Cheviot Value Management LLC Cuts Position in Medtronic plc (NYSE:MDT)

Cheviot Value Management LLC lowered its stake in shares of Medtronic plc (NYSE:MDT) by 3.7% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 84,059 shares of the medical technology company’s stock after selling 3,185 shares during the period. Medtronic comprises 1.4% of Cheviot Value Management LLC’s portfolio, making the stock its 23rd largest holding. Cheviot Value Management LLC’s holdings in Medtronic were worth $7,568,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Fortitude Family Office LLC purchased a new position in shares of Medtronic in the third quarter valued at $27,000. Highline Wealth Partners LLC acquired a new stake in Medtronic in the 3rd quarter valued at about $27,000. Darwin Wealth Management LLC acquired a new stake in Medtronic in the 3rd quarter valued at about $27,000. Lynx Investment Advisory purchased a new position in Medtronic during the 2nd quarter valued at about $28,000. Finally, J. Stern & Co. LLP acquired a new position in Medtronic during the third quarter worth about $30,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Stock Performance

Shares of NYSE:MDT opened at $86.54 on Monday. The business has a 50-day moving average of $88.69 and a two-hundred day moving average of $85.00. The firm has a market capitalization of $110.97 billion, a PE ratio of 26.46, a P/E/G ratio of 2.45 and a beta of 0.84. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $92.68.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) 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 firm had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.27 billion. During the same quarter in the prior year, the company earned $1.25 EPS. The company’s revenue was up 5.2% on a year-over-year basis. As a group, research analysts forecast that Medtronic plc will post 5.46 earnings per share for the current year.

Wall Street Analyst Weigh In

MDT has been the topic of several research reports. Wells Fargo & Company dropped their price objective on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research note on Wednesday, November 20th. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a report on Monday, November 18th. Truist Financial lifted their price objective on Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a research report on Monday, October 14th. Oppenheimer increased their price target on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 21st. 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 analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Medtronic has a consensus rating of “Hold” and an average price target of $95.27.

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.