The Manufacturers Life Insurance Company Boosts Holdings in Medtronic plc (NYSE:MDT)

The Manufacturers Life Insurance Company boosted its stake in Medtronic plc (NYSE:MDT) by 29.1% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 3,252,181 shares of the medical technology company’s stock after purchasing an additional 732,753 shares during the period. The Manufacturers Life Insurance Company’s holdings in Medtronic were worth $292,794,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Ascent Group LLC increased its position in Medtronic by 17.4% in the first quarter. Ascent Group LLC now owns 3,349 shares of the medical technology company’s stock worth $292,000 after buying an additional 497 shares during the last quarter. B. Riley Wealth Advisors Inc. increased its holdings in Medtronic by 27.8% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 40,468 shares of the medical technology company’s stock worth $3,527,000 after acquiring an additional 8,792 shares during the last quarter. Meiji Yasuda Life Insurance Co increased its holdings in Medtronic by 25.8% in the 1st quarter. Meiji Yasuda Life Insurance Co now owns 15,809 shares of the medical technology company’s stock worth $1,378,000 after acquiring an additional 3,241 shares during the last quarter. Tidal Investments LLC raised its stake in Medtronic by 7.7% in the 1st quarter. Tidal Investments LLC now owns 72,529 shares of the medical technology company’s stock valued at $6,320,000 after acquiring an additional 5,201 shares during the period. Finally, Semmax Financial Advisors Inc. lifted its holdings in Medtronic by 1.7% during the first quarter. Semmax Financial Advisors Inc. now owns 49,062 shares of the medical technology company’s stock valued at $4,098,000 after purchasing an additional 831 shares during the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MDT has been the subject of several recent research reports. Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Barclays raised their price objective on shares of Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. Sanford C. Bernstein boosted their target price on shares of Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a report on Wednesday, November 20th. Truist Financial raised their price target on Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a report on Monday, October 14th. Finally, Citigroup lifted their price target on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a research report on Tuesday, October 1st. One 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’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $95.00.

Medtronic Stock Performance

Shares of MDT opened at $85.75 on Tuesday. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. The stock has a 50-day moving average price of $88.91 and a 200-day moving average price of $84.93. The company has a market cap of $109.97 billion, a PE ratio of 26.22, a price-to-earnings-growth ratio of 2.44 and a beta of 0.84. Medtronic plc has a 12-month low of $75.96 and a 12-month high of $92.68.

Medtronic (NYSE:MDT) last announced its 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 analyst estimates of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. Medtronic’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same period in the previous year, the business posted $1.25 earnings per share. As a group, equities analysts forecast that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Company 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.