Massachusetts Financial Services Co. MA Reduces Stake in Medtronic plc (NYSE:MDT)

Massachusetts Financial Services Co. MA decreased its position in shares of Medtronic plc (NYSE:MDT) by 1.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 24,427,169 shares of the medical technology company’s stock after selling 346,670 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Medtronic were worth $2,199,178,000 as of its most recent filing with the Securities and Exchange Commission.

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

Medtronic Stock Down 1.0 %

MDT opened at $84.11 on Thursday. The stock’s 50 day moving average price is $89.17 and its 200 day moving average price is $84.84. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.61. The stock has a market cap of $107.87 billion, a P/E ratio of 25.72, a P/E/G ratio of 2.42 and a beta of 0.84. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $92.68.

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

Analyst Upgrades and Downgrades

MDT has been the topic of a number of research reports. Wells Fargo & Company decreased their price target on Medtronic from $106.00 to $98.00 and set an “overweight” rating on the stock in a research note on Wednesday. Daiwa America raised Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Royal Bank of Canada raised 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 report on Thursday, October 10th. Piper Sandler lifted their price target 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. Finally, Evercore ISI increased their price objective on shares of Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research report on Tuesday, October 1st. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $95.19.

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.