Cypress Asset Management Inc. TX Reduces Position in Medtronic plc (NYSE:MDT)

Cypress Asset Management Inc. TX cut its position in shares of Medtronic plc (NYSE:MDTGet Rating) by 4.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 28,151 shares of the medical technology company’s stock after selling 1,250 shares during the period. Cypress Asset Management Inc. TX’s holdings in Medtronic were worth $2,527,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Castle Wealth Management LLC purchased a new stake in Medtronic in the 2nd quarter valued at about $28,000. Tortoise Investment Management LLC boosted its position in 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 buying an additional 124 shares during the period. West Branch Capital LLC boosted its position in 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 buying an additional 173 shares during the period. Heritage Financial Services LLC purchased a new stake in Medtronic in the 2nd quarter valued at about $42,000. Finally, Fairfield Bush & CO. purchased a new stake in Medtronic in the 1st quarter valued at about $47,000. 79.81% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Hoedt Rob Ten sold 2,404 shares of the company’s stock in a transaction on Friday, October 14th. The shares were sold at an average price of $81.54, for a total value 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 can be accessed through this hyperlink. Insiders own 0.29% of the company’s stock.

Analyst Ratings Changes

Several research firms have issued reports on MDT. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Medtronic from $85.00 to $80.00 in a research report on Wednesday. Cowen lowered their price objective on shares of Medtronic from $117.00 to $90.00 in a research report on Wednesday. Truist Financial reduced their price target on shares of Medtronic from $89.00 to $84.00 in a report on Wednesday. TheStreet lowered shares of Medtronic from a “b-” rating to a “c+” rating in a report on Monday, August 1st. Finally, Citigroup lowered shares of Medtronic from a “buy” rating to a “neutral” rating and reduced their price target for the company from $108.00 to $85.00 in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $98.00.

Medtronic Stock Performance

Medtronic stock traded up $1.09 during mid-day trading on Thursday, reaching $79.02. 9,874,024 shares of the company traded hands, compared to its average volume of 7,632,391. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.76 and a quick ratio of 1.23. Medtronic plc has a fifty-two week low of $76.60 and a fifty-two week high of $115.28. The company has a market capitalization of $105.03 billion, a price-to-earnings ratio of 24.54, a price-to-earnings-growth ratio of 2.17 and a beta of 0.77. The firm’s fifty day moving average is $83.56 and its two-hundred day moving average is $89.79.

Medtronic (NYSE:MDTGet Rating) last released its quarterly earnings data on Tuesday, November 22nd. The medical technology company reported $1.30 EPS for the quarter, beating the consensus estimate of $1.28 by $0.02. The business had revenue of $7.59 billion for the quarter, compared to the consensus estimate of $7.70 billion. Medtronic had a net margin of 14.03% and a return on equity of 13.52%. The business’s revenue for the quarter was down 3.3% on a year-over-year basis. During the same period in the prior year, the firm earned $1.32 EPS. On average, equities research analysts expect that Medtronic plc will post 5.28 earnings per share for the current fiscal 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.

See Also

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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