Pinnacle Associates Ltd. Decreases Stock Holdings in Medtronic PLC $MDT

Pinnacle Associates Ltd. decreased its holdings in Medtronic PLC (NYSE:MDT) by 0.7% in the second quarter, Holdings Channel.com reports. The institutional investor owned 120,359 shares of the medical technology company’s stock after selling 885 shares during the period. Pinnacle Associates Ltd.’s holdings in Medtronic were worth $10,492,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the business. Red Spruce Capital LLC raised its position in Medtronic by 0.5% in the 2nd quarter. Red Spruce Capital LLC now owns 23,707 shares of the medical technology company’s stock worth $2,067,000 after buying an additional 118 shares during the last quarter. Certior Financial Group LLC raised its position in Medtronic by 3.7% in the 1st quarter. Certior Financial Group LLC now owns 3,450 shares of the medical technology company’s stock worth $310,000 after buying an additional 122 shares during the last quarter. PrairieView Partners LLC raised its position in Medtronic by 3.6% in the 2nd quarter. PrairieView Partners LLC now owns 3,726 shares of the medical technology company’s stock worth $324,000 after buying an additional 128 shares during the last quarter. Motco grew its stake in shares of Medtronic by 27.0% during the 1st quarter. Motco now owns 635 shares of the medical technology company’s stock valued at $57,000 after purchasing an additional 135 shares during the period. Finally, Baker Avenue Asset Management LP grew its stake in shares of Medtronic by 3.1% during the 1st quarter. Baker Avenue Asset Management LP now owns 4,558 shares of the medical technology company’s stock valued at $410,000 after purchasing an additional 136 shares during the period. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Trading Down 0.2%

Shares of NYSE:MDT opened at $90.82 on Friday. The stock has a 50 day moving average of $94.35 and a 200 day moving average of $89.67. The company has a market cap of $116.49 billion, a PE ratio of 25.02, a price-to-earnings-growth ratio of 2.42 and a beta of 0.78. The company has a current ratio of 2.01, a quick ratio of 1.50 and a debt-to-equity ratio of 0.54. Medtronic PLC has a 12-month low of $79.29 and a 12-month high of $99.37.

Medtronic (NYSE:MDT) last announced its quarterly earnings data on Tuesday, August 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.23 by $0.03. The company had revenue of $8.58 billion during the quarter, compared to the consensus estimate of $8.37 billion. Medtronic had a return on equity of 14.61% and a net margin of 13.63%.The firm’s revenue was up 7.7% on a year-over-year basis. During the same period in the previous year, the company posted $1.23 EPS. Medtronic has set its FY 2026 guidance at 5.600-5.660 EPS. As a group, equities research analysts expect that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 17th. Investors of record on Friday, September 26th were paid a dividend of $0.71 per share. The ex-dividend date was Friday, September 26th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.1%. Medtronic’s payout ratio is 78.24%.

Insider Buying and Selling

In related news, Director William R. Jellison acquired 2,500 shares of the business’s stock in a transaction that occurred on Monday, August 25th. The stock was bought at an average cost of $92.37 per share, for a total transaction of $230,925.00. Following the purchase, the director owned 5,000 shares in the company, valued at $461,850. The trade was a 100.00% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Harry Skip Kiil sold 8,605 shares of the business’s stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $91.58, for a total value of $788,045.90. Following the completion of the transaction, the executive vice president directly owned 35,615 shares in the company, valued at approximately $3,261,621.70. This represents a 19.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 0.26% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have issued reports on MDT. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Thursday, August 14th. William Blair upgraded Medtronic to a “hold” rating in a research note on Friday, July 11th. Citigroup boosted their price target on Medtronic from $101.00 to $112.00 and gave the company a “buy” rating in a research note on Tuesday, October 7th. UBS Group boosted their price target on Medtronic from $94.00 to $95.00 and gave the company a “neutral” rating in a research note on Wednesday, August 20th. Finally, Stifel Nicolaus boosted their price target on Medtronic from $90.00 to $105.00 and gave the company a “hold” rating in a research note on Thursday, October 9th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $102.82.

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.