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

First Horizon Advisors Inc. decreased its stake in shares of Medtronic plc (NYSE:MDT) by 83.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund 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 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in Medtronic by 1,195.9% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,837,600 shares of the medical technology company’s stock valued at $144,637,000 after purchasing an additional 1,695,800 shares during the last quarter. International Assets Investment Management LLC grew its position in Medtronic by 8,908.6% during the third quarter. International Assets Investment Management LLC now owns 1,298,415 shares of the medical technology company’s stock valued at $116,896,000 after buying an additional 1,284,002 shares during the period. Troy Asset Management Ltd bought a new position in Medtronic in the second quarter worth approximately $85,440,000. 1832 Asset Management L.P. boosted its stake in shares of Medtronic by 26.9% during the 2nd quarter. 1832 Asset Management L.P. now owns 4,915,609 shares of the medical technology company’s stock worth $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% during the 1st quarter. Magnetar Financial LLC now owns 1,394,602 shares of the medical technology company’s stock valued at $121,540,000 after acquiring an additional 761,368 shares during the period. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Stock Down 1.0 %

Shares of NYSE MDT 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 firm has a 50-day simple moving average of $89.17 and a two-hundred day simple moving average of $84.84. The company has a market cap of $107.87 billion, a P/E ratio of 25.72, a PEG ratio of 2.42 and a beta of 0.84. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.61.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The business had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.27 billion. During the same quarter in the prior year, the company earned $1.25 EPS. The business’s revenue was up 5.2% compared to the same quarter last year. Research analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Stifel Nicolaus boosted 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. Sanford C. Bernstein boosted their price objective on Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a research note on Wednesday. Robert W. Baird decreased their target price on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a research note on Wednesday. Citigroup increased their price objective on shares of Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 1st. Finally, UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and lifted their target price for the company from $76.00 to $90.00 in a research note on Thursday, August 15th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target 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.