Sanders Capital LLC Cuts Stake in Medtronic plc (NYSE:MDT)

Sanders Capital LLC lessened its stake in Medtronic plc (NYSE:MDT) by 85.1% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,909,980 shares of the medical technology company’s stock after selling 10,890,659 shares during the quarter. Sanders Capital LLC’s holdings in Medtronic were worth $171,955,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Fortitude Family Office LLC bought a new position in shares of Medtronic during the 3rd quarter valued at about $27,000. Highline Wealth Partners LLC purchased a new stake in shares of Medtronic in the third quarter worth about $27,000. Darwin Wealth Management LLC bought a new position in Medtronic during the third quarter valued at approximately $27,000. Lynx Investment Advisory purchased a new position in Medtronic during the 2nd quarter valued at approximately $28,000. Finally, Gleason Group Inc. purchased a new position in Medtronic during the 2nd quarter valued at approximately $42,000. Institutional investors own 82.06% of the company’s stock.

Medtronic Stock Up 0.4 %

NYSE:MDT opened at $86.06 on Tuesday. The company’s 50 day moving average is $88.91 and its two-hundred day moving average is $84.93. The company has a market cap of $110.37 billion, a PE ratio of 26.22, a P/E/G ratio of 2.44 and a beta of 0.84. Medtronic plc has a twelve month low of $75.96 and a twelve 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 earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate 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 the consensus estimate of $8.27 billion. During the same period in the prior year, the firm earned $1.25 EPS. The firm’s revenue was up 5.2% on a year-over-year basis. Analysts anticipate that Medtronic plc will post 5.46 EPS for the current year.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. JPMorgan Chase & Co. lowered their target price on Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research report on Friday, November 15th. Wells Fargo & Company decreased their price objective on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a report on Wednesday, November 20th. Piper Sandler upped their target price on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Truist Financial lifted their price target on shares of Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research note on Monday, October 14th. Finally, Citigroup boosted their price target on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a report on Tuesday, October 1st. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Medtronic presently has an average rating of “Hold” and a consensus target price of $95.27.

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.