BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Sells 40,386 Shares of Medtronic plc (NYSE:MDT)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp reduced its stake in shares of Medtronic plc (NYSE:MDT) by 15.9% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 213,951 shares of the medical technology company’s stock after selling 40,386 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Medtronic were worth $19,262,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Olstein Capital Management L.P. raised its position in shares of Medtronic by 19.2% in the 3rd quarter. Olstein Capital Management L.P. now owns 87,000 shares of the medical technology company’s stock worth $7,833,000 after acquiring an additional 14,000 shares in the last quarter. Manning & Napier Advisors LLC bought a new stake in Medtronic in the 2nd quarter valued at about $25,643,000. Ferguson Wellman Capital Management Inc. bought a new stake in Medtronic in the 3rd quarter valued at about $9,486,000. Harvest Portfolios Group Inc. increased its position in Medtronic by 6.5% in the 3rd quarter. Harvest Portfolios Group Inc. now owns 689,131 shares of the medical technology company’s stock valued at $62,042,000 after buying an additional 42,112 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its position in Medtronic by 6.3% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 368,682 shares of the medical technology company’s stock valued at $29,019,000 after buying an additional 21,995 shares in the last quarter. 82.06% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently commented on MDT shares. Piper Sandler boosted their target price on Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. Stifel Nicolaus lifted their price target on Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research note on Wednesday, August 21st. Wells Fargo & Company cut their price target on Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research note on Wednesday, November 20th. UBS Group upgraded Medtronic from a “sell” rating to a “neutral” rating and lifted their price target for the company from $76.00 to $90.00 in a research note on Thursday, August 15th. Finally, Daiwa America upgraded Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. One equities research 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. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $95.27.

Medtronic Price Performance

Medtronic stock opened at $86.54 on Friday. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $92.68. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. The business’s 50 day simple moving average is $88.69 and its 200 day simple moving average is $85.00. The company 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.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, beating the consensus estimate of $1.25 by $0.01. The business had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. Medtronic’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.25 earnings per share. Sell-side analysts forecast that Medtronic plc will post 5.46 EPS 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.