Northcape Wealth Management LLC Sells 2,146 Shares of Medtronic plc (NYSE:MDT)

Northcape Wealth Management LLC reduced its position in shares of Medtronic plc (NYSE:MDT) by 9.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 21,264 shares of the medical technology company’s stock after selling 2,146 shares during the period. Northcape Wealth Management LLC’s holdings in Medtronic were worth $1,914,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in MDT. Nwam LLC boosted its position in shares of Medtronic by 3.2% in the first quarter. Nwam LLC now owns 4,492 shares of the medical technology company’s stock valued at $371,000 after acquiring an additional 141 shares during the period. Pinnacle Wealth Planning Services Inc. increased its holdings in shares of Medtronic by 3.4% during the first quarter. Pinnacle Wealth Planning Services Inc. now owns 4,118 shares of the medical technology company’s stock worth $359,000 after purchasing an additional 137 shares during the period. Nicolet Advisory Services LLC acquired a new stake in shares of Medtronic in the first quarter valued at approximately $247,000. TIAA Trust National Association grew its position in Medtronic by 16.1% during the first quarter. TIAA Trust National Association now owns 8,083 shares of the medical technology company’s stock worth $704,000 after buying an additional 1,119 shares in the last quarter. Finally, Ontario Teachers Pension Plan Board bought a new position in Medtronic during the 1st quarter worth $1,616,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MDT has been the subject of a number of recent analyst reports. Citigroup upped their target price on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research report on Tuesday, October 1st. UBS Group raised shares of Medtronic from a “sell” rating to a “neutral” rating and raised their target price for the company from $76.00 to $90.00 in a report on Thursday, August 15th. Royal Bank of Canada upgraded shares of Medtronic from a “sector perform” rating to an “outperform” rating and boosted their target price for the company from $98.00 to $105.00 in a research report on Thursday, October 10th. Oppenheimer increased their price target 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. Finally, Truist Financial boosted their price objective on shares of Medtronic from $90.00 to $93.00 and gave the company 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 issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Medtronic presently has an average rating of “Hold” and an average target price of $95.80.

Medtronic Stock Performance

NYSE:MDT opened at $87.53 on Friday. The stock’s 50-day moving average is $89.48 and its 200-day moving average is $84.71. The stock has a market cap of $112.25 billion, a P/E ratio of 29.57, a price-to-earnings-growth ratio of 2.51 and a beta of 0.84. Medtronic plc has a 1-year low of $74.20 and a 1-year high of $92.68. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. The firm had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The company’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.20 EPS. Equities research analysts anticipate that Medtronic plc will post 5.44 earnings per share for the current year.

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.