Charles Schwab Investment Management Inc. Cuts Stock Holdings in Medtronic plc (NYSE:MDT)

Charles Schwab Investment Management Inc. cut its position in Medtronic plc (NYSE:MDT) by 2.3% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,867,404 shares of the medical technology company’s stock after selling 188,831 shares during the period. Charles Schwab Investment Management Inc. owned 0.61% of Medtronic worth $708,302,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. Fortitude Family Office LLC acquired a new position in Medtronic in the third quarter valued at approximately $27,000. Highline Wealth Partners LLC acquired a new position in Medtronic in the third quarter valued at $27,000. Darwin Wealth Management LLC purchased a new position in shares of Medtronic during the third quarter worth about $27,000. Lynx Investment Advisory acquired a new stake in shares of Medtronic during the second quarter worth about $28,000. Finally, Gleason Group Inc. purchased a new stake in shares of Medtronic in the 2nd quarter valued at about $42,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MDT has been the topic of several research analyst reports. Stifel Nicolaus lifted their price target on Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research report on Wednesday, August 21st. UBS Group raised shares of Medtronic from a “sell” rating to a “neutral” rating and lifted their target price for the company from $76.00 to $90.00 in a report on Thursday, August 15th. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research report on Monday. Robert W. Baird lowered their price objective on shares of Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a research report on Wednesday. Finally, Daiwa America raised shares of Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $95.19.

Medtronic Stock Performance

NYSE MDT opened at $84.71 on Friday. The company has a current ratio of 1.84, a quick ratio of 1.61 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $108.63 billion, a PE ratio of 25.90, a price-to-earnings-growth ratio of 2.42 and a beta of 0.84. The business’s 50-day moving average price is $89.07 and its 200 day moving average price is $84.84. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $92.68.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, topping the consensus estimate 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 analyst estimates of $8.27 billion. During the same quarter in the prior year, the business posted $1.25 earnings per share. Medtronic’s revenue for the quarter was up 5.2% compared to the same quarter last year. On average, research analysts predict that Medtronic plc will post 5.46 earnings per share 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.