Fifth Third Bancorp boosted its position in Medtronic PLC (NYSE:MDT) by 1.4% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 485,589 shares of the medical technology company’s stock after purchasing an additional 6,838 shares during the period. Fifth Third Bancorp’s holdings in Medtronic were worth $47,767,000 as of its most recent SEC filing.
Other large investors have also recently made changes to their positions in the company. Fort L.P. purchased a new position in Medtronic in the second quarter worth about $121,000. Polaris Greystone Financial Group LLC boosted its position in Medtronic by 255.1% in the third quarter. Polaris Greystone Financial Group LLC now owns 1,321 shares of the medical technology company’s stock worth $130,000 after purchasing an additional 949 shares during the last quarter. Hartford Financial Management Inc. purchased a new position in Medtronic in the second quarter worth about $164,000. Meristem LLP purchased a new position in Medtronic in the second quarter worth about $200,000. Finally, Aspiriant LLC purchased a new position in Medtronic in the third quarter worth about $200,000. 80.44% of the stock is currently owned by institutional investors and hedge funds.
In other Medtronic news, EVP Geoffrey Martha sold 49,799 shares of the company’s stock in a transaction on Monday, September 24th. The stock was sold at an average price of $97.93, for a total value of $4,876,816.07. Following the completion of the sale, the executive vice president now directly owns 87,872 shares in the company, valued at approximately $8,605,304.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.28% of the stock is currently owned by corporate insiders.
MDT has been the topic of several research reports. Argus raised their target price on Medtronic from $95.00 to $108.00 and gave the stock a “buy” rating in a research report on Monday, August 27th. SunTrust Banks lifted their price objective on Medtronic to $110.00 and gave the company a “buy” rating in a research report on Friday, August 24th. Citigroup lifted their price objective on Medtronic from $104.00 to $109.00 and gave the company a “buy” rating in a research report on Friday, August 24th. Bank of America lifted their price objective on Medtronic from $98.00 to $105.00 and gave the company a “buy” rating in a research report on Wednesday, August 22nd. Finally, Oppenheimer reaffirmed a “buy” rating and set a $104.00 price objective on shares of Medtronic in a research report on Tuesday, August 21st. Seven research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Buy” and an average price target of $104.87.
Shares of Medtronic stock opened at $94.24 on Friday. Medtronic PLC has a one year low of $76.41 and a one year high of $100.15. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.56 and a quick ratio of 2.11. The company has a market capitalization of $129.25 billion, a PE ratio of 19.76, a P/E/G ratio of 2.50 and a beta of 0.96.
Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, November 20th. The medical technology company reported $1.22 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.15 by $0.07. Medtronic had a return on equity of 13.51% and a net margin of 7.44%. The business had revenue of $7.48 billion during the quarter, compared to analysts’ expectations of $7.35 billion. During the same period in the prior year, the business earned $1.07 EPS. The business’s revenue for the quarter was up 6.1% compared to the same quarter last year. As a group, research analysts forecast that Medtronic PLC will post 5.13 earnings per share for the current year.
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Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.
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