First Horizon Advisors Inc. Cuts Stake in Medtronic plc (NYSE:MDT)

First Horizon Advisors Inc. lowered its stake in shares of Medtronic plc (NYSE:MDT) by 83.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 26,751 shares of the medical technology company’s stock after selling 132,466 shares during the quarter. First Horizon Advisors Inc.’s holdings in Medtronic were worth $2,409,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the company. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in shares of Medtronic by 1,195.9% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,837,600 shares of the medical technology company’s stock worth $144,637,000 after purchasing an additional 1,695,800 shares during the last quarter. International Assets Investment Management LLC raised its holdings in Medtronic by 8,908.6% in the 3rd quarter. International Assets Investment Management LLC now owns 1,298,415 shares of the medical technology company’s stock worth $116,896,000 after purchasing an additional 1,284,002 shares during the period. Troy Asset Management Ltd acquired a new position in shares of Medtronic during the second quarter valued at approximately $85,440,000. 1832 Asset Management L.P. raised its holdings in shares of Medtronic by 26.9% during the second quarter. 1832 Asset Management L.P. now owns 4,915,609 shares of the medical technology company’s stock valued at $386,908,000 after acquiring an additional 1,041,863 shares during the last quarter. Finally, Magnetar Financial LLC grew its position in shares of Medtronic by 120.2% in the first quarter. Magnetar Financial LLC now owns 1,394,602 shares of the medical technology company’s stock valued at $121,540,000 after purchasing an additional 761,368 shares in the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Stock Down 1.0 %

Medtronic stock opened at $84.11 on Thursday. Medtronic plc has a 1-year low of $75.96 and a 1-year high of $92.68. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.61. The stock has a market cap of $107.87 billion, a PE ratio of 25.72, a P/E/G ratio of 2.42 and a beta of 0.84. The stock’s fifty day moving average is $89.17 and its two-hundred day moving average is $84.84.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share 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 the consensus estimate of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The business’s quarterly revenue was up 5.2% on a year-over-year basis. During the same period in the previous year, the business earned $1.25 EPS. On average, sell-side analysts expect that Medtronic plc will post 5.46 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on MDT. UBS Group upgraded Medtronic from a “sell” rating to a “neutral” rating and increased their price objective for the stock from $76.00 to $90.00 in a research report on Thursday, August 15th. Stifel Nicolaus raised their price target on Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research report on Wednesday, August 21st. Truist Financial raised their price target on Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a research report on Monday, October 14th. Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and raised their price target for the stock from $98.00 to $105.00 in a research report on Thursday, October 10th. Finally, Piper Sandler raised their price target on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $95.19.

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.