Medtronic plc (NYSE:MDT) Shares Sold by Corbyn Investment Management Inc. MD

Corbyn Investment Management Inc. MD cut its stake in shares of Medtronic plc (NYSE:MDT) by 15.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 46,630 shares of the medical technology company’s stock after selling 8,310 shares during the quarter. Medtronic accounts for approximately 1.6% of Corbyn Investment Management Inc. MD’s holdings, making the stock its 21st biggest position. Corbyn Investment Management Inc. MD’s holdings in Medtronic were worth $4,198,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. TIAA Trust National Association boosted its position in shares of Medtronic by 16.1% during the 1st quarter. TIAA Trust National Association now owns 8,083 shares of the medical technology company’s stock worth $704,000 after purchasing an additional 1,119 shares in the last quarter. Ontario Teachers Pension Plan Board purchased a new stake in shares of Medtronic during the 1st quarter worth $1,616,000. Rockport Wealth LLC purchased a new stake in shares of Medtronic during the 1st quarter worth $518,000. O Shaughnessy Asset Management LLC boosted its position in shares of Medtronic by 24.7% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 109,485 shares of the medical technology company’s stock worth $9,542,000 after purchasing an additional 21,702 shares in the last quarter. Finally, Clearbridge Investments LLC boosted its position in shares of Medtronic by 2.8% during the 1st quarter. Clearbridge Investments LLC now owns 595,995 shares of the medical technology company’s stock worth $51,941,000 after purchasing an additional 16,105 shares in the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Trading Up 1.8 %

NYSE MDT opened at $87.53 on Monday. Medtronic plc has a 12 month low of $74.20 and a 12 month high of $92.68. The company has a 50-day moving average of $89.48 and a 200-day moving average of $84.77. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61. The company has a market cap of $112.25 billion, a P/E ratio of 29.57, a P/E/G ratio of 2.50 and a beta of 0.84.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The company had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. During the same quarter in the prior year, the company posted $1.20 EPS. The company’s quarterly revenue was up 3.4% compared to the same quarter last year. As a group, equities analysts predict that Medtronic plc will post 5.44 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Oppenheimer boosted their price objective on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 21st. Robert W. Baird boosted their price objective on shares of Medtronic from $90.00 to $96.00 in a research report on Friday. JPMorgan Chase & Co. decreased their price objective on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research report on Friday. Barclays boosted their price objective on shares of Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Finally, Truist Financial boosted their price objective on shares of Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a research report on Monday, October 14th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Medtronic has an average rating of “Hold” and an average target price of $95.80.

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.