Axxcess Wealth Management LLC lowered its holdings in Medtronic plc (NYSE:MDT – Get Rating) by 58.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,732 shares of the medical technology company’s stock after selling 6,739 shares during the period. Axxcess Wealth Management LLC’s holdings in Medtronic were worth $425,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also added to or reduced their stakes in the company. Castle Wealth Management LLC bought a new position in Medtronic in the second quarter valued at $28,000. Tortoise Investment Management LLC grew its position in shares of Medtronic by 53.2% in the 2nd quarter. Tortoise Investment Management LLC now owns 357 shares of the medical technology company’s stock valued at $32,000 after acquiring an additional 124 shares during the period. West Branch Capital LLC grew its position in shares of Medtronic by 84.8% in the 2nd quarter. West Branch Capital LLC now owns 377 shares of the medical technology company’s stock valued at $34,000 after acquiring an additional 173 shares during the period. Heritage Financial Services LLC bought a new position in shares of Medtronic in the 2nd quarter valued at about $42,000. Finally, Fairfield Bush & CO. bought a new position in shares of Medtronic in the 1st quarter valued at about $47,000. Institutional investors own 79.81% of the company’s stock.
Medtronic Trading Up 1.4 %
MDT opened at $79.02 on Thursday. Medtronic plc has a fifty-two week low of $76.60 and a fifty-two week high of $115.28. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.76 and a quick ratio of 1.23. The firm 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. The company’s 50 day moving average price is $83.79 and its two-hundred day moving average price is $89.87.
Insiders Place Their Bets
In other Medtronic news, EVP Hoedt Rob Ten sold 2,404 shares of the business’s stock in a transaction that occurred on Friday, October 14th. The shares were sold at an average price of $81.54, for a total transaction of $196,022.16. Following the sale, the executive vice president now directly owns 43,483 shares of the company’s stock, valued at approximately $3,545,603.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.29% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of research analysts have recently commented on the stock. Jefferies Financial Group assumed coverage on shares of Medtronic in a research report on Wednesday, October 12th. They issued a “hold” rating and a $87.00 price objective for the company. Royal Bank of Canada decreased their price objective on shares of Medtronic from $110.00 to $102.00 in a research report on Wednesday. Barclays began coverage on shares of Medtronic in a research report on Monday, October 17th. They issued an “equal weight” rating and a $90.00 price objective for the company. Mizuho began coverage on shares of Medtronic in a report on Wednesday, October 12th. They set a “buy” rating and a $100.00 target price for the company. Finally, Cowen reduced their target price on shares of Medtronic from $117.00 to $90.00 in a report on Wednesday. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, Medtronic has a consensus rating of “Hold” and a consensus price target of $98.00.
Medtronic Company 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.
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