Northcape Wealth Management LLC Has $1.91 Million Holdings in Medtronic plc (NYSE:MDT)

Northcape Wealth Management LLC decreased its position in shares of Medtronic plc (NYSE:MDT) by 9.2% in the 3rd quarter, Holdings Channel reports. The firm owned 21,264 shares of the medical technology company’s stock after selling 2,146 shares during the quarter. Northcape Wealth Management LLC’s holdings in Medtronic were worth $1,914,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Olstein Capital Management L.P. lifted its holdings in Medtronic by 19.2% in the third quarter. Olstein Capital Management L.P. now owns 87,000 shares of the medical technology company’s stock valued at $7,833,000 after buying an additional 14,000 shares during the period. Manning & Napier Advisors LLC acquired a new position in shares of Medtronic in the 2nd quarter valued at about $25,643,000. Ferguson Wellman Capital Management Inc. bought a new stake in shares of Medtronic during the 3rd quarter valued at about $9,486,000. National Bank of Canada FI increased its holdings in Medtronic by 13.6% in the first quarter. National Bank of Canada FI now owns 261,325 shares of the medical technology company’s stock worth $21,642,000 after purchasing an additional 31,195 shares in the last quarter. Finally, Harvest Portfolios Group Inc. lifted its stake in Medtronic by 6.5% in the third quarter. Harvest Portfolios Group Inc. now owns 689,131 shares of the medical technology company’s stock valued at $62,042,000 after buying an additional 42,112 shares during the period. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Stock Performance

NYSE MDT opened at $87.53 on Friday. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61. The company has a fifty day moving average price of $89.48 and a 200-day moving average price of $84.71. Medtronic plc has a 1 year low of $74.20 and a 1 year high of $92.68. The firm has a market cap of $112.25 billion, a price-to-earnings ratio of 29.57, a PEG ratio of 2.51 and a beta of 0.84.

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

Analyst Ratings Changes

MDT has been the subject of a number of research reports. Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. Piper Sandler raised their target price on Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and upped their price target for the stock from $76.00 to $90.00 in a research note on Thursday, August 15th. Truist Financial raised their price objective on Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research note on Monday, October 14th. Finally, Stifel Nicolaus boosted their price objective on Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a report on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Medtronic currently has a consensus rating of “Hold” and a consensus price target of $95.80.

Medtronic 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.