Chevy Chase Trust Holdings LLC Lowers Stock Holdings in Medtronic plc (NYSE:MDT)

Chevy Chase Trust Holdings LLC lessened its stake in shares of Medtronic plc (NYSE:MDT) by 5.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 687,992 shares of the medical technology company’s stock after selling 37,418 shares during the quarter. Chevy Chase Trust Holdings LLC’s holdings in Medtronic were worth $61,940,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. Clear Harbor Asset Management LLC grew its holdings in Medtronic by 1.2% during the 3rd quarter. Clear Harbor Asset Management LLC now owns 9,558 shares of the medical technology company’s stock valued at $861,000 after purchasing an additional 111 shares in the last quarter. First PREMIER Bank boosted its position in Medtronic by 1.8% in the 3rd quarter. First PREMIER Bank now owns 6,417 shares of the medical technology company’s stock valued at $577,000 after buying an additional 116 shares during the last quarter. First City Capital Management Inc. grew its stake in shares of Medtronic by 2.9% during the third quarter. First City Capital Management Inc. now owns 4,123 shares of the medical technology company’s stock valued at $371,000 after acquiring an additional 116 shares in the last quarter. Hardy Reed LLC increased its position in shares of Medtronic by 4.4% during the third quarter. Hardy Reed LLC now owns 2,743 shares of the medical technology company’s stock worth $247,000 after acquiring an additional 116 shares during the last quarter. Finally, Precision Wealth Strategies LLC lifted its stake in shares of Medtronic by 3.3% in the third quarter. Precision Wealth Strategies LLC now owns 3,741 shares of the medical technology company’s stock worth $337,000 after acquiring an additional 118 shares in the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Stock Performance

Shares of MDT opened at $86.54 on Monday. The firm has a fifty day moving average of $88.69 and a 200-day moving average of $85.00. The company has a market cap of $110.97 billion, a price-to-earnings ratio of 26.46, a price-to-earnings-growth ratio of 2.45 and a beta of 0.84. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $92.68.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.25 by $0.01. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The firm had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.27 billion. During the same period in the previous year, the business posted $1.25 EPS. Medtronic’s revenue was up 5.2% on a year-over-year basis. As a group, equities analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current year.

Analyst Ratings Changes

MDT has been the topic of a number of recent analyst reports. Citigroup upped their target price on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research report on Tuesday, October 1st. Robert W. Baird cut their price target on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a report on Wednesday, November 20th. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a report on Monday, November 18th. Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Finally, Truist Financial increased their price target on shares of Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a research report on Monday, October 14th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $95.27.

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.