Ontario Teachers Pension Plan Board Reduces Stake in Medtronic plc (NYSE:MDT)

Ontario Teachers Pension Plan Board reduced its stake in Medtronic plc (NYSE:MDT) by 42.1% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 10,875 shares of the medical technology company’s stock after selling 7,914 shares during the quarter. Ontario Teachers Pension Plan Board’s holdings in Medtronic were worth $979,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Pzena Investment Management LLC grew its holdings in Medtronic by 8.3% in the 2nd quarter. Pzena Investment Management LLC now owns 8,307,123 shares of the medical technology company’s stock valued at $653,854,000 after buying an additional 637,931 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Medtronic by 7.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 7,120,554 shares of the medical technology company’s stock worth $560,494,000 after purchasing an additional 515,751 shares during the period. Longview Partners Guernsey LTD grew its holdings in shares of Medtronic by 2.3% during the 1st quarter. Longview Partners Guernsey LTD now owns 6,635,054 shares of the medical technology company’s stock worth $578,245,000 after purchasing an additional 147,737 shares during the period. Raymond James & Associates grew its holdings in shares of Medtronic by 2.3% during the 3rd quarter. Raymond James & Associates now owns 6,391,865 shares of the medical technology company’s stock worth $575,460,000 after purchasing an additional 145,504 shares during the period. Finally, 1832 Asset Management L.P. grew its holdings 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 purchasing an additional 1,041,863 shares during the period. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and increased their target price for the stock from $76.00 to $90.00 in a research note on Thursday, August 15th. Evercore ISI increased their target price on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 1st. Robert W. Baird decreased their target price on Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a research note on Wednesday. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research report on Monday. Finally, Barclays increased their price objective on Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $95.19.

Medtronic Stock Down 1.0 %

MDT opened at $84.11 on Thursday. 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 business has a 50 day simple moving average of $89.17 and a 200-day simple moving average of $84.84. The stock has a market capitalization of $107.87 billion, a P/E ratio of 25.72, a P/E/G ratio of 2.42 and a beta of 0.84. Medtronic plc has a 12 month low of $75.96 and a 12 month 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, topping the consensus estimate of $1.25 by $0.01. The firm had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. Medtronic’s revenue was up 5.2% on a year-over-year basis. During the same period in the previous year, the firm posted $1.25 earnings per share. On average, equities analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current fiscal 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.