Azimuth Capital Investment Management LLC Makes New Investment in Medtronic plc (NYSE:MDT)

Azimuth Capital Investment Management LLC bought a new position in shares of Medtronic plc (NYSE:MDTGet Rating) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 4,415 shares of the medical technology company’s stock, valued at approximately $396,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Clearstead Advisors LLC grew its stake in shares of Medtronic by 46.9% in the first quarter. Clearstead Advisors LLC now owns 21,656 shares of the medical technology company’s stock valued at $2,403,000 after buying an additional 6,913 shares in the last quarter. Dearborn Partners LLC grew its stake in shares of Medtronic by 13.7% in the first quarter. Dearborn Partners LLC now owns 10,967 shares of the medical technology company’s stock valued at $1,217,000 after buying an additional 1,324 shares in the last quarter. Crescent Grove Advisors LLC acquired a new stake in shares of Medtronic in the first quarter valued at $261,000. Advisor Group Holdings Inc. grew its stake in shares of Medtronic by 7.7% in the first quarter. Advisor Group Holdings Inc. now owns 479,252 shares of the medical technology company’s stock valued at $49,056,000 after buying an additional 34,200 shares in the last quarter. Finally, Aptus Capital Advisors LLC grew its stake in shares of Medtronic by 16.8% in the first quarter. Aptus Capital Advisors LLC now owns 51,736 shares of the medical technology company’s stock valued at $5,742,000 after buying an additional 7,427 shares in the last quarter. Institutional investors and hedge funds own 79.81% of the company’s stock.

Insider Activity at Medtronic

In related news, EVP Hoedt Rob Ten sold 2,404 shares of the company’s stock in a transaction that occurred on Friday, October 14th. The stock was sold at an average price of $81.54, for a total value of $196,022.16. Following the sale, the executive vice president now owns 43,483 shares of the company’s stock, valued at approximately $3,545,603.82. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.29% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on MDT shares. Citigroup lowered Medtronic from a “buy” rating to a “neutral” rating and decreased their target price for the company from $108.00 to $85.00 in a report on Wednesday. Jefferies Financial Group started coverage on Medtronic in a report on Wednesday, October 12th. They issued a “hold” rating and a $87.00 target price for the company. Wells Fargo & Company decreased their target price on Medtronic from $96.00 to $82.00 in a report on Wednesday. StockNews.com initiated coverage on Medtronic in a report on Wednesday, October 12th. They set a “buy” rating for the company. Finally, Barclays initiated coverage on Medtronic in a report on Monday, October 17th. They set an “equal weight” rating and a $90.00 price target for the company. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, Medtronic has a consensus rating of “Hold” and a consensus price target of $98.00.

Medtronic Stock Performance

NYSE MDT opened at $79.02 on Thursday. The company has a current ratio of 1.76, a quick ratio of 1.23 and a debt-to-equity ratio of 0.40. The business’s 50 day moving average is $83.79 and its two-hundred day moving average is $89.87. Medtronic plc has a 12-month low of $76.60 and a 12-month high of $115.28. The stock has a market capitalization of $105.03 billion, a price-to-earnings ratio of 24.54, a PEG ratio of 2.17 and a beta of 0.77.

Medtronic (NYSE:MDTGet Rating) last released its quarterly earnings results on Tuesday, November 22nd. The medical technology company reported $1.30 earnings per share for the quarter, topping analysts’ consensus estimates of $1.28 by $0.02. The business had revenue of $7.59 billion for the quarter, compared to analysts’ expectations of $7.70 billion. Medtronic had a return on equity of 13.52% and a net margin of 14.03%. The company’s revenue was down 3.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.32 EPS. Research analysts expect that Medtronic plc will post 5.28 EPS for the current year.

Medtronic Company Profile

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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.

Further Reading

Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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