Fred Alger Management LLC Boosts Stock Position in Medtronic plc (NYSE:MDT)

Fred Alger Management LLC lifted its stake in shares of Medtronic plc (NYSE:MDT) by 6.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 36,801 shares of the medical technology company’s stock after buying an additional 2,390 shares during the quarter. Fred Alger Management LLC’s holdings in Medtronic were worth $3,313,000 at the end of the most recent reporting period.

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

Wall Street Analyst Weigh In

Several brokerages have issued reports on MDT. Wells Fargo & Company reduced their price target on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a report on Wednesday, November 20th. Piper Sandler raised their target price on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Robert W. Baird dropped their price target on Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a research note on Wednesday, November 20th. Truist Financial lifted their target price on shares of Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a report on Monday, October 14th. Finally, Oppenheimer upped their price objective on shares of Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research report 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 issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $95.27.

Medtronic Stock Up 0.3 %

Shares of Medtronic stock opened at $86.54 on Friday. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $92.68. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. The business’s 50 day simple moving average is $88.69 and its 200-day simple moving average is $85.00. The stock 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.

Medtronic (NYSE:MDT) last released its quarterly earnings results 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 return on equity of 13.79% and a net margin of 13.00%. The company had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.27 billion. During the same quarter in the previous year, the company posted $1.25 earnings per share. The business’s revenue for the quarter was up 5.2% compared to the same quarter last year. Equities research analysts forecast that Medtronic plc will post 5.46 earnings per share for the current year.

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.