Thematics Asset Management Reduces Stock Holdings in Medtronic plc (NYSE:MDT)

Thematics Asset Management trimmed its stake in Medtronic plc (NYSE:MDT) by 7.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 327,436 shares of the medical technology company’s stock after selling 26,981 shares during the period. Medtronic makes up 1.2% of Thematics Asset Management’s investment portfolio, making the stock its 25th largest holding. Thematics Asset Management’s holdings in Medtronic were worth $29,479,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of MDT. Ascent Group LLC grew its position in Medtronic by 17.4% during the 1st quarter. Ascent Group LLC now owns 3,349 shares of the medical technology company’s stock worth $292,000 after purchasing an additional 497 shares during the last quarter. B. Riley Wealth Advisors Inc. increased its holdings in shares of Medtronic by 27.8% in the first quarter. B. Riley Wealth Advisors Inc. now owns 40,468 shares of the medical technology company’s stock valued at $3,527,000 after purchasing an additional 8,792 shares during the period. Meiji Yasuda Life Insurance Co lifted its holdings in shares of Medtronic by 25.8% during the first quarter. Meiji Yasuda Life Insurance Co now owns 15,809 shares of the medical technology company’s stock worth $1,378,000 after purchasing an additional 3,241 shares during the period. Tidal Investments LLC increased its stake in Medtronic by 7.7% in the 1st quarter. Tidal Investments LLC now owns 72,529 shares of the medical technology company’s stock valued at $6,320,000 after buying an additional 5,201 shares during the period. Finally, Semmax Financial Advisors Inc. raised its position in Medtronic by 1.7% during the 1st quarter. Semmax Financial Advisors Inc. now owns 49,062 shares of the medical technology company’s stock worth $4,098,000 after buying an additional 831 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Truist Financial lifted their target price on shares of Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a report on Monday, October 14th. Stifel Nicolaus increased their target price on Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research note on Wednesday, August 21st. Citigroup lifted their price target on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research note on Tuesday, October 1st. UBS Group upgraded Medtronic from a “sell” rating to a “neutral” rating and increased their price objective for the stock from $76.00 to $90.00 in a research report on Thursday, August 15th. Finally, Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and upped their price target for the stock from $98.00 to $105.00 in a research note on Thursday, October 10th. One investment 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 stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $95.27.

Medtronic Stock Down 0.1 %

Shares of NYSE:MDT traded down $0.11 during mid-day trading on Tuesday, hitting $85.64. 862,436 shares of the company traded hands, compared to its average volume of 6,267,149. The firm has a market cap of $109.83 billion, a P/E ratio of 26.22, a PEG ratio of 2.44 and a beta of 0.84. Medtronic plc has a 52-week low of $75.96 and a 52-week high of $92.68. The firm’s 50 day simple moving average is $88.91 and its 200 day simple moving average is $84.93. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84.

Medtronic (NYSE:MDT) last posted 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 net margin of 13.00% and a return on equity of 13.79%. The firm’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same period in the prior year, the company posted $1.25 EPS. On average, equities analysts anticipate 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.