S&CO Inc. Lowers Stock Position in Medtronic plc (NYSE:MDT)

S&CO Inc. cut its stake in shares of Medtronic plc (NYSE:MDT) by 8.8% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 116,975 shares of the medical technology company’s stock after selling 11,350 shares during the period. S&CO Inc.’s holdings in Medtronic were worth $10,531,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Nwam LLC boosted its position in Medtronic by 3.2% during the 1st 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. Nicolet Advisory Services LLC purchased a new stake in Medtronic during the 1st quarter worth $247,000. TIAA Trust National Association boosted its position in Medtronic by 16.1% during the 1st quarter. TIAA Trust National Association now owns 8,083 shares of the medical technology company’s stock worth $704,000 after purchasing an additional 1,119 shares during the period. Ontario Teachers Pension Plan Board purchased a new stake in Medtronic during the 1st quarter worth $1,616,000. Finally, Resurgent Financial Advisors LLC boosted its position in Medtronic by 59.4% during the 1st quarter. Resurgent Financial Advisors LLC now owns 8,735 shares of the medical technology company’s stock worth $761,000 after purchasing an additional 3,256 shares during the period. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Price Performance

MDT opened at $87.53 on Friday. The firm has a market cap of $112.25 billion, a price-to-earnings ratio of 29.57, a price-to-earnings-growth ratio of 2.50 and a beta of 0.84. Medtronic plc has a fifty-two week low of $74.20 and a fifty-two week high of $92.68. The company’s 50-day moving average price is $89.48 and its 200 day moving average price is $84.74. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55.

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

Analysts Set New Price Targets

MDT has been the topic of a number of recent analyst reports. Truist Financial boosted their price objective on shares of Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a report on Monday, October 14th. Piper Sandler boosted their price objective on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Citigroup boosted their price objective on shares of Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a report on Tuesday, October 1st. JPMorgan Chase & Co. cut their price objective on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a report on Friday. Finally, Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $95.80.

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.