Medtronic PLC $MDT Position Trimmed by Westpac Banking Corp

Westpac Banking Corp decreased its holdings in Medtronic PLC (NYSE:MDT) by 35.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,834 shares of the medical technology company’s stock after selling 1,573 shares during the period. Westpac Banking Corp’s holdings in Medtronic were worth $247,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in MDT. 1248 Management LLC acquired a new position in Medtronic in the 1st quarter valued at approximately $26,000. Twin Tree Management LP acquired a new stake in shares of Medtronic during the 1st quarter valued at $29,000. Activest Wealth Management grew its holdings in shares of Medtronic by 3,577.8% during the 1st quarter. Activest Wealth Management now owns 331 shares of the medical technology company’s stock valued at $30,000 after acquiring an additional 322 shares in the last quarter. Investment Management Corp VA ADV increased its stake in shares of Medtronic by 144.2% in the first quarter. Investment Management Corp VA ADV now owns 403 shares of the medical technology company’s stock worth $36,000 after acquiring an additional 238 shares during the last quarter. Finally, GFG Capital LLC purchased a new stake in shares of Medtronic during the second quarter worth $36,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director William R. Jellison purchased 2,500 shares of the firm’s stock in a transaction on Monday, August 25th. The stock was bought at an average cost of $92.37 per share, for a total transaction of $230,925.00. Following the completion of the acquisition, the director directly owned 5,000 shares of the company’s stock, valued at approximately $461,850. The trade was a 100.00% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Harry Skip Kiil sold 8,605 shares of Medtronic stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $91.58, for a total value of $788,045.90. Following the completion of the transaction, the executive vice president owned 35,615 shares in the company, valued at $3,261,621.70. The trade was a 19.46% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.26% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Piper Sandler restated a “neutral” rating on shares of Medtronic in a research note on Friday. Daiwa Capital Markets boosted their price target on Medtronic from $101.00 to $104.00 and gave the company a “buy” rating in a research note on Friday, September 12th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $111.00 price objective on shares of Medtronic in a research report on Friday, October 10th. Wells Fargo & Company lifted their target price on shares of Medtronic from $98.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, August 20th. Finally, Cowen reissued a “buy” rating on shares of Medtronic in a research report on Friday. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Medtronic has an average rating of “Moderate Buy” and a consensus price target of $103.06.

Medtronic Stock Up 0.7%

MDT opened at $96.52 on Tuesday. The firm has a market cap of $123.80 billion, a P/E ratio of 26.59, a price-to-earnings-growth ratio of 2.42 and a beta of 0.77. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.50 and a current ratio of 2.01. The business has a 50 day moving average price of $94.51 and a 200 day moving average price of $90.52. Medtronic PLC has a twelve month low of $79.29 and a twelve month high of $99.37.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, August 19th. The medical technology company reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $1.23 by $0.03. Medtronic had a net margin of 13.63% and a return on equity of 14.61%. The company had revenue of $8.58 billion for the quarter, compared to analyst estimates of $8.37 billion. During the same quarter last year, the firm posted $1.23 earnings per share. The company’s quarterly revenue was up 7.7% compared to the same quarter last year. Research analysts forecast that Medtronic PLC will post 5.46 EPS for the current 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.