Healthcare of Ontario Pension Plan Trust Fund Decreases Stock Position in Medtronic plc (NYSE:MDT)

Healthcare of Ontario Pension Plan Trust Fund lessened its position in shares of Medtronic plc (NYSE:MDT) by 96.1% during the third quarter, Holdings Channel reports. The institutional investor owned 71,000 shares of the medical technology company’s stock after selling 1,766,600 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Medtronic were worth $6,392,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in MDT. Olstein Capital Management L.P. grew its stake in 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 valued at $7,833,000 after buying an additional 14,000 shares in the last quarter. Manning & Napier Advisors LLC bought a new position in Medtronic in the 2nd quarter worth about $25,643,000. Ferguson Wellman Capital Management Inc. purchased a new position in Medtronic during the 3rd quarter valued at about $9,486,000. Harvest Portfolios Group Inc. increased its position in shares of Medtronic by 6.5% during the third 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 during the period. Finally, Wealth Enhancement Advisory Services LLC increased its position in shares of Medtronic by 6.3% during the second 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 during the period. Institutional investors own 82.06% of the company’s stock.

Medtronic Trading Up 0.3 %

Shares of MDT opened at $86.54 on Friday. The stock has a market capitalization of $110.98 billion, a P/E ratio of 26.46, a PEG ratio of 2.44 and a beta of 0.84. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $92.68. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. The firm has a fifty day simple moving average of $88.69 and a two-hundred day simple moving average of $84.99.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates of $1.25 by $0.01. The company had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. Medtronic’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.25 earnings per share. On average, research analysts anticipate that Medtronic plc will post 5.46 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts recently commented on MDT shares. Oppenheimer boosted their price objective on shares of Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research note on Wednesday, August 21st. Truist Financial upped their price target on shares of Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a report on Monday, October 14th. Sanford C. Bernstein boosted their target price on Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 20th. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Monday, November 18th. Finally, Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and lifted their price target for the company from $98.00 to $105.00 in a research report on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Medtronic currently has a consensus rating of “Hold” and an average target price of $95.27.

About Medtronic

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.