Corbyn Investment Management Inc. MD Decreases Stake in Medtronic plc (NYSE:MDT)

Corbyn Investment Management Inc. MD lowered its position in shares of Medtronic plc (NYSE:MDT) by 15.1% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 46,630 shares of the medical technology company’s stock after selling 8,310 shares during the quarter. Medtronic comprises approximately 1.6% of Corbyn Investment Management Inc. MD’s holdings, making the stock its 21st largest holding. Corbyn Investment Management Inc. MD’s holdings in Medtronic were worth $4,198,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of MDT. Capital Research Global Investors boosted its holdings in 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 worth $2,691,577,000 after acquiring an additional 2,044,109 shares during the period. Pzena Investment Management LLC boosted its holdings in Medtronic by 8.3% in the 2nd quarter. Pzena Investment Management LLC now owns 8,307,123 shares of the medical technology company’s stock worth $653,854,000 after acquiring an additional 637,931 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Medtronic by 7.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 7,120,554 shares of the medical technology company’s stock worth $560,494,000 after acquiring an additional 515,751 shares during the period. Longview Partners Guernsey LTD boosted its holdings in Medtronic by 2.3% in the 1st quarter. Longview Partners Guernsey LTD now owns 6,635,054 shares of the medical technology company’s stock worth $578,245,000 after acquiring an additional 147,737 shares during the period. Finally, Raymond James & Associates boosted its holdings in 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 acquiring an additional 145,504 shares during the period. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Stock Performance

MDT stock opened at $87.53 on Monday. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55. The firm has a market cap of $112.25 billion, a P/E ratio of 29.57, a P/E/G ratio of 2.50 and a beta of 0.84. Medtronic plc has a 12-month low of $74.20 and a 12-month high of $92.68. The stock’s 50 day simple moving average is $89.48 and its 200 day simple moving average is $84.77.

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

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Stifel Nicolaus upped their price target on Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a report on Wednesday, August 21st. Barclays increased their target price on Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. Wells Fargo & Company increased their target price on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Wednesday, August 21st. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research note on Friday, October 25th. Finally, Robert W. Baird increased their target price on Medtronic from $90.00 to $96.00 in a research note on Friday. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Medtronic presently has a consensus rating of “Hold” and an average price target of $95.80.

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.