Medtronic PLC (MDT) Holdings Lowered by Pinnacle Associates Ltd.
Pinnacle Associates Ltd. trimmed its stake in shares of Medtronic PLC (NYSE:MDT) by 1.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 54,142 shares of the medical technology company’s stock after selling 903 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Medtronic were worth $4,635,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently added to or reduced their stakes in MDT. Ballew Advisors Inc acquired a new position in shares of Medtronic in the 2nd quarter worth approximately $100,000. BDO Wealth Advisors LLC grew its stake in shares of Medtronic by 99.6% in the 1st quarter. BDO Wealth Advisors LLC now owns 1,427 shares of the medical technology company’s stock worth $115,000 after purchasing an additional 712 shares during the last quarter. Global Trust Asset Management LLC grew its stake in shares of Medtronic by 112.1% in the 2nd quarter. Global Trust Asset Management LLC now owns 1,523 shares of the medical technology company’s stock worth $130,000 after purchasing an additional 805 shares during the last quarter. Trustcore Financial Services LLC grew its stake in shares of Medtronic by 97.3% in the 2nd quarter. Trustcore Financial Services LLC now owns 1,760 shares of the medical technology company’s stock worth $151,000 after purchasing an additional 868 shares during the last quarter. Finally, Profit Investment Management LLC acquired a new position in shares of Medtronic in the 2nd quarter worth approximately $203,000. Institutional investors own 80.05% of the company’s stock.
Medtronic stock opened at $90.03 on Tuesday. The company has a market capitalization of $122.46 billion, a PE ratio of 18.95, a PEG ratio of 2.46 and a beta of 0.94. The company has a current ratio of 2.28, a quick ratio of 1.92 and a debt-to-equity ratio of 0.47. Medtronic PLC has a fifty-two week low of $76.41 and a fifty-two week high of $91.50.
The business also recently declared a quarterly dividend, which was paid on Wednesday, July 25th. Investors of record on Friday, July 6th were issued a dividend of $0.50 per share. This is a boost from Medtronic’s previous quarterly dividend of $0.46. This represents a $2.00 annualized dividend and a dividend yield of 2.22%. The ex-dividend date was Thursday, July 5th. Medtronic’s dividend payout ratio (DPR) is currently 41.93%.
Several equities analysts have recently issued reports on MDT shares. Needham & Company LLC raised shares of Medtronic from a “buy” rating to a “strong-buy” rating and lifted their price objective for the stock from $103.00 to $119.00 in a research note on Monday, August 13th. Zacks Investment Research cut shares of Medtronic from a “hold” rating to a “sell” rating in a research note on Tuesday, August 7th. William Blair started coverage on shares of Medtronic in a research note on Wednesday, June 6th. They issued a “market perform” rating on the stock. Raymond James started coverage on shares of Medtronic in a research note on Thursday, May 31st. They issued an “outperform” rating and a $96.00 price objective on the stock. Finally, Morgan Stanley lifted their price objective on shares of Medtronic from $90.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Friday, May 25th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. Medtronic has a consensus rating of “Buy” and a consensus price target of $93.24.
In related news, SVP Richard Kuntz sold 11,500 shares of the firm’s stock in a transaction that occurred on Friday, June 8th. The shares were sold at an average price of $87.13, for a total transaction of $1,001,995.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Bradley E. Lerman sold 8,910 shares of the firm’s stock in a transaction that occurred on Monday, June 11th. The stock was sold at an average price of $86.82, for a total transaction of $773,566.20. The disclosure for this sale can be found here. Company insiders own 0.31% of the company’s stock.
Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiac and Vascular Group, Minimally Invasive Therapies Group, Restorative Therapies Group, and Diabetes Group.
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