CIBC Asset Management Inc Increases Stock Position in Medtronic plc (NYSE:MDT)

CIBC Asset Management Inc increased its position in Medtronic plc (NYSE:MDT) by 2.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 912,737 shares of the medical technology company’s stock after acquiring an additional 21,662 shares during the period. CIBC Asset Management Inc owned about 0.07% of Medtronic worth $82,174,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Blair William & Co. IL raised its position in shares of Medtronic by 6.5% during the 1st quarter. Blair William & Co. IL now owns 139,827 shares of the medical technology company’s stock valued at $12,186,000 after purchasing an additional 8,513 shares during the period. Orion Portfolio Solutions LLC boosted its stake in shares of Medtronic by 13.8% in the first quarter. Orion Portfolio Solutions LLC now owns 69,034 shares of the medical technology company’s stock worth $6,016,000 after acquiring an additional 8,352 shares during the period. Twin Tree Management LP boosted its stake in shares of Medtronic by 124.3% in the first quarter. Twin Tree Management LP now owns 77,452 shares of the medical technology company’s stock worth $6,750,000 after acquiring an additional 396,552 shares during the period. Nwam LLC grew its position in shares of Medtronic by 3.2% during the first quarter. Nwam LLC now owns 4,492 shares of the medical technology company’s stock worth $371,000 after purchasing an additional 141 shares in the last quarter. Finally, Wintrust Investments LLC raised its stake in Medtronic by 27.4% during the 1st quarter. Wintrust Investments LLC now owns 21,286 shares of the medical technology company’s stock valued at $1,855,000 after purchasing an additional 4,572 shares during the period. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on MDT shares. Daiwa America raised shares of Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. Robert W. Baird boosted their price target on shares of Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Stifel Nicolaus raised their price objective on Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research report on Wednesday, August 21st. Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and lifted their target price for the stock from $98.00 to $105.00 in a report on Thursday, October 10th. Finally, Truist Financial increased their price target on Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research note on Monday, October 14th. One analyst has rated the stock with a sell rating, eight 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, the company currently has an average rating of “Hold” and an average price target of $95.36.

Medtronic Trading Down 2.3 %

MDT opened at $85.97 on Friday. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. The stock’s fifty day moving average is $89.59 and its two-hundred day moving average is $84.66. The company has a market capitalization of $110.25 billion, a P/E ratio of 29.04, a PEG ratio of 2.51 and a beta of 0.84. Medtronic plc has a 52 week low of $72.79 and a 52 week high of $92.68.

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