King Luther Capital Management Corp Reduces Stock Holdings in Medtronic plc (NYSE:MDT)

King Luther Capital Management Corp lessened its stake in Medtronic plc (NYSE:MDT) by 25.9% in the third quarter, Holdings Channel reports. The fund owned 41,280 shares of the medical technology company’s stock after selling 14,464 shares during the quarter. King Luther Capital Management Corp’s holdings in Medtronic were worth $3,716,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of MDT. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in shares of Medtronic by 1,195.9% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,837,600 shares of the medical technology company’s stock valued at $144,637,000 after purchasing an additional 1,695,800 shares during the period. International Assets Investment Management LLC lifted its holdings in Medtronic by 8,908.6% in the 3rd quarter. International Assets Investment Management LLC now owns 1,298,415 shares of the medical technology company’s stock worth $116,896,000 after buying an additional 1,284,002 shares in the last quarter. Troy Asset Management Ltd purchased a new position in Medtronic in the 2nd quarter valued at about $85,440,000. 1832 Asset Management L.P. increased its position in shares of Medtronic by 26.9% during the second quarter. 1832 Asset Management L.P. now owns 4,915,609 shares of the medical technology company’s stock worth $386,908,000 after acquiring an additional 1,041,863 shares during the last quarter. Finally, Panagora Asset Management Inc. increased its position in shares of Medtronic by 785.0% during the second quarter. Panagora Asset Management Inc. now owns 839,845 shares of the medical technology company’s stock worth $66,104,000 after acquiring an additional 744,952 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Sanford C. Bernstein raised their price objective on Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a research note on Wednesday. Evercore ISI raised their price target on shares of Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 1st. Piper Sandler upped their price target on shares of Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. Barclays raised their price objective on shares of Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. Finally, Wells Fargo & Company cut their target price on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $95.00.

Medtronic Price Performance

Shares of MDT opened at $86.21 on Friday. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $92.68. 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 stock has a fifty day moving average price of $88.99 and a 200 day moving average price of $84.87. The company has a market cap of $110.56 billion, a P/E ratio of 26.36, a PEG ratio of 2.42 and a beta of 0.84.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, topping the consensus estimate 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 13.00% and a return on equity of 13.79%. The company’s quarterly revenue was up 5.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.25 earnings per share. On average, research analysts forecast that Medtronic plc will post 5.46 earnings per share for the current year.

About Medtronic

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.