Healthcare of Ontario Pension Plan Trust Fund Trims Stake in Medtronic plc (NYSE:MDT)

Healthcare of Ontario Pension Plan Trust Fund decreased its position in Medtronic plc (NYSE:MDT - Free Report) by 96.1% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 71,000 shares of the medical technology company's stock after selling 1,766,600 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund's holdings in Medtronic were worth $6,392,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Glenmede Trust Co. NA boosted its holdings in shares of Medtronic by 31.0% in the third quarter. Glenmede Trust Co. NA now owns 380,554 shares of the medical technology company's stock worth $34,261,000 after buying an additional 90,111 shares during the last quarter. Hardy Reed LLC raised its position in Medtronic by 4.4% in the third quarter. Hardy Reed LLC now owns 2,743 shares of the medical technology company's stock worth $247,000 after acquiring an additional 116 shares during the period. Townsquare Capital LLC boosted its stake in shares of Medtronic by 4.1% during the 3rd quarter. Townsquare Capital LLC now owns 361,815 shares of the medical technology company's stock worth $32,574,000 after acquiring an additional 14,235 shares during the last quarter. Cadence Bank grew its position in shares of Medtronic by 2.3% during the 3rd quarter. Cadence Bank now owns 74,437 shares of the medical technology company's stock valued at $6,702,000 after acquiring an additional 1,674 shares during the period. Finally, Transamerica Financial Advisors Inc. increased its stake in shares of Medtronic by 12.0% in the 3rd quarter. Transamerica Financial Advisors Inc. now owns 7,586 shares of the medical technology company's stock worth $683,000 after purchasing an additional 815 shares in the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently weighed in on MDT shares. Barclays lifted their target price on Medtronic from $105.00 to $109.00 and gave the company an "overweight" rating in a research report on Tuesday. Royal Bank of Canada upgraded Medtronic from a "sector perform" rating to an "outperform" rating and boosted their price objective for the company from $98.00 to $105.00 in a research note on Thursday, October 10th. Stifel Nicolaus increased their target price on shares of Medtronic from $85.00 to $87.00 and gave the stock a "hold" rating in a report on Wednesday, August 21st. Oppenheimer lifted their price target on shares of Medtronic from $92.00 to $94.00 and gave the company a "market perform" rating in a report on Wednesday, August 21st. Finally, Daiwa America raised shares of Medtronic to a "strong-buy" rating in a research note on Friday, August 23rd. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $95.27.

Medtronic Price Performance

Shares of Medtronic stock traded up $0.27 during trading on Friday, reaching $86.54. 3,543,192 shares of the stock traded hands, compared to its average volume of 6,272,690. The business has a fifty day simple moving average of $88.69 and a two-hundred day simple moving average of $85.00. The company has a market capitalization of $110.98 billion, a price-to-earnings ratio of 26.46, a P/E/G ratio of 2.44 and a beta of 0.84. Medtronic plc has a 52-week low of $75.96 and a 52-week 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 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. Sell-side analysts expect 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.