Pinnacle Bancorp Inc. Trims Stake in Medtronic plc (NYSE:MDT)

Pinnacle Bancorp Inc. trimmed its position in Medtronic plc (NYSE:MDT) by 9.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,412 shares of the medical technology company’s stock after selling 362 shares during the quarter. Pinnacle Bancorp Inc.’s holdings in Medtronic were worth $273,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. One Capital Management LLC purchased a new stake in shares of Medtronic in the 2nd quarter worth approximately $245,000. Citizens Financial Group Inc. RI lifted its holdings in Medtronic by 243.0% during the second quarter. Citizens Financial Group Inc. RI now owns 12,068 shares of the medical technology company’s stock worth $950,000 after buying an additional 8,550 shares during the period. Renaissance Technologies LLC lifted its holdings in Medtronic by 32.1% during the second quarter. Renaissance Technologies LLC now owns 636,341 shares of the medical technology company’s stock worth $50,086,000 after buying an additional 154,700 shares during the period. Edgestream Partners L.P. bought a new stake in Medtronic during the 2nd quarter valued at $239,000. Finally, Financial & Tax Architects LLC increased its holdings in shares of Medtronic by 6.8% in the 2nd quarter. Financial & Tax Architects LLC now owns 72,138 shares of the medical technology company’s stock valued at $5,678,000 after acquiring an additional 4,607 shares during the period. Institutional investors own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on MDT. Truist Financial dropped their price objective on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research report on Wednesday, December 18th. Royal Bank of Canada upgraded shares of Medtronic from a “sector perform” rating to an “outperform” rating and raised their price target for the company from $98.00 to $105.00 in a report on Thursday, October 10th. Sanford C. Bernstein boosted their price objective on shares of Medtronic from $96.00 to $97.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 20th. Wells Fargo & Company lowered their target price on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research note on Wednesday, November 20th. Finally, Citigroup upped their price target on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 1st. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Medtronic presently has a consensus rating of “Hold” and an average target price of $95.00.

Insider Activity at Medtronic

In related news, EVP Brett A. Wall sold 9,850 shares of Medtronic stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $80.41, for a total transaction of $792,038.50. Following the completion of the transaction, the executive vice president now directly owns 40,708 shares in the company, valued at approximately $3,273,330.28. This trade represents a 19.48 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.20% of the stock is currently owned by insiders.

Medtronic Stock Up 0.1 %

Medtronic stock opened at $85.33 on Thursday. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $92.68. The company has a market cap of $109.42 billion, a PE ratio of 26.09, a PEG ratio of 2.28 and a beta of 0.83. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84. The business’s 50-day simple moving average is $83.74 and its two-hundred day simple moving average is $85.01.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The firm had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.27 billion. During the same quarter in the prior year, the firm earned $1.25 earnings per share. Medtronic’s revenue for the quarter was up 5.2% on a year-over-year basis. Equities analysts anticipate that Medtronic plc will post 5.45 EPS for the current year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Friday, December 27th were issued a dividend of $0.70 per share. The ex-dividend date was Friday, December 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.28%. Medtronic’s dividend payout ratio (DPR) is presently 85.63%.

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.