Concentric Capital Strategies LP Acquires Shares of 67,725 Medtronic plc (NYSE:MDT)

Concentric Capital Strategies LP acquired a new stake in shares of Medtronic plc (NYSE:MDT) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 67,725 shares of the medical technology company’s stock, valued at approximately $6,097,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Fortitude Family Office LLC acquired a new position in Medtronic during the 3rd quarter valued at about $27,000. Darwin Wealth Management LLC bought a new stake in Medtronic during the third quarter worth $27,000. Highline Wealth Partners LLC bought a new stake in Medtronic during the third quarter worth $27,000. J. Stern & Co. LLP purchased a new stake in Medtronic in the 3rd quarter valued at $30,000. Finally, Lynx Investment Advisory bought a new position in Medtronic during the 2nd quarter valued at $28,000. 82.06% of the stock is owned by institutional investors.

Medtronic Price Performance

MDT opened at $86.54 on Monday. The company has a market capitalization of $110.97 billion, a price-to-earnings ratio of 26.46, a PEG ratio of 2.45 and a beta of 0.84. 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 firm has a 50-day moving average price of $88.69 and a 200-day moving average price of $85.00. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $92.68.

Medtronic (NYSE:MDT) last released 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. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The business had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.27 billion. During the same period in the previous year, the business earned $1.25 EPS. Medtronic’s revenue was up 5.2% compared to the same quarter last year. Equities analysts expect that Medtronic plc will post 5.46 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on MDT. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Monday, November 18th. Evercore ISI lifted their target price on shares of Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 1st. Wells Fargo & Company reduced their target price on Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a report on Wednesday, November 20th. JPMorgan Chase & Co. dropped their price target on Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a report on Friday, November 15th. Finally, Oppenheimer upped their price objective on Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research note on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $95.27.

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.