Medtronic plc (NYSE:MDT) Shares Sold by Pitcairn Co.

Pitcairn Co. reduced its holdings in shares of Medtronic plc (NYSE:MDT) by 9.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,646 shares of the medical technology company’s stock after selling 2,298 shares during the period. Pitcairn Co.’s holdings in Medtronic were worth $1,949,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Kestra Advisory Services LLC increased its holdings in shares of Medtronic by 17.1% in the first quarter. Kestra Advisory Services LLC now owns 148,211 shares of the medical technology company’s stock valued at $12,917,000 after purchasing an additional 21,594 shares during the period. Mount Yale Investment Advisors LLC increased its holdings in shares of Medtronic by 2.6% in the first quarter. Mount Yale Investment Advisors LLC now owns 7,227 shares of the medical technology company’s stock valued at $630,000 after purchasing an additional 180 shares during the period. Ascent Group LLC increased its holdings in shares of Medtronic by 17.4% in the first quarter. Ascent Group LLC now owns 3,349 shares of the medical technology company’s stock valued at $292,000 after purchasing an additional 497 shares during the period. Kinloch Capital LLC increased its holdings in shares of Medtronic by 4.8% in the first quarter. Kinloch Capital LLC now owns 41,080 shares of the medical technology company’s stock valued at $3,580,000 after purchasing an additional 1,878 shares during the period. Finally, Industrial Alliance Investment Management Inc. increased its holdings in shares of Medtronic by 4.4% in the first quarter. Industrial Alliance Investment Management Inc. now owns 6,315 shares of the medical technology company’s stock valued at $550,000 after purchasing an additional 266 shares during the period. 82.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. JPMorgan Chase & Co. dropped their target price on Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a report on Friday, November 15th. UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and raised their target price for the stock from $76.00 to $90.00 in a report on Thursday, August 15th. Evercore ISI raised their target price on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. Oppenheimer raised their target price on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a report on Wednesday, August 21st. Finally, Piper Sandler raised their target price on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Medtronic currently has an average rating of “Hold” and a consensus price target of $95.00.

Medtronic Stock Performance

NYSE MDT opened at $86.21 on Friday. The company has a market cap of $110.56 billion, a PE ratio of 26.36, a price-to-earnings-growth ratio of 2.40 and a beta of 0.84. The stock’s 50 day simple moving average is $88.99 and its 200-day simple moving average is $84.89. Medtronic plc has a 1-year low of $75.96 and a 1-year high of $92.68. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.61.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.01. The business had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The business’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same quarter last year, the business posted $1.25 earnings per share. As a group, equities research analysts anticipate that Medtronic plc will post 5.46 EPS for the current fiscal year.

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.