Cetera Advisors LLC cut its position in Medtronic plc (NYSE:MDT – Get Rating) by 30.5% in the second quarter, Holdings Channel reports. The firm owned 39,489 shares of the medical technology company’s stock after selling 17,306 shares during the period. Cetera Advisors LLC’s holdings in Medtronic were worth $3,544,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors have also recently made changes to their positions in MDT. Vanguard Group Inc. boosted its position in shares of Medtronic by 6.5% in the 1st quarter. Vanguard Group Inc. now owns 120,557,488 shares of the medical technology company’s stock valued at $13,375,853,000 after purchasing an additional 7,403,778 shares during the period. Invesco Ltd. boosted its position in shares of Medtronic by 29.6% in the 1st quarter. Invesco Ltd. now owns 12,205,798 shares of the medical technology company’s stock valued at $1,354,234,000 after purchasing an additional 2,789,882 shares during the period. Bridgewater Associates LP acquired a new stake in shares of Medtronic in the 1st quarter valued at about $208,596,000. Sanders Capital LLC boosted its position in shares of Medtronic by 14.3% in the 1st quarter. Sanders Capital LLC now owns 13,517,677 shares of the medical technology company’s stock valued at $1,660,016,000 after purchasing an additional 1,687,707 shares during the period. Finally, Capital Research Global Investors lifted its position in Medtronic by 6.8% during the 1st quarter. Capital Research Global Investors now owns 22,023,597 shares of the medical technology company’s stock worth $2,443,518,000 after acquiring an additional 1,405,249 shares during the period. 79.81% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of analysts have weighed in on the company. Morgan Stanley decreased their price objective on Medtronic from $101.00 to $97.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 11th. Citigroup decreased their price objective on Medtronic from $110.00 to $108.00 in a research report on Wednesday, October 5th. Wells Fargo & Company decreased their price objective on Medtronic from $104.00 to $96.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 24th. Royal Bank of Canada decreased their price objective on Medtronic from $122.00 to $110.00 in a research report on Wednesday, September 7th. Finally, Piper Sandler reduced their price target on Medtronic from $100.00 to $90.00 in a report on Tuesday, August 23rd. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $106.75.
Medtronic Stock Performance
Medtronic stock opened at $82.29 on Tuesday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.23 and a current ratio of 1.58. The stock has a fifty day moving average of $84.04 and a two-hundred day moving average of $90.04. The company has a market capitalization of $109.38 billion, a price-to-earnings ratio of 21.26, a PEG ratio of 2.17 and a beta of 0.77. Medtronic plc has a fifty-two week low of $79.19 and a fifty-two week high of $118.80.
Medtronic (NYSE:MDT – Get Rating) last announced its quarterly earnings data on Tuesday, August 23rd. The medical technology company reported $1.13 EPS for the quarter, beating analysts’ consensus estimates of $1.12 by $0.01. The business had revenue of $7.37 billion during the quarter, compared to the consensus estimate of $7.20 billion. Medtronic had a return on equity of 13.64% and a net margin of 16.75%. During the same quarter in the previous year, the business earned $1.41 earnings per share. On average, analysts anticipate that Medtronic plc will post 5.52 EPS for the current fiscal year.
Insider Activity
In other news, EVP Hoedt Rob Ten sold 2,404 shares of Medtronic stock in a transaction on Friday, October 14th. The stock was sold at an average price of $81.54, for a total value of $196,022.16. Following the completion of the sale, the executive vice president now owns 43,483 shares of the company’s stock, valued at $3,545,603.82. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.29% of the company’s stock.
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.
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