Intech Investment Management LLC Sells 3,299 Shares of Medtronic plc (NYSE:MDT)

Intech Investment Management LLC decreased its stake in shares of Medtronic plc (NYSE:MDT) by 18.5% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 14,512 shares of the medical technology company’s stock after selling 3,299 shares during the period. Intech Investment Management LLC’s holdings in Medtronic were worth $1,307,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of MDT. Pzena Investment Management LLC grew its position in shares of Medtronic by 3.3% in the third quarter. Pzena Investment Management LLC now owns 8,582,993 shares of the medical technology company’s stock valued at $772,727,000 after purchasing an additional 275,870 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Medtronic by 7.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 7,120,554 shares of the medical technology company’s stock valued at $560,494,000 after purchasing an additional 515,751 shares during the period. Raymond James & Associates increased its position in Medtronic by 2.3% during the 3rd quarter. Raymond James & Associates now owns 6,391,865 shares of the medical technology company’s stock worth $575,460,000 after buying an additional 145,504 shares during the period. 1832 Asset Management L.P. increased its position in 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 buying an additional 1,041,863 shares during the period. Finally, Bank of Montreal Can lifted its holdings in shares of Medtronic by 0.8% during the second quarter. Bank of Montreal Can now owns 2,756,336 shares of the medical technology company’s stock worth $234,068,000 after buying an additional 22,240 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on MDT. Stifel Nicolaus upped their price target on shares of Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research note on Wednesday, August 21st. Oppenheimer lifted their price target on shares of Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research report on Wednesday, August 21st. Evercore ISI increased their price target on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 1st. Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and raised their price objective for the stock from $98.00 to $105.00 in a research note on Thursday, October 10th. Finally, Wells Fargo & Company cut their target price on Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research report on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Medtronic has an average rating of “Hold” and an average price target of $95.27.

Medtronic Stock Performance

Shares of Medtronic stock opened at $85.67 on Wednesday. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $92.68. The company’s 50 day moving average price is $88.85 and its two-hundred day moving average price is $84.95. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39. The firm has a market capitalization of $109.87 billion, a P/E ratio of 26.20, a P/E/G ratio of 2.44 and a beta of 0.84.

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