Pitcairn Co. Sells 2,298 Shares of Medtronic plc (NYSE:MDT)

Pitcairn Co. cut its stake in shares of Medtronic plc (NYSE:MDT) by 9.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm 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 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of MDT. Olstein Capital Management L.P. increased its position in shares of 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 worth $7,833,000 after purchasing an additional 14,000 shares during the last quarter. Manning & Napier Advisors LLC bought a new position in Medtronic during the second quarter valued at approximately $25,643,000. Ferguson Wellman Capital Management Inc. bought a new position in Medtronic during the third quarter valued at approximately $9,486,000. Harvest Portfolios Group Inc. grew its position in Medtronic by 6.5% during 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 acquiring an additional 42,112 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its position in Medtronic by 6.3% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 368,682 shares of the medical technology company’s stock valued at $29,019,000 after acquiring an additional 21,995 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors.

Medtronic Price Performance

Shares of MDT stock opened at $86.21 on Friday. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $92.68. The stock has a market capitalization of $110.56 billion, a price-to-earnings ratio of 26.36, a P/E/G ratio of 2.40 and a beta of 0.84. The stock has a fifty day simple moving average of $88.99 and a two-hundred day simple moving average of $84.89. The company has a current ratio of 1.84, a quick ratio of 1.61 and a debt-to-equity ratio of 0.51.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The business had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.27 billion. During the same period in the prior year, the business earned $1.25 EPS. The business’s revenue for the quarter was up 5.2% compared to the same quarter last year. On average, analysts predict that Medtronic plc will post 5.46 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Truist Financial increased 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. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research note on Monday, November 18th. Oppenheimer increased their price objective on Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research note on Wednesday, August 21st. Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and increased their price objective for the company from $98.00 to $105.00 in a research note on Thursday, October 10th. Finally, Evercore ISI increased their price objective on Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research note on Tuesday, October 1st. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $95.00.

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.