Brown Brothers Harriman & Co. Decreases Stock Holdings in Medtronic plc (NYSE:MDT)

Brown Brothers Harriman & Co. trimmed its stake in shares of Medtronic plc (NYSE:MDT) by 15.4% in the third quarter, Holdings Channel.com reports. The fund owned 170,052 shares of the medical technology company’s stock after selling 30,919 shares during the period. Brown Brothers Harriman & Co.’s holdings in Medtronic were worth $15,310,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of MDT. Mount Yale Investment Advisors LLC increased its position in Medtronic by 2.6% during the 1st quarter. Mount Yale Investment Advisors LLC now owns 7,227 shares of the medical technology company’s stock worth $630,000 after purchasing an additional 180 shares in the last quarter. Ascent Group LLC lifted its stake in shares of Medtronic by 17.4% during the 1st quarter. Ascent Group LLC now owns 3,349 shares of the medical technology company’s stock worth $292,000 after purchasing an additional 497 shares during the period. Industrial Alliance Investment Management Inc. boosted its holdings in shares of Medtronic by 4.4% during the first quarter. Industrial Alliance Investment Management Inc. now owns 6,315 shares of the medical technology company’s stock worth $550,000 after purchasing an additional 266 shares during the last quarter. B. Riley Wealth Advisors Inc. increased its stake in Medtronic by 27.8% in the first quarter. B. Riley Wealth Advisors Inc. now owns 40,468 shares of the medical technology company’s stock valued at $3,527,000 after purchasing an additional 8,792 shares during the last quarter. Finally, Meiji Yasuda Life Insurance Co boosted its stake in Medtronic by 25.8% in the 1st quarter. Meiji Yasuda Life Insurance Co now owns 15,809 shares of the medical technology company’s stock worth $1,378,000 after buying an additional 3,241 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analysts Set New Price Targets

MDT has been the topic of several recent analyst reports. Robert W. Baird cut their price objective 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. JPMorgan Chase & Co. cut their price objective on Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a report on Friday, November 15th. Citigroup raised their price target on shares of Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a report on Tuesday, October 1st. 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 research note on Monday, October 14th. Finally, Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and raised their target price for the company from $98.00 to $105.00 in a research note on Thursday, October 10th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $95.00.

Medtronic Stock Up 1.7 %

Shares of NYSE:MDT opened at $86.21 on Monday. Medtronic plc has a 1-year low of $75.96 and a 1-year high of $92.68. The company’s fifty day moving average is $88.99 and its two-hundred day moving average is $84.91. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84. The stock has a market capitalization of $110.56 billion, a price-to-earnings ratio of 26.36, a price-to-earnings-growth ratio of 2.44 and a beta of 0.84.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, topping 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 business had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.27 billion. During the same quarter last year, the company earned $1.25 EPS. The company’s revenue for the quarter was up 5.2% compared to the same quarter last year. Equities analysts anticipate that Medtronic plc will post 5.46 EPS for the current 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.