Meridian Investment Counsel Inc. Has $1.14 Million Stock Position in Medtronic plc (NYSE:MDT)

Meridian Investment Counsel Inc. boosted its position in Medtronic plc (NYSE:MDT) by 169.5% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 12,637 shares of the medical technology company’s stock after acquiring an additional 7,948 shares during the quarter. Meridian Investment Counsel Inc.’s holdings in Medtronic were worth $1,138,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently bought and sold shares of MDT. Nwam LLC increased its stake in shares of Medtronic by 3.2% in the first quarter. Nwam LLC now owns 4,492 shares of the medical technology company’s stock worth $371,000 after purchasing an additional 141 shares during the period. Pinnacle Wealth Planning Services Inc. increased its position in Medtronic by 3.4% in the 1st quarter. Pinnacle Wealth Planning Services Inc. now owns 4,118 shares of the medical technology company’s stock worth $359,000 after buying an additional 137 shares during the period. Nicolet Advisory Services LLC acquired a new position in shares of Medtronic during the first quarter worth approximately $247,000. TIAA Trust National Association boosted its position in shares of Medtronic by 16.1% in the first quarter. TIAA Trust National Association now owns 8,083 shares of the medical technology company’s stock valued at $704,000 after acquiring an additional 1,119 shares during the period. Finally, Ontario Teachers Pension Plan Board bought a new position in Medtronic during the first quarter worth $1,616,000. Institutional investors own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on MDT shares. Truist Financial increased their price target on shares of Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a report on Monday, October 14th. Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and lifted their target price for the stock from $98.00 to $105.00 in a research report on Thursday, October 10th. Daiwa America raised Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. JPMorgan Chase & Co. reduced their target price on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research note on Friday. Finally, Wells Fargo & Company lifted their target price on shares of Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $95.80.

Medtronic Price Performance

MDT opened at $87.53 on Friday. The company has a fifty day moving average price of $89.48 and a two-hundred day moving average price of $84.71. The firm has a market capitalization of $112.25 billion, a PE ratio of 29.57, a P/E/G ratio of 2.51 and a beta of 0.84. Medtronic plc has a 52 week low of $74.20 and a 52 week high of $92.68. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.03. The firm had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The company’s quarterly revenue was up 3.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.20 earnings per share. As a group, analysts anticipate that Medtronic plc will post 5.44 earnings per share 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.