Miramar Capital LLC Purchases 2,163 Shares of Medtronic plc (NYSE:MDT)

Miramar Capital LLC boosted its position in Medtronic plc (NYSE:MDT) by 1.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 152,167 shares of the medical technology company’s stock after acquiring an additional 2,163 shares during the period. Medtronic accounts for 3.2% of Miramar Capital LLC’s portfolio, making the stock its 10th largest position. Miramar Capital LLC’s holdings in Medtronic were worth $13,700,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MDT. Nwam LLC grew its holdings in Medtronic by 3.2% during the 1st quarter. Nwam LLC now owns 4,492 shares of the medical technology company’s stock worth $371,000 after acquiring an additional 141 shares during the period. Pinnacle Wealth Planning Services Inc. lifted its stake in Medtronic by 3.4% in the first quarter. Pinnacle Wealth Planning Services Inc. now owns 4,118 shares of the medical technology company’s stock valued at $359,000 after buying an additional 137 shares during the period. Nicolet Advisory Services LLC bought a new position in Medtronic during the first quarter worth about $247,000. TIAA Trust National Association grew its position in shares of Medtronic by 16.1% during the 1st quarter. TIAA Trust National Association now owns 8,083 shares of the medical technology company’s stock worth $704,000 after buying an additional 1,119 shares during the period. Finally, Ontario Teachers Pension Plan Board bought a new stake in shares of Medtronic in the 1st quarter valued at about $1,616,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Truist Financial lifted their price objective on shares of Medtronic from $90.00 to $93.00 and gave the stock a “hold” rating in a research note on Monday, October 14th. UBS Group upgraded shares of Medtronic from a “sell” rating to a “neutral” rating and upped their price objective for the company from $76.00 to $90.00 in a research report on Thursday, August 15th. Daiwa America upgraded Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. Stifel Nicolaus increased their price target on Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a report on Wednesday, August 21st. Finally, Citigroup increased their target price on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 1st. One analyst has rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $95.80.

Medtronic Price Performance

NYSE:MDT opened at $87.53 on Friday. Medtronic plc has a 52-week low of $74.20 and a 52-week high of $92.68. The company has a market cap of $112.25 billion, a P/E ratio of 29.57, a P/E/G ratio of 2.51 and a beta of 0.84. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. The stock’s 50-day simple moving average is $89.48 and its 200 day simple moving average is $84.71.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The firm had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. During the same period last year, the company earned $1.20 earnings per share. The business’s revenue was up 3.4% compared to the same quarter last year. As a group, sell-side analysts forecast that Medtronic plc will post 5.44 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.