Connor Clark & Lunn Investment Management Ltd. Sells 961,552 Shares of Medtronic plc (NYSE:MDT)

Connor Clark & Lunn Investment Management Ltd. trimmed its holdings in shares of Medtronic plc (NYSE:MDT) by 74.0% in the third quarter, Holdings Channel.com reports. The fund owned 337,760 shares of the medical technology company’s stock after selling 961,552 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Medtronic were worth $30,409,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in MDT. Olstein Capital Management L.P. lifted its stake in Medtronic by 19.2% during the third quarter. Olstein Capital Management L.P. now owns 87,000 shares of the medical technology company’s stock worth $7,833,000 after purchasing an additional 14,000 shares during the period. Manning & Napier Advisors LLC acquired a new stake in shares of Medtronic in the 2nd quarter valued at $25,643,000. Ferguson Wellman Capital Management Inc. bought a new stake in Medtronic during the third quarter worth about $9,486,000. Harvest Portfolios Group Inc. increased its holdings in shares of Medtronic by 6.5% during the third quarter. Harvest Portfolios Group Inc. now owns 689,131 shares of the medical technology company’s stock worth $62,042,000 after buying an additional 42,112 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its stake in shares of Medtronic by 6.3% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 368,682 shares of the medical technology company’s stock valued at $29,019,000 after acquiring an additional 21,995 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on MDT shares. Oppenheimer raised their price target on Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a report on Wednesday, August 21st. Stifel Nicolaus lifted their price target on Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a report on Wednesday, August 21st. JPMorgan Chase & Co. dropped their target price on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research note on Friday, November 15th. Robert W. Baird lowered their price target on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a report on Wednesday. Finally, Truist Financial upped their price objective on Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a report on Monday, October 14th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Medtronic has a consensus rating of “Hold” and a consensus target price of $95.19.

Medtronic Stock Performance

Shares of NYSE:MDT opened at $84.11 on Thursday. The company has a market capitalization of $107.87 billion, a price-to-earnings ratio of 25.72, a P/E/G ratio of 2.50 and a beta of 0.84. The firm’s 50 day simple moving average is $89.17 and its 200 day simple moving average is $84.84. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $92.68.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.01. The business had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.27 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. Medtronic’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.25 EPS. As a group, sell-side analysts forecast that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Company 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.