Pinnacle Associates Ltd. Cuts Stock Holdings in Medtronic plc (NYSE:MDT)

Pinnacle Associates Ltd. decreased its holdings in shares of Medtronic plc (NYSE:MDT) by 9.8% in the 3rd quarter, Holdings Channel reports. The firm 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 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Manning & Napier Advisors LLC purchased a new position in shares of Medtronic during the second quarter worth about $25,643,000. SageView Advisory Group LLC boosted its stake in Medtronic by 130.3% in the first quarter. SageView Advisory Group LLC now owns 16,829 shares of the medical technology company’s stock worth $1,467,000 after buying an additional 9,523 shares in the last quarter. Daiwa Securities Group Inc. boosted its stake in Medtronic by 10.0% in the first 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 in the last quarter. Empowered Funds LLC boosted its stake in Medtronic by 174.9% in the first 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 in the last quarter. Finally, National Bank of Canada FI boosted its stake in Medtronic by 13.6% in the first 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 in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Price Performance

MDT opened at $90.55 on Thursday. The stock has a fifty day simple moving average of $89.58 and a two-hundred day simple moving average of $84.03. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55. The company has a market cap of $116.11 billion, a price-to-earnings ratio of 32.93, a price-to-earnings-growth ratio of 2.60 and a beta of 0.84. Medtronic plc has a 12-month low of $69.32 and a 12-month high of $92.68.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. The business had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The firm’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.20 earnings per share. Research analysts predict that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were issued a $0.70 dividend. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.09%. Medtronic’s dividend payout ratio (DPR) is 101.82%.

Analyst Ratings Changes

MDT has been the subject of several research reports. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a research note on Friday, October 25th. Daiwa America raised Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Evercore ISI upped their target price on Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 1st. Piper Sandler increased their price objective on Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. Finally, Stifel Nicolaus increased their price objective on Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research note on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $95.36.

About Medtronic

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.