Summit Trail Advisors LLC Decreases Stock Position in Medtronic plc (NYSE:MDT)

Summit Trail Advisors LLC cut its stake in shares of Medtronic plc (NYSE:MDT) by 2.8% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 14,397 shares of the medical technology company’s stock after selling 415 shares during the quarter. Summit Trail Advisors LLC’s holdings in Medtronic were worth $1,306,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on MDT. Barclays boosted their price target on Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and upped their target price for the stock from $76.00 to $90.00 in a research note on Thursday, August 15th. Stifel Nicolaus boosted their price objective on shares of Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a report on Wednesday, August 21st. Citigroup upped their price target on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a report on Tuesday, October 1st. Finally, Oppenheimer lifted 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. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Medtronic has a consensus rating of “Hold” and a consensus target price of $95.00.

Medtronic Stock Performance

MDT opened at $86.21 on Monday. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. The company has a market cap of $110.56 billion, a price-to-earnings ratio of 26.36, a PEG ratio of 2.44 and a beta of 0.84. Medtronic plc has a 52-week low of $75.96 and a 52-week high of $92.68. The firm’s fifty day simple moving average is $88.99 and its two-hundred day simple moving average is $84.91.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.01. The firm had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The company’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same period last year, the firm posted $1.25 earnings per share. Equities analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

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.