Brown Brothers Harriman & Co. Sells 30,919 Shares of Medtronic plc (NYSE:MDT)

Brown Brothers Harriman & Co. cut its position in shares of Medtronic plc (NYSE:MDT) by 15.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 170,052 shares of the medical technology company’s stock after selling 30,919 shares during the quarter. Brown Brothers Harriman & Co.’s holdings in Medtronic were worth $15,310,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of MDT. Clear Harbor Asset Management LLC grew its holdings in Medtronic by 1.2% in the third quarter. Clear Harbor Asset Management LLC now owns 9,558 shares of the medical technology company’s stock valued at $861,000 after purchasing an additional 111 shares during the period. First PREMIER Bank raised its position in Medtronic by 1.8% during the third quarter. First PREMIER Bank now owns 6,417 shares of the medical technology company’s stock worth $577,000 after acquiring an additional 116 shares during the period. First City Capital Management Inc. lifted its holdings in Medtronic by 2.9% during the third quarter. First City Capital Management Inc. now owns 4,123 shares of the medical technology company’s stock valued at $371,000 after purchasing an additional 116 shares in the last quarter. Precision Wealth Strategies LLC grew its position in shares of Medtronic by 3.3% in the third quarter. Precision Wealth Strategies LLC now owns 3,741 shares of the medical technology company’s stock valued at $337,000 after purchasing an additional 118 shares during the period. Finally, Lake Street Advisors Group LLC increased its stake in shares of Medtronic by 2.0% during the third quarter. Lake Street Advisors Group LLC now owns 6,024 shares of the medical technology company’s stock worth $547,000 after purchasing an additional 118 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently commented on MDT shares. Truist Financial boosted their price target on Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a research report on Monday, October 14th. Barclays boosted their price target on shares of Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a research report on Thursday, August 22nd. Robert W. Baird lowered their target price on Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a report on Wednesday, November 20th. Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and lifted their price objective for the stock from $98.00 to $105.00 in a research report on Thursday, October 10th. Finally, Wells Fargo & Company reduced their price target on Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $95.00.

Medtronic Stock Performance

Shares of MDT opened at $86.21 on Monday. The company’s 50 day simple moving average is $88.99 and its 200-day simple moving average is $84.91. The firm has a market cap of $110.56 billion, a PE ratio of 26.36, a price-to-earnings-growth ratio of 2.44 and a beta of 0.84. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $92.68. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51.

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