Primecap Management Co. CA Sells 5,380 Shares of Medtronic plc (NYSE:MDT)

Primecap Management Co. CA lowered its stake in shares of Medtronic plc (NYSE:MDT) by 0.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 864,945 shares of the medical technology company’s stock after selling 5,380 shares during the quarter. Primecap Management Co. CA’s holdings in Medtronic were worth $77,871,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its holdings in shares of Medtronic by 2.8% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 813,041 shares of the medical technology company’s stock valued at $73,198,000 after buying an additional 22,232 shares in the last quarter. Citizens Financial Group Inc. RI lifted its position in Medtronic by 31.5% during the third quarter. Citizens Financial Group Inc. RI now owns 15,873 shares of the medical technology company’s stock valued at $1,439,000 after acquiring an additional 3,805 shares during the last quarter. Pzena Investment Management LLC boosted its stake in Medtronic by 3.3% in the third quarter. Pzena Investment Management LLC now owns 8,582,993 shares of the medical technology company’s stock valued at $772,727,000 after acquiring an additional 275,870 shares in the last quarter. EagleClaw Capital Managment LLC grew its holdings in Medtronic by 9.6% in the third quarter. EagleClaw Capital Managment LLC now owns 28,522 shares of the medical technology company’s stock worth $2,568,000 after purchasing an additional 2,487 shares during the last quarter. Finally, Darwin Wealth Management LLC acquired a new position in shares of Medtronic during the third quarter worth $27,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently weighed in on MDT shares. Evercore ISI boosted 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. Daiwa America upgraded Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Sanford C. Bernstein increased their price objective on shares of Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a research report on Wednesday. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research note on Monday. Finally, Oppenheimer upped their price target on shares of Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research note on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Medtronic has an average rating of “Hold” and a consensus target price of $95.19.

Medtronic Stock Performance

NYSE MDT opened at $84.71 on Friday. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $92.68. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.61 and a current ratio of 1.84. The firm has a market capitalization of $108.63 billion, a P/E ratio of 25.90, a PEG ratio of 2.42 and a beta of 0.84. The stock has a 50-day simple moving average of $89.07 and a two-hundred day simple moving average of $84.84.

Medtronic (NYSE:MDT) last announced its quarterly 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. The company had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. Medtronic’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.25 earnings per share. On average, equities analysts forecast that Medtronic plc will post 5.46 earnings per share for the current year.

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.