Public Sector Pension Investment Board Purchases 124,900 Shares of Medtronic plc (NYSE:MDT)

Public Sector Pension Investment Board boosted its position in Medtronic plc (NYSE:MDT) by 244.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 175,914 shares of the medical technology company’s stock after purchasing an additional 124,900 shares during the quarter. Public Sector Pension Investment Board’s holdings in Medtronic were worth $15,838,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Clear Harbor Asset Management LLC raised its holdings in Medtronic by 1.2% in 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 in the last quarter. First PREMIER Bank raised its holdings in Medtronic by 1.8% in the third quarter. First PREMIER Bank now owns 6,417 shares of the medical technology company’s stock worth $577,000 after purchasing an additional 116 shares in the last quarter. First City Capital Management Inc. raised its holdings in Medtronic by 2.9% in the third quarter. First City Capital Management Inc. now owns 4,123 shares of the medical technology company’s stock worth $371,000 after purchasing an additional 116 shares in the last quarter. Hardy Reed LLC raised its holdings in Medtronic by 4.4% in the third quarter. Hardy Reed LLC now owns 2,743 shares of the medical technology company’s stock worth $247,000 after purchasing an additional 116 shares in the last quarter. Finally, Precision Wealth Strategies LLC raised its holdings in Medtronic by 3.3% in the third quarter. Precision Wealth Strategies LLC now owns 3,741 shares of the medical technology company’s stock worth $337,000 after purchasing an additional 118 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.

Medtronic Stock Up 0.7 %

MDT stock opened at $86.27 on Friday. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $92.68. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. The stock has a market cap of $110.62 billion, a P/E ratio of 26.38, a PEG ratio of 2.44 and a beta of 0.84. The business’s 50-day moving average price is $88.75 and its 200-day moving average price is $84.97.

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

Analysts Set New Price Targets

Several equities analysts have recently weighed in on MDT shares. Barclays raised their price target on Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a report on Tuesday. Evercore ISI raised their price target on Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a report on Tuesday, October 1st. Piper Sandler raised 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. Sanford C. Bernstein raised their price target on Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a report on Wednesday, November 20th. Finally, Robert W. Baird reduced their price target on Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a report on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Medtronic currently has a consensus rating of “Hold” and an average target price of $95.27.

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.