Public Sector Pension Investment Board Raises Position in Medtronic plc (NYSE:MDT)

Public Sector Pension Investment Board raised its stake in shares of Medtronic plc (NYSE:MDT) by 244.8% during the third quarter, HoldingsChannel reports. The firm owned 175,914 shares of the medical technology company’s stock after buying an additional 124,900 shares during the quarter. Public Sector Pension Investment Board’s holdings in Medtronic were worth $15,838,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in MDT. Fortitude Family Office LLC purchased a new stake in shares of Medtronic in the third quarter worth approximately $27,000. Highline Wealth Partners LLC bought a new position in Medtronic in the third quarter worth approximately $27,000. Darwin Wealth Management LLC bought a new position in Medtronic in the third quarter worth approximately $27,000. Lynx Investment Advisory bought a new position in Medtronic in the second quarter worth approximately $28,000. Finally, J. Stern & Co. LLP bought a new position in Medtronic in the third quarter worth approximately $30,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on MDT. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research note on Monday, November 18th. Oppenheimer increased their target price on Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research report on Wednesday, August 21st. JPMorgan Chase & Co. dropped their target price on Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a research report on Friday, November 15th. Truist Financial increased their target price on Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research report on Monday, October 14th. Finally, Daiwa America raised Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. One equities research 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 stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $95.27.

Medtronic Stock Performance

Shares of MDT stock opened at $86.27 on Friday. The firm has a market capitalization of $110.62 billion, a price-to-earnings ratio of 26.38, a price-to-earnings-growth ratio of 2.44 and a beta of 0.84. 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 business has a fifty day moving average of $88.75 and a 200 day moving average of $84.97. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $92.68.

Medtronic (NYSE:MDT) last issued its 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. The company had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The firm’s quarterly revenue was up 5.2% on a year-over-year basis. During the same quarter last year, the business posted $1.25 EPS. As a group, research analysts expect that Medtronic plc will post 5.46 earnings per share for the current 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.