Pinnacle Associates Ltd. Sells 12,975 Shares of Medtronic plc (NYSE:MDT)

Pinnacle Associates Ltd. cut its stake in shares of Medtronic plc (NYSE:MDT) by 9.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 118,887 shares of the medical technology company’s stock after selling 12,975 shares during the period. Pinnacle Associates Ltd.’s holdings in Medtronic were worth $9,794,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Manning & Napier Advisors LLC bought a new position in Medtronic during the 2nd quarter valued at $25,643,000. SageView Advisory Group LLC raised its stake in shares of Medtronic by 130.3% during the 1st quarter. SageView Advisory Group LLC now owns 16,829 shares of the medical technology company’s stock worth $1,467,000 after purchasing an additional 9,523 shares during the period. Daiwa Securities Group Inc. boosted its holdings in shares of Medtronic by 10.0% in the 1st quarter. Daiwa Securities Group Inc. now owns 135,268 shares of the medical technology company’s stock worth $11,789,000 after buying an additional 12,250 shares during the last quarter. Empowered Funds LLC boosted its holdings in shares of Medtronic by 174.9% in the 1st quarter. Empowered Funds LLC now owns 74,903 shares of the medical technology company’s stock worth $6,528,000 after buying an additional 47,657 shares during the last quarter. Finally, National Bank of Canada FI boosted its holdings in shares of Medtronic by 13.6% in the 1st quarter. National Bank of Canada FI now owns 261,325 shares of the medical technology company’s stock worth $21,642,000 after buying an additional 31,195 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently weighed in on MDT shares. UBS Group raised shares of Medtronic from a “sell” rating to a “neutral” rating and boosted their price target for the stock from $76.00 to $90.00 in a report on Thursday, August 15th. Stifel Nicolaus boosted their price target on shares of Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a report on Wednesday, August 21st. Citigroup boosted their price target on shares of Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a report on Tuesday, October 1st. Piper Sandler boosted their price target on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Finally, Evercore ISI boosted their price target on shares of Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $95.36.

Medtronic Trading Up 0.3 %

Shares of MDT opened at $90.55 on Thursday. The business’s 50-day moving average price is $89.58 and its 200-day moving average price is $84.03. Medtronic plc has a twelve month low of $69.32 and a twelve month high of $92.68. The stock has a market cap of $116.11 billion, a PE ratio of 32.93, a P/E/G ratio of 2.60 and a beta of 0.84. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $7.90 billion. During the same period in the prior year, the business posted $1.20 earnings per share. The company’s revenue was up 3.4% on a year-over-year basis. On average, equities analysts forecast that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.09%. The ex-dividend date was Friday, September 27th. Medtronic’s dividend payout ratio is presently 101.82%.

Medtronic 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.