BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Trims Stake in Medtronic plc (NYSE:MDT)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lowered its position in shares of Medtronic plc (NYSE:MDT - Free Report) by 15.9% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 213,951 shares of the medical technology company's stock after selling 40,386 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp's holdings in Medtronic were worth $19,262,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Medtronic by 436.7% during the 3rd 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 valued at $661,125,000 after purchasing an additional 5,975,110 shares during the last quarter. Bank of Montreal Can increased its stake in shares of Medtronic by 65.0% during the third quarter. Bank of Montreal Can now owns 4,546,819 shares of the medical technology company's stock valued at $406,122,000 after buying an additional 1,790,483 shares during the period. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in Medtronic by 1,195.9% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,837,600 shares of the medical technology company's stock worth $144,637,000 after acquiring an additional 1,695,800 shares during the period. International Assets Investment Management LLC boosted its holdings in Medtronic by 8,908.6% in the third quarter. International Assets Investment Management LLC now owns 1,298,415 shares of the medical technology company's stock valued at $116,896,000 after acquiring an additional 1,284,002 shares in the last quarter. Finally, Troy Asset Management Ltd bought a new stake in Medtronic in the second quarter valued at $85,440,000. Institutional investors own 82.06% of the company's stock.

Analysts Set New Price Targets

MDT has been the topic of a number of research reports. UBS Group raised shares of Medtronic from a "sell" rating to a "neutral" rating and lifted their target price for the company from $76.00 to $90.00 in a research note on Thursday, August 15th. Wells Fargo & Company lowered 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. Daiwa America upgraded Medtronic to a "strong-buy" rating in a report on Friday, August 23rd. Needham & Company LLC restated a "hold" rating on shares of Medtronic in a research note on Monday, November 18th. Finally, Truist Financial upped their price target on Medtronic from $90.00 to $93.00 and gave the stock a "hold" rating in a research note on Monday, October 14th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $95.27.

Medtronic Stock Up 0.3 %

MDT stock traded up $0.27 during trading on Friday, hitting $86.54. 3,543,192 shares of the stock traded hands, compared to its average volume of 6,752,262. The stock has a market cap of $110.97 billion, a price-to-earnings ratio of 26.46, a price-to-earnings-growth ratio of 2.45 and a beta of 0.84. The firm's 50 day moving average is $88.69 and its two-hundred day moving average is $85.00. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $92.68. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39.

Medtronic (NYSE:MDT - Get Free Report) last posted its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating 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 company had revenue of $8.40 billion during the quarter, compared to analysts' expectations of $8.27 billion. During the same quarter in the previous year, the business earned $1.25 EPS. Medtronic's revenue was up 5.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Medtronic plc will post 5.46 EPS 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.