Truvestments Capital LLC Grows Stock Holdings in Medtronic plc (NYSE:MDT)

Truvestments Capital LLC lifted its position in shares of Medtronic plc (NYSE:MDT) by 20.5% during the third quarter, Holdings Channel.com reports. The institutional investor owned 31,527 shares of the medical technology company’s stock after acquiring an additional 5,364 shares during the quarter. Truvestments Capital LLC’s holdings in Medtronic were worth $2,838,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MDT. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in 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 worth $144,637,000 after purchasing an additional 1,695,800 shares in the last quarter. International Assets Investment Management LLC grew its stake in Medtronic by 8,908.6% during the 3rd quarter. International Assets Investment Management LLC now owns 1,298,415 shares of the medical technology company’s stock valued at $116,896,000 after purchasing an additional 1,284,002 shares during the last quarter. Troy Asset Management Ltd acquired a new position in shares of Medtronic in the second quarter valued at about $85,440,000. 1832 Asset Management L.P. raised its stake in shares of Medtronic by 26.9% in 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 purchasing an additional 1,041,863 shares during the last quarter. Finally, Panagora Asset Management Inc. lifted its holdings 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 purchasing an additional 744,952 shares during the period. 82.06% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on MDT shares. UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and increased their price target for the stock from $76.00 to $90.00 in a report on Thursday, August 15th. Citigroup increased their price objective on shares of Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 1st. Truist Financial boosted their target price on shares of Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research report on Monday, October 14th. JPMorgan Chase & Co. reduced their price objective on Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research note on Friday, November 15th. Finally, Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and lifted their price target for the company from $98.00 to $105.00 in a research report on Thursday, October 10th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $95.00.

Medtronic Stock Performance

NYSE MDT opened at $86.50 on Monday. 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’s fifty day moving average is $88.99 and its two-hundred day moving average is $84.91. The firm has a market capitalization of $110.93 billion, a P/E ratio of 26.36, a price-to-earnings-growth ratio of 2.44 and a beta of 0.84. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $92.68.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.01. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The firm had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.27 billion. During the same quarter in the previous year, the company posted $1.25 EPS. The company’s revenue was up 5.2% compared to the same quarter last year. On average, research analysts anticipate 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.