in shares of Medtronic in the third quarter worth $27,000. Lynx Investment Advisory purchased a new position in shares of Medtronic in the second quarter worth $28,000. Finally, J. Stern & Co. LLP bought a new position in shares of Medtronic during the third quarter valued at $30,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Price Performance

NYSE MDT opened at $86.54 on Monday. The business’s fifty day moving average is $88.69 and its 200 day moving average is $85.00. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $92.68. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84. The company has a market capitalization of $110.97 billion, a PE ratio of 26.46, a price-to-earnings-growth ratio of 2.45 and a beta of 0.84.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, beating analysts’ consensus estimates of $1.25 by $0.01. The firm had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The business’s quarterly revenue was up 5.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.25 EPS. Sell-side analysts predict that Medtronic plc will post 5.46 earnings per share for the current year.

Wall Street Analyst Weigh In

MDT has been the subject of several research analyst reports. Barclays lifted their price objective on Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Citigroup increased their price objective on shares of Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research report on Tuesday, October 1st. Stifel Nicolaus lifted their target price on shares of Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research report on Wednesday, August 21st. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research note on Monday, November 18th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $95.27.

Medtronic 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.