On September 10, 2023, Manhattan West Asset Management LLC disclosed in its latest Form 13F filing with the Securities and Exchange Commission (SEC) that it has increased its holdings in Medtronic plc (NYSE:MDT) by 39.8% during the first quarter. The investment firm now owns a total of 9,317 shares of Medtronic’s stock, after acquiring an additional 2,653 shares. This brings the total value of Manhattan West Asset Management LLC’s holdings in Medtronic to approximately $751,000.
Medtronic is a renowned medical technology company that recently released its quarterly earnings results on August 22nd. The company reported earnings per share (EPS) of $1.20 for the quarter, surpassing the consensus estimate of $1.11 by $0.09. Furthermore, Medtronic exhibited a net margin of 11.47% and a return on equity of 13.81%. The business generated $7.70 billion in revenue during the quarter, surpassing the consensus estimate of $7.57 billion. In comparison to the same period last year, Medtronic’s revenue increased by 4.5%, while its EPS stood at $1.13.
Considering these positive financial indicators and Medtronic’s consistent growth, analysts predict that the company will achieve earnings per share of $5.12 for the entirety of this year.
This recent increase in holdings by Manhattan West Asset Management LLC indicates their confidence in Medtronic’s performance and potential as an investment option in the healthcare sector.
Disclaimer: The information provided above should not be seen as financial advice or recommendations to buy or sell securities concerning Medtronic plc or any other company mentioned in this article. Readers are encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions based on this information.
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Medtronic’s Strong Performance Attracts Institutional Investors and Hedge Funds
Medtronic, a leading medical technology company, has attracted the attention of several institutional investors and hedge funds. Recently, Nelson Van Denburg & Campbell Wealth Management Group LLC increased its holdings in Medtronic by 0.8% in the first quarter. Similarly, Centurion Wealth Management LLC raised its holdings by 4.2%, HHM Wealth Advisors LLC raised its holdings by 8.0%, Great Diamond Partners LLC raised its holdings by 2.5%, and Syverson Strege & Co raised its holdings by a whopping 39%. These moves indicate strong interest in Medtronic’s stock.
Research firms have also been following Medtronic closely and issuing reports on the company. Oppenheimer restated a “market perform” rating with a price target of $89.00 per share, while Robert W. Baird initiated coverage with a “neutral” rating and a $90.00 price target for the stock. On the other hand, UBS Group raised their price target from $79.00 to $82.00 and gave the stock a “sell” rating.
Further analysis reveals that one investment analyst has given Medtronic a sell rating, while seven analysts have assigned a hold rating and another seven have given it a buy rating. Bloomberg reports that the consensus rating for Medtronic is currently “Hold,” with an average price target of $91.67.
In terms of insider activity, EVP Brett A. Wall recently sold 2,000 shares of Medtronic stock at an average price of $87.97 per share, totaling $175,940 transaction value. Following this transaction, Wall now holds 23,948 shares valued at approximately $2,106,705.
Another insider sale was made by EVP Gregory L. Smith who sold 10,000 shares at an average price of $83.84 per share for a total transaction value of $838,400. Following this transaction, Smith now holds 46,723 shares in the company valued at $3,917,256.
Looking at the stock performance, Medtronic traded at $79.96 during mid-day trading on September 10, 2023. The company’s stock has a 50-day simple moving average of $84.68 and a 200-day simple moving average of $84.41. Its market capitalization stands at $106.39 billion with a price-to-earnings ratio of 29.51 and a beta of 0.71.
In conclusion, Medtronic continues to attract interest from institutional investors and hedge funds due to its strong performance in the medical technology sector. Research firms have offered varying opinions on the stock, ranging from sell to buy ratings. Insider transactions by top executives also indicate confidence in the company’s prospects. As Medtronic moves forward, investors will closely monitor its progress and evaluate its potential for future growth.
Note: The information presented in this article is accurate as of September 10, 2023, based on the provided text.