Axxcess Wealth Management LLC cut its holdings in shares of Medtronic plc (NYSE:MDT – Get Rating) by 58.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm 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 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also made changes to their positions in the business. Castle Wealth Management LLC bought a new stake in Medtronic during the second quarter worth approximately $28,000. Tortoise Investment Management LLC raised its holdings in Medtronic by 53.2% during the second quarter. Tortoise Investment Management LLC now owns 357 shares of the medical technology company’s stock worth $32,000 after purchasing an additional 124 shares in the last quarter. West Branch Capital LLC raised its holdings in Medtronic by 84.8% during the second quarter. West Branch Capital LLC now owns 377 shares of the medical technology company’s stock worth $34,000 after purchasing an additional 173 shares in the last quarter. Heritage Financial Services LLC bought a new stake in Medtronic during the second quarter worth approximately $42,000. Finally, Fairfield Bush & CO. bought a new stake in Medtronic during the first quarter worth approximately $47,000. 79.81% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several research firms have issued reports on MDT. Deutsche Bank Aktiengesellschaft dropped their price target on Medtronic from $85.00 to $80.00 in a report on Wednesday. Royal Bank of Canada dropped their price target on Medtronic from $110.00 to $102.00 in a report on Wednesday. Stifel Nicolaus dropped their price target on Medtronic from $105.00 to $90.00 in a report on Wednesday. Piper Sandler dropped their price target on Medtronic from $90.00 to $80.00 in a report on Tuesday. Finally, Jefferies Financial Group began coverage on Medtronic in a report on Wednesday, October 12th. They issued a “hold” rating and a $87.00 price target on the stock. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $98.00.
Medtronic Trading Up 1.4 %
Medtronic (NYSE:MDT – Get Rating) last issued its quarterly earnings data on Tuesday, November 22nd. The medical technology company reported $1.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.28 by $0.02. The firm had revenue of $7.59 billion during the quarter, compared to analysts’ expectations of $7.70 billion. Medtronic had a net margin of 14.03% and a return on equity of 13.52%. Medtronic’s revenue for the quarter was down 3.3% on a year-over-year basis. During the same period in the prior year, the company posted $1.32 earnings per share. Analysts expect that Medtronic plc will post 5.28 EPS for the current fiscal year.
Insiders Place Their Bets
In other Medtronic news, EVP Hoedt Rob Ten sold 2,404 shares of the business’s stock in a transaction 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 completion of the transaction, 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 document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.29% 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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