Ontario Teachers Pension Plan Board Lowers Stake in Medtronic plc (NYSE:MDT)

Ontario Teachers Pension Plan Board lessened its position in shares of Medtronic plc (NYSE:MDT) by 42.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 10,875 shares of the medical technology company’s stock after selling 7,914 shares during the period. Ontario Teachers Pension Plan Board’s holdings in Medtronic were worth $979,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of MDT. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in shares of Medtronic by 1,195.9% during 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 lifted its stake in shares of Medtronic by 8,908.6% in the third quarter. International Assets Investment Management LLC now owns 1,298,415 shares of the medical technology company’s stock worth $116,896,000 after acquiring an additional 1,284,002 shares in the last quarter. Troy Asset Management Ltd acquired a new position in shares of Medtronic in the second quarter worth about $85,440,000. 1832 Asset Management L.P. lifted 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 acquiring an additional 1,041,863 shares in the last quarter. Finally, Magnetar Financial LLC lifted its stake in shares of Medtronic by 120.2% in the first quarter. Magnetar Financial LLC now owns 1,394,602 shares of the medical technology company’s stock worth $121,540,000 after acquiring an additional 761,368 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Price Performance

MDT opened at $84.11 on Thursday. The stock has a fifty day moving average of $89.17 and a 200-day moving average of $84.84. The firm has a market capitalization of $107.87 billion, a P/E ratio of 25.72, a PEG ratio of 2.42 and a beta of 0.84. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $92.68. The company has a quick ratio of 1.61, a current ratio of 1.84 and a debt-to-equity ratio of 0.51.

Medtronic (NYSE:MDT) last released its 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. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The company had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.27 billion. During the same quarter in the prior year, the company earned $1.25 earnings per share. The company’s revenue for the quarter was up 5.2% on a year-over-year basis. Equities analysts forecast that Medtronic plc will post 5.46 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on MDT shares. Oppenheimer upped their price objective on Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research note on Wednesday, August 21st. Wells Fargo & Company decreased their price objective on Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a report on Wednesday. Piper Sandler increased their price objective on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Truist Financial increased their price target on Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research note on Monday, October 14th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research note on Monday. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Medtronic has a consensus rating of “Hold” and an average target price of $95.19.

Medtronic Company 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.