Beaton Management Co. Inc. Sells 116 Shares of Medtronic plc (NYSE:MDT)

Beaton Management Co. Inc. reduced its position in shares of Medtronic plc (NYSE:MDT) by 3.9% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,852 shares of the medical technology company’s stock after selling 116 shares during the quarter. Beaton Management Co. Inc.’s holdings in Medtronic were worth $257,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Capital Research Global Investors lifted its stake 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 acquiring an additional 2,044,109 shares during the period. Healthcare of Ontario Pension Plan Trust Fund increased its position in Medtronic by 1,195.9% during the 2nd 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 purchasing an additional 1,695,800 shares during the period. International Assets Investment Management LLC raised 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 valued at $116,896,000 after purchasing an additional 1,284,002 shares in the last quarter. Troy Asset Management Ltd purchased a new stake in shares of Medtronic in the 2nd quarter worth approximately $85,440,000. Finally, 1832 Asset Management L.P. boosted its stake in shares of Medtronic by 26.9% during the second quarter. 1832 Asset Management L.P. now owns 4,915,609 shares of the medical technology company’s stock valued at $386,908,000 after purchasing an additional 1,041,863 shares in the last quarter. 82.06% of the stock is owned by institutional investors.

Medtronic Price Performance

NYSE MDT opened at $87.53 on Friday. The company has a market cap of $112.25 billion, a price-to-earnings ratio of 29.57, a PEG 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 stock’s fifty day moving average price is $89.48 and its 200 day moving average price is $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 quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The business had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.90 billion. During the same quarter in the previous year, the business earned $1.20 EPS. The company’s quarterly revenue was up 3.4% compared to the same quarter last year. As a group, equities research analysts forecast that Medtronic plc will post 5.44 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts have weighed in on MDT shares. Truist Financial upped their target price on Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a report on Monday, October 14th. Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and upped their price objective for the stock from $98.00 to $105.00 in a research note on Thursday, October 10th. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research note on Friday, October 25th. JPMorgan Chase & Co. decreased their price target on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research report on Friday. Finally, Barclays boosted their price objective on shares of Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research note on Thursday, August 22nd. 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 issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $95.80.

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.