Thrivent Financial for Lutherans Sells 137,892 Shares of Medtronic plc (NYSE:MDT)

Thrivent Financial for Lutherans trimmed its position in shares of Medtronic plc (NYSE:MDT) by 9.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,312,790 shares of the medical technology company’s stock after selling 137,892 shares during the period. Thrivent Financial for Lutherans’ holdings in Medtronic were worth $118,191,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of MDT. Capital Research Global Investors lifted its position in Medtronic by 7.1% in the first quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after buying an additional 2,044,109 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its stake in shares of Medtronic by 1,195.9% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,837,600 shares of the medical technology company’s stock valued at $144,637,000 after acquiring an additional 1,695,800 shares during the period. International Assets Investment Management LLC lifted its holdings in shares of Medtronic by 8,908.6% in the 3rd quarter. International Assets Investment Management LLC now owns 1,298,415 shares of the medical technology company’s stock worth $116,896,000 after acquiring an additional 1,284,002 shares during the last quarter. Troy Asset Management Ltd purchased a new position in shares of Medtronic during the 2nd quarter worth about $85,440,000. Finally, 1832 Asset Management L.P. boosted its stake in shares of Medtronic by 26.9% during the 2nd quarter. 1832 Asset Management L.P. now owns 4,915,609 shares of the medical technology company’s stock worth $386,908,000 after purchasing an additional 1,041,863 shares during the period. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analyst Upgrades and Downgrades

MDT has been the subject of several recent analyst reports. Daiwa America raised Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and boosted their price objective for the company from $98.00 to $105.00 in a report on Thursday, October 10th. Citigroup increased their target price on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 1st. Evercore ISI boosted their target price on shares of Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research note on Tuesday, October 1st. Finally, Oppenheimer upped their price target on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a report on Wednesday, August 21st. 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 stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $95.80.

Medtronic Stock Performance

MDT opened at $87.53 on Friday. The stock 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. 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 firm has a fifty day moving average price of $89.48 and a 200 day moving average price of $84.74. Medtronic plc has a 1 year low of $74.20 and a 1 year high of $92.68.

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

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.