Medtronic plc (NYSE:MDT) Shares Sold by MAI Capital Management

MAI Capital Management lowered its stake in shares of Medtronic plc (NYSE:MDT - Free Report) by 12.4% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 58,506 shares of the medical technology company's stock after selling 8,284 shares during the quarter. MAI Capital Management's holdings in Medtronic were worth $5,267,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of MDT. Fortitude Family Office LLC bought a new position in Medtronic in the 3rd quarter valued at $27,000. Highline Wealth Partners LLC bought a new position in Medtronic in the 3rd quarter valued at $27,000. Lynx Investment Advisory bought a new position in Medtronic in the 2nd quarter valued at $28,000. Gleason Group Inc. bought a new position in Medtronic in the 2nd quarter valued at $42,000. Finally, Opal Wealth Advisors LLC bought a new position in Medtronic in the 2nd quarter valued at $43,000. Institutional investors own 82.06% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Piper Sandler increased their price target on Medtronic from $85.00 to $90.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 21st. Citigroup increased their price target on Medtronic from $85.00 to $92.00 and gave the stock a "neutral" rating in a research report on Tuesday, October 1st. Daiwa America raised Medtronic to a "strong-buy" rating in a research report on Friday, August 23rd. Needham & Company LLC reissued a "hold" rating on shares of Medtronic in a research report on Monday. Finally, JPMorgan Chase & Co. decreased their price objective on Medtronic from $99.00 to $96.00 and set a "neutral" rating for the company in a research note on Friday, November 15th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $95.19.

Medtronic Price Performance

Shares of NYSE MDT traded down $0.89 during midday trading on Wednesday, hitting $84.11. The stock had a trading volume of 7,388,285 shares, compared to its average volume of 6,274,537. The company has a market capitalization of $107.87 billion, a PE ratio of 28.33, a P/E/G ratio of 2.50 and a beta of 0.84. The stock has a 50 day simple moving average of $89.30 and a 200-day simple moving average of $84.84. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $92.68. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55.

Medtronic (NYSE:MDT - Get Free Report) last posted its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, beating analysts' consensus estimates of $1.25 by $0.01. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The company had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.27 billion. During the same quarter in the previous year, the business earned $1.25 earnings per share. The company's revenue for the quarter was up 5.2% on a year-over-year basis. On average, sell-side analysts expect that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Profile

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.