Medtronic plc (NYSE:MDT) Position Trimmed by MetLife Investment Management LLC

MetLife Investment Management LLC lowered its stake in Medtronic plc (NYSE:MDT) by 5.8% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 333,533 shares of the medical technology company’s stock after selling 20,669 shares during the period. MetLife Investment Management LLC’s holdings in Medtronic were worth $30,028,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of MDT. B. Riley Wealth Advisors Inc. increased its stake in Medtronic by 27.8% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 40,468 shares of the medical technology company’s stock worth $3,527,000 after purchasing an additional 8,792 shares in the last quarter. Tidal Investments LLC lifted its position in shares of Medtronic by 7.7% in the 1st quarter. Tidal Investments LLC now owns 72,529 shares of the medical technology company’s stock valued at $6,320,000 after acquiring an additional 5,201 shares in the last quarter. Jaffetilchin Investment Partners LLC boosted its stake in Medtronic by 37.0% in the 1st quarter. Jaffetilchin Investment Partners LLC now owns 11,318 shares of the medical technology company’s stock worth $986,000 after purchasing an additional 3,056 shares during the period. iA Global Asset Management Inc. purchased a new position in Medtronic during the 1st quarter worth approximately $513,000. Finally, New Covenant Trust Company N.A. acquired a new stake in Medtronic during the 1st quarter valued at $117,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Price Performance

Shares of MDT stock opened at $86.54 on Wednesday. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $92.68. The firm has a market cap of $110.98 billion, a price-to-earnings ratio of 26.20, a PEG ratio of 2.43 and a beta of 0.84. The stock has a 50-day moving average price of $88.85 and a 200 day moving average price of $84.95.

Medtronic (NYSE:MDT) last posted its quarterly earnings results 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 during the quarter, compared to the consensus estimate of $8.27 billion. During the same period in the previous year, the firm posted $1.25 earnings per share. Medtronic’s revenue for the quarter was up 5.2% compared to the same quarter last year. Research analysts expect that Medtronic plc will post 5.46 EPS for the current year.

Analyst Upgrades and Downgrades

MDT has been the subject of a number of research reports. Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and raised their price objective for the stock from $98.00 to $105.00 in a research report on Thursday, October 10th. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research report on Monday, November 18th. Sanford C. Bernstein lifted their target price on shares of Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a research note on Wednesday, November 20th. JPMorgan Chase & Co. dropped their price target on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research note on Friday, November 15th. Finally, Piper Sandler lifted their price objective on Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. 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 issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Medtronic presently has a consensus rating of “Hold” and an average target price of $95.27.

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.