MainStreet Investment Advisors LLC Decreases Stock Holdings in Medtronic PLC $MDT

MainStreet Investment Advisors LLC cut its stake in Medtronic PLC (NYSE:MDT) by 1.3% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 48,757 shares of the medical technology company’s stock after selling 620 shares during the period. MainStreet Investment Advisors LLC’s holdings in Medtronic were worth $4,250,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Insider Buying and Selling at Medtronic

In related news, Director William R. Jellison acquired 2,500 shares of Medtronic stock in a transaction dated Monday, August 25th. The shares were acquired at an average cost of $92.37 per share, for a total transaction of $230,925.00. Following the completion of the purchase, the director owned 5,000 shares in the company, valued at approximately $461,850. The trade was a 100.00% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Harry Skip Kiil sold 8,605 shares of the business’s stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $91.58, for a total value of $788,045.90. Following the transaction, the executive vice president directly owned 35,615 shares of the company’s stock, valued at $3,261,621.70. The trade was a 19.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.26% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Robert W. Baird raised their price target on shares of Medtronic from $94.00 to $96.00 and gave the stock a “neutral” rating in a report on Wednesday, August 20th. Citigroup upped their price target on Medtronic from $101.00 to $112.00 and gave the company a “buy” rating in a research note on Tuesday, October 7th. Piper Sandler reissued a “neutral” rating on shares of Medtronic in a research report on Friday. Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $98.00 target price on shares of Medtronic in a research report on Friday, October 31st. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research report on Thursday, August 14th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $103.06.

Medtronic Trading Up 0.7%

NYSE MDT opened at $96.52 on Tuesday. 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 firm has a market cap of $123.80 billion, a price-to-earnings ratio of 26.59, a PEG ratio of 2.42 and a beta of 0.77. The firm has a 50 day simple moving average of $94.51 and a 200-day simple moving average of $90.52. Medtronic PLC has a one year low of $79.29 and a one year high of $99.37.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, August 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping 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 period in the prior year, the business earned $1.23 EPS. The firm’s quarterly revenue was up 7.7% on a year-over-year basis. Equities research analysts anticipate that Medtronic PLC will post 5.46 EPS for the current fiscal year.

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.