Meitav Investment House Ltd. trimmed its stake in Medtronic plc (NYSE:MDT – Free Report) by 68.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,963 shares of the medical technology company’s stock after selling 6,432 shares during the quarter. Meitav Investment House Ltd.’s holdings in Medtronic were worth $262,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also made changes to their positions in the company. Sageworth Trust Co acquired a new position in shares of Medtronic in the first quarter worth $26,000. Venturi Wealth Management LLC grew its stake in shares of Medtronic by 48.9% in the 2nd quarter. Venturi Wealth Management LLC now owns 344 shares of the medical technology company’s stock valued at $30,000 after buying an additional 113 shares in the last quarter. Laurel Wealth Advisors LLC grew its stake in shares of Medtronic by 250.0% in the 1st quarter. Laurel Wealth Advisors LLC now owns 350 shares of the medical technology company’s stock valued at $28,000 after buying an additional 250 shares in the last quarter. Trivant Custom Portfolio Group LLC bought a new stake in shares of Medtronic in the 1st quarter valued at approximately $31,000. Finally, Certified Advisory Corp bought a new stake in shares of Medtronic in the 1st quarter valued at approximately $31,000. 80.75% of the stock is owned by hedge funds and other institutional investors.
Medtronic Trading Down 0.2 %
Shares of MDT opened at $74.75 on Friday. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $92.02. The company has a quick ratio of 1.79, a current ratio of 2.42 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $99.46 billion, a price-to-earnings ratio of 27.58, a P/E/G ratio of 2.63 and a beta of 0.71. The stock’s 50-day moving average price is $75.20 and its 200 day moving average price is $82.07.
Analyst Ratings Changes
Several equities research analysts recently commented on the company. StockNews.com started coverage on Medtronic in a research note on Thursday, October 5th. They issued a “buy” rating for the company. Wells Fargo & Company lifted their price objective on shares of Medtronic from $100.00 to $102.00 and gave the company an “overweight” rating in a research note on Wednesday, August 23rd. Oppenheimer reissued a “market perform” rating and issued a $89.00 price objective on shares of Medtronic in a research note on Wednesday, August 23rd. Stifel Nicolaus raised their price objective on Medtronic from $92.00 to $95.00 and gave the company a “buy” rating in a research note on Tuesday, August 22nd. Finally, UBS Group raised their price objective on Medtronic from $79.00 to $82.00 and gave the company a “sell” rating in a research note on Wednesday, August 23rd. One analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $91.94.
Insiders Place Their Bets
In other Medtronic news, EVP Gregory L. Smith sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $83.84, for a total transaction of $838,400.00. Following the completion of the transaction, the executive vice president now owns 46,723 shares in the company, valued at $3,917,256.32. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.30% of the company’s stock.
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.
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