Ontario Teachers Pension Plan Board Trims Position in Medtronic PLC $MDT

Ontario Teachers Pension Plan Board trimmed its position in Medtronic PLC (NYSE:MDT) by 69.8% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 4,261 shares of the medical technology company’s stock after selling 9,839 shares during the period. Ontario Teachers Pension Plan Board’s holdings in Medtronic were worth $371,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in MDT. Avantax Advisory Services Inc. boosted its holdings in shares of Medtronic by 4.4% in the second quarter. Avantax Advisory Services Inc. now owns 152,823 shares of the medical technology company’s stock worth $13,322,000 after buying an additional 6,391 shares during the last quarter. Woodley Farra Manion Portfolio Management Inc. increased its holdings in Medtronic by 1.8% during the second quarter. Woodley Farra Manion Portfolio Management Inc. now owns 44,977 shares of the medical technology company’s stock valued at $3,953,000 after buying an additional 811 shares during the last quarter. Westwood Holdings Group Inc. raised its position in Medtronic by 8.4% in the second quarter. Westwood Holdings Group Inc. now owns 134,161 shares of the medical technology company’s stock worth $11,695,000 after acquiring an additional 10,342 shares during the period. ProVise Management Group LLC boosted its stake in shares of Medtronic by 9.4% during the 2nd quarter. ProVise Management Group LLC now owns 153,688 shares of the medical technology company’s stock worth $13,397,000 after acquiring an additional 13,191 shares during the last quarter. Finally, Sculati Wealth Management LLC boosted its stake in shares of Medtronic by 4.5% during the 2nd quarter. Sculati Wealth Management LLC now owns 18,064 shares of the medical technology company’s stock worth $1,575,000 after acquiring an additional 776 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Truist Financial upped their price objective on Medtronic from $96.00 to $103.00 and gave the stock a “hold” rating in a research note on Wednesday, October 15th. Robert W. Baird upped their price target on Medtronic from $94.00 to $96.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 20th. Stifel Nicolaus lifted their price objective on Medtronic from $90.00 to $105.00 and gave the company a “hold” rating in a research report on Thursday, October 9th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Medtronic in a research note on Wednesday, October 8th. Finally, Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Thursday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $103.06.

Insider Buying and Selling

In other Medtronic news, Director William R. Jellison acquired 2,500 shares of the business’s stock in a transaction on Monday, August 25th. The shares were bought at an average price of $92.37 per share, with a total value of $230,925.00. Following the transaction, the director directly owned 5,000 shares of the company’s stock, valued at $461,850. The trade was a 100.00% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Harry Skip Kiil sold 8,605 shares of Medtronic stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $91.58, for a total value of $788,045.90. Following the sale, the executive vice president owned 35,615 shares of the company’s stock, valued at approximately $3,261,621.70. This trade represents a 19.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.26% of the company’s stock.

Medtronic Price Performance

Medtronic stock opened at $96.52 on Tuesday. Medtronic PLC has a 12-month low of $79.29 and a 12-month high of $99.37. The company has a current ratio of 2.01, a quick ratio of 1.50 and a debt-to-equity ratio of 0.54. The firm has a 50-day moving average price of $94.51 and a 200-day moving average price of $90.52. The firm has a market capitalization of $123.80 billion, a PE ratio of 26.59, a price-to-earnings-growth ratio of 2.42 and a beta of 0.77.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, August 19th. The medical technology company reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates of $1.23 by $0.03. Medtronic had a net margin of 13.63% and a return on equity of 14.61%. The company had revenue of $8.58 billion for the quarter, compared to analyst estimates of $8.37 billion. During the same period in the prior year, the company posted $1.23 EPS. The firm’s revenue for the quarter was up 7.7% on a year-over-year basis. As a group, equities research analysts forecast 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.