Peak Asset Management LLC Sells 1,248 Shares of Medtronic plc (NYSE:MDT)

Peak Asset Management LLC trimmed its holdings in shares of Medtronic plc (NYSE:MDT) by 3.7% in the third quarter, Holdings Channel.com reports. The firm owned 32,243 shares of the medical technology company’s stock after selling 1,248 shares during the quarter. Peak Asset Management LLC’s holdings in Medtronic were worth $2,903,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in MDT. Fortitude Family Office LLC acquired a new stake in shares of Medtronic in the 3rd quarter valued at approximately $27,000. Highline Wealth Partners LLC acquired a new position in shares of Medtronic in the third quarter valued at about $27,000. Lynx Investment Advisory bought a new position in shares of Medtronic during the second quarter worth approximately $28,000. Gleason Group Inc. bought a new position in Medtronic during the 2nd quarter worth $42,000. Finally, Opal Wealth Advisors LLC acquired a new position in Medtronic in the second quarter valued at about $43,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on MDT. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research report on Friday, October 25th. Barclays upped their price target on Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Citigroup lifted their target price on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a report on Tuesday, October 1st. Finally, Stifel Nicolaus lifted their price target on shares of Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research note on Wednesday, August 21st. One analyst has rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $95.36.

Medtronic Price Performance

Shares of Medtronic stock opened at $87.98 on Thursday. The business’s 50-day moving average price is $89.65 and its 200-day moving average price is $84.63. The firm has a market capitalization of $112.83 billion, a PE ratio of 29.72, a price-to-earnings-growth ratio of 2.52 and a beta of 0.84. Medtronic plc has a 12 month low of $72.08 and a 12 month high of $92.68. 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 (NYSE:MDT) last posted its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, topping the consensus estimate of $1.20 by $0.03. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The firm had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.90 billion. During the same period last year, the firm posted $1.20 earnings per share. The business’s revenue was up 3.4% compared to the same quarter last year. Sell-side analysts forecast that Medtronic plc will post 5.44 EPS 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.