Connor Clark & Lunn Investment Management Ltd. Sells 961,552 Shares of Medtronic plc (NYSE:MDT)

Connor Clark & Lunn Investment Management Ltd. decreased its holdings in shares of Medtronic plc (NYSE:MDT - Free Report) by 74.0% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 337,760 shares of the medical technology company's stock after selling 961,552 shares during the period. Connor Clark & Lunn Investment Management Ltd.'s holdings in Medtronic were worth $30,409,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in MDT. Fortitude Family Office LLC bought a new stake in Medtronic in the third quarter valued at approximately $27,000. Highline Wealth Partners LLC acquired a new stake in shares of Medtronic during the third quarter worth $27,000. Lynx Investment Advisory bought a new stake in Medtronic in the 2nd quarter valued at $28,000. Gleason Group Inc. acquired a new position in Medtronic in the 2nd quarter worth $42,000. Finally, Opal Wealth Advisors LLC acquired a new stake in shares of Medtronic in the 2nd quarter valued at about $43,000. Institutional investors and hedge funds own 82.06% of the company's stock.

Medtronic Stock Performance

MDT traded up $0.09 on Thursday, reaching $84.20. The company had a trading volume of 299,546 shares, compared to its average volume of 6,248,102. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $92.68. The stock has a market cap of $107.98 billion, a P/E ratio of 25.72, a P/E/G ratio of 2.42 and a beta of 0.84. The company's fifty day moving average is $89.17 and its 200 day moving average is $84.84. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.61 and a current ratio of 1.84.

Medtronic (NYSE:MDT - Get Free Report) last released its quarterly 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. The business had revenue of $8.40 billion during 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%. The firm's quarterly revenue was up 5.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.25 EPS. As a group, analysts predict that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Analysts Set New Price Targets

MDT has been the subject of a number of research reports. Daiwa America upgraded Medtronic to a "strong-buy" rating in a report on Friday, August 23rd. Sanford C. Bernstein raised their price target on shares of Medtronic from $96.00 to $97.00 and gave the stock an "outperform" rating in a research note on Wednesday. Truist Financial boosted their price objective on shares of Medtronic from $90.00 to $93.00 and gave the stock a "hold" rating in a research report on Monday, October 14th. Barclays raised their target price on shares of Medtronic from $104.00 to $105.00 and gave the company an "overweight" rating in a research report on Thursday, August 22nd. Finally, Evercore ISI boosted their price target on shares of Medtronic from $100.00 to $104.00 and gave the stock an "outperform" rating in a research report on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $95.19.

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.