Chevy Chase Trust Holdings LLC Trims Stock Position in Medtronic plc (NYSE:MDT)

Chevy Chase Trust Holdings LLC trimmed its holdings in Medtronic plc (NYSE:MDT) by 5.2% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 687,992 shares of the medical technology company’s stock after selling 37,418 shares during the period. Chevy Chase Trust Holdings LLC owned approximately 0.05% of Medtronic worth $61,940,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Medtronic by 436.7% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,343,385 shares of the medical technology company’s stock valued at $661,125,000 after buying an additional 5,975,110 shares during the period. Bank of Montreal Can lifted its holdings in shares of Medtronic by 65.0% in the 3rd quarter. Bank of Montreal Can now owns 4,546,819 shares of the medical technology company’s stock worth $406,122,000 after acquiring an additional 1,790,483 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its position in shares of Medtronic by 1,195.9% during the 2nd 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 during the period. International Assets Investment Management LLC increased 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 valued at $116,896,000 after purchasing an additional 1,284,002 shares during the last quarter. Finally, Troy Asset Management Ltd purchased a new stake in Medtronic in the second quarter valued at approximately $85,440,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Stock Performance

Shares of MDT stock opened at $86.54 on Monday. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $92.68. 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 firm has a market cap of $110.97 billion, a price-to-earnings ratio of 26.46, a PEG ratio of 2.45 and a beta of 0.84. The stock’s 50-day moving average is $88.69 and its two-hundred day moving average is $85.00.

Medtronic (NYSE:MDT) last issued its quarterly earnings data 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 company had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The firm’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.25 earnings per share. Analysts predict that Medtronic plc will post 5.46 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research report on Monday, November 18th. Sanford C. Bernstein raised their target price on Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a report on Wednesday, November 20th. Stifel Nicolaus boosted their price target on shares of Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research note on Wednesday, August 21st. Truist Financial raised their price objective on shares of Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research note on Monday, October 14th. Finally, Barclays upped their target price on shares of Medtronic from $105.00 to $109.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price 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.