MAI Capital Management Lowers Position in Medtronic plc (NYSE:MDT)

MAI Capital Management trimmed its holdings in shares of Medtronic plc (NYSE:MDT) by 12.4% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 58,506 shares of the medical technology company’s stock after selling 8,284 shares during the period. MAI Capital Management’s holdings in Medtronic were worth $5,267,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. Equity Investment Corp increased its position in shares of Medtronic by 0.7% in the third quarter. Equity Investment Corp now owns 1,458,448 shares of the medical technology company’s stock worth $131,304,000 after purchasing an additional 10,571 shares during the last quarter. Aljian Capital Management LLC bought a new position in shares of Medtronic in the 3rd quarter worth $460,000. Claro Advisors LLC raised its position in shares of Medtronic by 18.3% during the 3rd quarter. Claro Advisors LLC now owns 17,586 shares of the medical technology company’s stock valued at $1,583,000 after buying an additional 2,723 shares in the last quarter. Atlanta Consulting Group Advisors LLC lifted its holdings in shares of Medtronic by 59.3% during the 3rd quarter. Atlanta Consulting Group Advisors LLC now owns 4,752 shares of the medical technology company’s stock worth $428,000 after acquiring an additional 1,769 shares during the last quarter. Finally, Accredited Investors Inc. grew its position in Medtronic by 8.3% in the third quarter. Accredited Investors Inc. now owns 11,434 shares of the medical technology company’s stock worth $1,029,000 after acquiring an additional 876 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on MDT. Robert W. Baird lifted their price target on Medtronic from $90.00 to $96.00 in a research note on Friday, November 15th. Piper Sandler boosted their price target on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Evercore ISI lifted their price objective on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research note on Monday. Finally, Daiwa America raised shares of Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. 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 given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $95.80.

Medtronic Price Performance

MDT opened at $85.01 on Wednesday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. The company’s 50-day simple moving average is $89.30 and its two-hundred day simple moving average is $84.84. Medtronic plc has a 52-week low of $74.66 and a 52-week high of $92.68. The stock has a market capitalization of $109.02 billion, a P/E ratio of 28.72, a P/E/G ratio of 2.50 and a beta of 0.84.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, beating analysts’ consensus estimates of $1.25 by $0.01. The business had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.27 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The company’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same period in the previous year, the business earned $1.25 EPS. As a group, analysts predict that Medtronic plc will post 5.44 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.