Pillar Pacific Capital Management LLC Buys 620 Shares of Medtronic plc (NYSE:MDT)


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Pillar Pacific Capital Management LLC lifted its stake in Medtronic plc (NYSE:MDT) by 0.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 80,365 shares of the medical technology company’s stock after acquiring an additional 620 shares during the period. Pillar Pacific Capital Management LLC’s holdings in Medtronic were worth $9,414,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Pinnacle Associates Ltd. grew its stake in Medtronic by 6.2% during the 3rd quarter. Pinnacle Associates Ltd. now owns 45,847 shares of the medical technology company’s stock worth $4,764,000 after buying an additional 2,686 shares during the last quarter. MAI Capital Management grew its stake in Medtronic by 13.5% during the 3rd quarter. MAI Capital Management now owns 115,477 shares of the medical technology company’s stock worth $12,000,000 after buying an additional 13,738 shares during the last quarter. Prestige Wealth Management Group LLC grew its stake in Medtronic by 25.5% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 3,646 shares of the medical technology company’s stock worth $379,000 after buying an additional 740 shares during the last quarter. Tradewinds Capital Management LLC grew its stake in Medtronic by 52.4% during the 3rd quarter. Tradewinds Capital Management LLC now owns 436 shares of the medical technology company’s stock valued at $45,000 after purchasing an additional 150 shares during the last quarter. Finally, Cypress Asset Management Inc. TX grew its stake in Medtronic by 37.3% during the 3rd quarter. Cypress Asset Management Inc. TX now owns 33,310 shares of the medical technology company’s stock valued at $3,462,000 after purchasing an additional 9,041 shares during the last quarter. 79.17% of the stock is owned by hedge funds and other institutional investors.

Shares of NYSE:MDT traded up $2.98 during midday trading on Tuesday, hitting $118.73. The company had a trading volume of 207,047 shares, compared to its average volume of 4,571,249. The stock has a market cap of $159.81 billion, a price-to-earnings ratio of 44.18, a price-to-earnings-growth ratio of 3.65 and a beta of 0.70. Medtronic plc has a twelve month low of $72.13 and a twelve month high of $120.53. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.16 and a quick ratio of 1.79. The business’s 50-day simple moving average is $116.82 and its 200-day simple moving average is $110.18.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, February 23rd. The medical technology company reported $1.29 EPS for the quarter, topping the consensus estimate of $1.15 by $0.14. The business had revenue of $7.78 billion during the quarter, compared to analyst estimates of $7.77 billion. Medtronic had a return on equity of 9.71% and a net margin of 12.69%. The company’s quarterly revenue was up .8% on a year-over-year basis. During the same period last year, the business posted $1.44 earnings per share. As a group, sell-side analysts forecast that Medtronic plc will post 4.21 EPS for the current year.

In related news, SVP Carol A. Surface sold 15,000 shares of the firm’s stock in a transaction dated Monday, December 28th. The stock was sold at an average price of $114.90, for a total transaction of $1,723,500.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Robert John White sold 10,930 shares of the firm’s stock in a transaction dated Friday, December 18th. The stock was sold at an average price of $115.46, for a total value of $1,261,977.80. Following the transaction, the executive vice president now directly owns 55,852 shares in the company, valued at approximately $6,448,671.92. The disclosure for this sale can be found here. 0.52% of the stock is owned by company insiders.

Several analysts have weighed in on the company. Truist boosted their price target on Medtronic to $128.00 and gave the company a “buy” rating in a research note on Wednesday, November 25th. UBS Group boosted their price target on Medtronic from $123.00 to $130.00 and gave the company a “buy” rating in a research note on Wednesday, November 25th. Piper Sandler boosted their price target on Medtronic from $120.00 to $130.00 and gave the company an “overweight” rating in a research note on Tuesday, November 24th. Credit Suisse Group boosted their price target on Medtronic from $118.00 to $126.00 and gave the company an “outperform” rating in a research note on Wednesday, November 25th. Finally, Raymond James upped their target price on Medtronic from $115.00 to $122.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 25th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. Medtronic presently has a consensus rating of “Buy” and an average price target of $120.93.

Medtronic Profile

Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.

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Institutional Ownership by Quarter for Medtronic (NYSE:MDT)

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