Primecap Management Co. CA Sells 5,380 Shares of Medtronic plc (NYSE:MDT)

Primecap Management Co. CA lowered its stake in Medtronic plc (NYSE:MDT) by 0.6% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 864,945 shares of the medical technology company’s stock after selling 5,380 shares during the quarter. Primecap Management Co. CA owned 0.07% of Medtronic worth $77,871,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Pzena Investment Management LLC raised its position in Medtronic by 3.3% during the 3rd quarter. Pzena Investment Management LLC now owns 8,582,993 shares of the medical technology company’s stock valued at $772,727,000 after purchasing an additional 275,870 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Medtronic by 7.8% during 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 acquiring an additional 515,751 shares during the period. Raymond James & Associates boosted its position in shares of Medtronic by 2.3% in 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 in the last quarter. 1832 Asset Management L.P. boosted its holdings in Medtronic by 26.9% in the second quarter. 1832 Asset Management L.P. now owns 4,915,609 shares of the medical technology company’s stock worth $386,908,000 after acquiring an additional 1,041,863 shares in the last quarter. Finally, Bank of Montreal Can boosted its stake in Medtronic by 0.8% in the 2nd quarter. Bank of Montreal Can now owns 2,756,336 shares of the medical technology company’s stock worth $234,068,000 after purchasing an additional 22,240 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Stock Up 0.7 %

NYSE MDT opened at $84.71 on Friday. The stock has a 50 day moving average price of $89.07 and a 200-day moving average price of $84.84. Medtronic plc has a one year low of $75.96 and a one year high of $92.68. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.61 and a current ratio of 1.84. The company has a market capitalization of $108.63 billion, a P/E ratio of 25.90, a P/E/G ratio of 2.42 and a beta of 0.84.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, beating the consensus estimate of $1.25 by $0.01. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The business had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.27 billion. During the same quarter last year, the business earned $1.25 earnings per share. Medtronic’s quarterly revenue was up 5.2% compared to the same quarter last year. As a group, equities analysts predict that Medtronic plc will post 5.46 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts have issued reports on MDT shares. Oppenheimer lifted their target price on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a report on Wednesday, August 21st. Citigroup boosted their price objective on shares of Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a report on Tuesday, October 1st. Robert W. Baird reduced their target price on Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a report on Wednesday. Sanford C. Bernstein boosted their target price on Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research report on Wednesday. Finally, Evercore ISI increased their price target on Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a report on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, nine have given a hold rating, seven have issued a buy rating and one has assigned 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 target price of $95.19.

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.