Pinnacle Associates Ltd. Has $7.32 Million Stock Position in Medtronic PLC $MDT

Pinnacle Associates Ltd. decreased its holdings in shares of Medtronic PLC (NYSE:MDT) by 22.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 93,615 shares of the medical technology company’s stock after selling 27,240 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Medtronic were worth $7,323,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Monetary Solutions Ltd bought a new position in Medtronic in the fourth quarter valued at about $27,000. Anfield Capital Management LLC lifted its position in shares of Medtronic by 410.7% in the 4th quarter. Anfield Capital Management LLC now owns 286 shares of the medical technology company’s stock worth $27,000 after purchasing an additional 230 shares during the period. Acumen Wealth Advisors LLC acquired a new position in Medtronic in the fourth quarter valued at $29,000. Imprint Wealth LLC acquired a new position in shares of Medtronic in the 3rd quarter valued at about $31,000. Finally, Basepoint Wealth LLC bought a new position in shares of Medtronic during the 4th quarter worth approximately $32,000. 82.06% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

MDT has been the topic of a number of research analyst reports. The Goldman Sachs Group cut their price objective on shares of Medtronic from $84.00 to $83.00 and set a “neutral” rating on the stock in a research report on Thursday, June 4th. Weiss Ratings cut Medtronic from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, May 21st. JPMorgan Chase & Co. cut their target price on Medtronic from $100.00 to $86.00 and set a “neutral” rating on the stock in a research note on Thursday, June 4th. Stifel Nicolaus set a $80.00 price target on shares of Medtronic in a report on Wednesday, June 3rd. Finally, Robert W. Baird reduced their price objective on Medtronic from $93.00 to $85.00 and set a “neutral” rating for the company in a report on Thursday, June 4th. Eighteen investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat.com, Medtronic presently has an average rating of “Moderate Buy” and an average price target of $98.83.

Insiders Place Their Bets

In other Medtronic news, EVP Harry Skip Kiil sold 4,189 shares of Medtronic stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $80.44, for a total transaction of $336,963.16. Following the completion of the sale, the executive vice president directly owned 37,227 shares in the company, valued at $2,994,539.88. The trade was a 10.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.26% of the stock is owned by corporate insiders.

Medtronic Stock Down 0.9%

MDT opened at $90.44 on Tuesday. The firm has a market capitalization of $115.77 billion, a P/E ratio of 24.25, a price-to-earnings-growth ratio of 2.45 and a beta of 0.55. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.13 and a quick ratio of 1.62. The company has a fifty day moving average price of $83.40 and a 200-day moving average price of $86.19. Medtronic PLC has a one year low of $73.31 and a one year high of $106.33.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share for the quarter, beating the consensus estimate of $1.54 by $0.01. The firm had revenue of $9.81 billion for the quarter, compared to analysts’ expectations of $9.62 billion. Medtronic had a return on equity of 14.51% and a net margin of 13.20%.The company’s revenue was up 9.9% compared to the same quarter last year. During the same quarter last year, the firm posted $1.62 EPS. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. Equities research analysts expect that Medtronic PLC will post 5.94 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 17th. Investors of record on Friday, June 26th were paid a $0.72 dividend. This is an increase from Medtronic’s previous quarterly dividend of $0.71. This represents a $2.88 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend was Friday, June 26th. Medtronic’s payout ratio is 77.21%.

About Medtronic

Medtronic plc is a global medical technology company that develops and manufactures a broad range of therapeutic devices and health care solutions. Headquartered legally in Ireland with principal operational offices in the United States, the company markets products to hospitals, physicians and health systems worldwide and has grown from its founding in 1949 into one of the largest medical-device manufacturers serving global health-care markets.

Medtronic’s offerings span several clinical areas, including cardiac rhythm and heart failure (pacemakers, implantable cardioverter?defibrillators and related cardiac therapies), minimally invasive and surgical technologies (laparoscopic and advanced energy devices, visualization systems and surgical innovations), restorative therapies (spine and orthopedics, neuromodulation and neurovascular treatments) and diabetes management (insulin-delivery systems and glucose monitoring solutions).