The Manufacturers Life Insurance Company Purchases 732,753 Shares of Medtronic plc (NYSE:MDT)

The Manufacturers Life Insurance Company raised its position in shares of Medtronic plc (NYSE:MDT) by 29.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,252,181 shares of the medical technology company’s stock after acquiring an additional 732,753 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.25% of Medtronic worth $292,794,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Clear Harbor Asset Management LLC grew its stake in Medtronic by 1.2% during the third quarter. Clear Harbor Asset Management LLC now owns 9,558 shares of the medical technology company’s stock worth $861,000 after purchasing an additional 111 shares during the period. First PREMIER Bank boosted its holdings in shares of Medtronic by 1.8% during the 3rd quarter. First PREMIER Bank now owns 6,417 shares of the medical technology company’s stock worth $577,000 after buying an additional 116 shares in the last quarter. First City Capital Management Inc. grew its position in shares of Medtronic by 2.9% during the 3rd quarter. First City Capital Management Inc. now owns 4,123 shares of the medical technology company’s stock worth $371,000 after buying an additional 116 shares during the period. Precision Wealth Strategies LLC increased its stake in shares of Medtronic by 3.3% in the 3rd quarter. Precision Wealth Strategies LLC now owns 3,741 shares of the medical technology company’s stock valued at $337,000 after acquiring an additional 118 shares in the last quarter. Finally, Lake Street Advisors Group LLC lifted its position in shares of Medtronic by 2.0% during the 3rd quarter. Lake Street Advisors Group LLC now owns 6,024 shares of the medical technology company’s stock valued at $547,000 after acquiring an additional 118 shares during the period. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Stock Performance

Shares of MDT stock opened at $85.75 on Tuesday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39. The firm has a 50-day moving average of $88.91 and a 200-day moving average of $84.93. Medtronic plc has a one year low of $75.96 and a one year high of $92.68. The company has a market cap of $109.97 billion, a P/E ratio of 26.22, a P/E/G ratio of 2.44 and a beta of 0.84.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, beating the consensus estimate of $1.25 by $0.01. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The firm had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.27 billion. During the same quarter last year, the business posted $1.25 EPS. The company’s revenue for the quarter was up 5.2% on a year-over-year basis. Equities research analysts forecast that Medtronic plc will post 5.46 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. Wells Fargo & Company reduced their price target on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a report on Wednesday, November 20th. Sanford C. Bernstein boosted their target price on Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a research report on Wednesday, November 20th. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research note on Monday, November 18th. Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and raised their price objective for the company from $98.00 to $105.00 in a research note on Thursday, October 10th. Finally, Daiwa America upgraded Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Medtronic currently has a consensus rating of “Hold” and an average price target of $95.00.

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.