Medtronic plc (NYSE:MDT) Shares Sold by Coastline Trust Co

Coastline Trust Co lessened its holdings in Medtronic plc (NYSE:MDT) by 74.6% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,750 shares of the medical technology company’s stock after selling 8,060 shares during the period. Coastline Trust Co’s holdings in Medtronic were worth $248,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of MDT. Capital Research Global Investors raised its holdings in shares of Medtronic by 7.1% in the 1st quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock valued at $2,691,577,000 after purchasing an additional 2,044,109 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its stake in Medtronic by 1,195.9% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,837,600 shares of the medical technology company’s stock valued at $144,637,000 after buying an additional 1,695,800 shares in the last quarter. International Assets Investment Management LLC lifted its holdings in Medtronic by 8,908.6% during the 3rd quarter. International Assets Investment Management LLC now owns 1,298,415 shares of the medical technology company’s stock worth $116,896,000 after buying an additional 1,284,002 shares during the last quarter. Troy Asset Management Ltd acquired a new position in shares of Medtronic during the 2nd quarter worth about $85,440,000. Finally, 1832 Asset Management L.P. increased its holdings in shares of Medtronic by 26.9% in the 2nd quarter. 1832 Asset Management L.P. now owns 4,915,609 shares of the medical technology company’s stock valued at $386,908,000 after acquiring an additional 1,041,863 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Piper Sandler upped their price target on Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. Oppenheimer lifted their price target on shares of Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 21st. UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and upped their price objective for the company from $76.00 to $90.00 in a research note on Thursday, August 15th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $95.80.

Medtronic Stock Performance

Shares of MDT opened at $87.53 on Friday. Medtronic plc has a 1 year low of $74.20 and a 1 year high of $92.68. The stock has a market capitalization of $112.25 billion, a P/E ratio of 29.57, a P/E/G ratio of 2.51 and a beta of 0.84. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. The company’s fifty day moving average is $89.48 and its two-hundred day moving average is $84.74.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.03. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The firm had revenue of $7.97 billion during the quarter, compared to analysts’ expectations of $7.90 billion. During the same period in the prior year, the company posted $1.20 earnings per share. The firm’s revenue for the quarter was up 3.4% on a year-over-year basis. On average, sell-side analysts predict that Medtronic plc will post 5.44 earnings per share for the current 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.