Portside Wealth Group LLC Lowers Stake in Medtronic PLC $MDT

Portside Wealth Group LLC trimmed its position in shares of Medtronic PLC (NYSE:MDT) by 5.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 38,699 shares of the medical technology company’s stock after selling 2,399 shares during the period. Portside Wealth Group LLC’s holdings in Medtronic were worth $3,373,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Legacy Advisory Services LLC bought a new stake in Medtronic in the 1st quarter valued at $541,000. GC Wealth Management RIA LLC boosted its stake in Medtronic by 20.6% during the second quarter. GC Wealth Management RIA LLC now owns 33,569 shares of the medical technology company’s stock valued at $2,926,000 after buying an additional 5,734 shares during the last quarter. Verdence Capital Advisors LLC boosted its stake in Medtronic by 22.0% during the second quarter. Verdence Capital Advisors LLC now owns 29,396 shares of the medical technology company’s stock valued at $2,562,000 after buying an additional 5,296 shares during the last quarter. World Investment Advisors grew its holdings in Medtronic by 1.9% during the 2nd quarter. World Investment Advisors now owns 156,107 shares of the medical technology company’s stock valued at $13,608,000 after buying an additional 2,868 shares in the last quarter. Finally, Sivik Global Healthcare LLC increased its stake in Medtronic by 6.7% in the 2nd quarter. Sivik Global Healthcare LLC now owns 80,000 shares of the medical technology company’s stock worth $6,974,000 after acquiring an additional 5,000 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently weighed in on MDT. Sanford C. Bernstein restated an “outperform” rating and issued a $98.00 price target on shares of Medtronic in a research report on Friday, October 31st. Weiss Ratings restated a “buy (b-)” rating on shares of Medtronic in a research report on Wednesday, October 8th. Wells Fargo & Company increased their price target on shares of Medtronic from $98.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, August 20th. Stifel Nicolaus lifted their price target on Medtronic from $90.00 to $105.00 and gave the stock a “hold” rating in a research report on Thursday, October 9th. Finally, Piper Sandler restated a “neutral” rating on shares of Medtronic in a research report on Friday. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Medtronic currently has a consensus rating of “Moderate Buy” and an average target price of $103.06.

Insider Activity at Medtronic

In related news, Director William R. Jellison purchased 2,500 shares of the business’s stock in a transaction dated Monday, August 25th. The shares were acquired at an average cost of $92.37 per share, for a total transaction of $230,925.00. Following the acquisition, the director owned 5,000 shares of the company’s stock, valued at $461,850. The trade was a 100.00% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Harry Skip Kiil sold 8,605 shares of Medtronic stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $91.58, for a total value of $788,045.90. Following the completion of the transaction, the executive vice president owned 35,615 shares in the company, valued at $3,261,621.70. This trade represents a 19.46% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 0.26% of the company’s stock.

Medtronic Stock Performance

Shares of NYSE:MDT opened at $96.52 on Tuesday. The firm’s 50 day simple moving average is $94.51 and its 200-day simple moving average is $90.52. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.50 and a current ratio of 2.01. Medtronic PLC has a one year low of $79.29 and a one year high of $99.37. The firm has a market cap of $123.80 billion, a PE ratio of 26.59, a price-to-earnings-growth ratio of 2.42 and a beta of 0.77.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, August 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.23 by $0.03. Medtronic had a return on equity of 14.61% and a net margin of 13.63%.The business had revenue of $8.58 billion for the quarter, compared to the consensus estimate of $8.37 billion. During the same quarter in the prior year, the company earned $1.23 EPS. The business’s revenue was up 7.7% compared to the same quarter last year. As a group, equities analysts predict that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic 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.