Hotchkis & Wiley Capital Management LLC Sells 396,725 Shares of Medtronic plc (NYSE:MDT)

Hotchkis & Wiley Capital Management LLC lessened its stake in shares of Medtronic plc (NYSE:MDT) by 5.5% in the 3rd quarter, Holdings Channel reports. The firm owned 6,782,450 shares of the medical technology company’s stock after selling 396,725 shares during the period. Medtronic accounts for 2.0% of Hotchkis & Wiley Capital Management LLC’s investment portfolio, making the stock its 10th largest holding. Hotchkis & Wiley Capital Management LLC’s holdings in Medtronic were worth $610,624,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Pzena Investment Management LLC raised its holdings in shares of Medtronic by 3.3% during 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 acquiring an additional 275,870 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Medtronic by 436.7% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,343,385 shares of the medical technology company’s stock worth $661,125,000 after purchasing an additional 5,975,110 shares in the last quarter. Dimensional Fund Advisors LP raised 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 last quarter. Raymond James & Associates boosted its stake 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 purchasing an additional 145,504 shares during the last quarter. Finally, Fisher Asset Management LLC grew its holdings in shares of Medtronic by 11.5% during the third quarter. Fisher Asset Management LLC now owns 5,893,720 shares of the medical technology company’s stock worth $530,612,000 after buying an additional 609,391 shares in the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently weighed in on MDT shares. Stifel Nicolaus boosted their price target on shares of Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research report on Wednesday, August 21st. Sanford C. Bernstein upped their price target on Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a research report on Wednesday, November 20th. Barclays increased their price target on Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a report on Tuesday, November 26th. Oppenheimer boosted their price objective on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 21st. Finally, Daiwa America raised Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. One 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 company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $95.27.

Medtronic Price Performance

Medtronic stock opened at $86.54 on Tuesday. The company’s 50 day moving average is $88.69 and its two-hundred day moving average is $85.00. The firm has a market cap of $110.97 billion, a PE ratio of 26.46, a price-to-earnings-growth ratio of 2.45 and a beta of 0.82. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. Medtronic plc has a 52-week low of $75.96 and a 52-week high of $92.68.

Medtronic (NYSE:MDT) last issued 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 the consensus estimate of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. Medtronic’s revenue was up 5.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.25 EPS. On average, research analysts expect that Medtronic plc will post 5.46 EPS 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.