Pinnacle West Asset Management Inc. Purchases New Position in Medtronic PLC $MDT

Pinnacle West Asset Management Inc. acquired a new stake in Medtronic PLC (NYSE:MDT) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 7,955 shares of the medical technology company’s stock, valued at approximately $622,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Madison Asset Management LLC boosted its holdings in shares of Medtronic by 15.0% in the fourth quarter. Madison Asset Management LLC now owns 195,216 shares of the medical technology company’s stock valued at $18,752,000 after acquiring an additional 25,527 shares in the last quarter. First Eagle Investment Management LLC raised its holdings in Medtronic by 0.4% during the fourth quarter. First Eagle Investment Management LLC now owns 9,775,234 shares of the medical technology company’s stock worth $939,009,000 after purchasing an additional 40,196 shares in the last quarter. Gradient Investments LLC lifted its position in Medtronic by 3.9% in the second quarter. Gradient Investments LLC now owns 496,513 shares of the medical technology company’s stock valued at $38,842,000 after purchasing an additional 18,509 shares during the period. Czech National Bank lifted its position in Medtronic by 4.7% in the second quarter. Czech National Bank now owns 365,443 shares of the medical technology company’s stock valued at $28,589,000 after purchasing an additional 16,292 shares during the period. Finally, Cerity Partners LLC boosted its holdings in Medtronic by 12.7% in the 4th quarter. Cerity Partners LLC now owns 791,015 shares of the medical technology company’s stock valued at $75,988,000 after purchasing an additional 89,111 shares in the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Deutsche Bank Aktiengesellschaft dropped their target price on Medtronic from $100.00 to $78.00 and set a “hold” rating on the stock in a research report on Thursday, June 4th. Wells Fargo & Company reduced their price target on Medtronic from $114.00 to $102.00 and set an “overweight” rating for the company in a report on Thursday, June 4th. Wall Street Zen upgraded Medtronic from a “hold” rating to a “buy” rating in a research note on Saturday, July 18th. Leerink Partners dropped their price objective on Medtronic from $117.00 to $104.00 and set an “outperform” rating on the stock in a report on Thursday, June 4th. Finally, Mizuho cut their price objective on Medtronic from $120.00 to $100.00 and set an “outperform” rating for the company in a research report on Wednesday, June 3rd. Eighteen equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $98.83.

Insiders Place Their Bets

In other news, EVP Harry Skip Kiil sold 4,189 shares of the firm’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $80.44, for a total value of $336,963.16. Following the completion of the transaction, the executive vice president owned 37,227 shares in the company, valued at $2,994,539.88. This trade represents a 10.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.26% of the company’s stock.

Medtronic Price Performance

MDT stock opened at $93.44 on Friday. The firm has a 50 day moving average of $84.39 and a 200-day moving average of $86.06. Medtronic PLC has a 12-month low of $73.31 and a 12-month high of $106.33. The company has a current ratio of 2.13, a quick ratio of 1.62 and a debt-to-equity ratio of 0.52. The company has a market cap of $119.60 billion, a price-to-earnings ratio of 25.05, a PEG ratio of 2.47 and a beta of 0.55.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share for the quarter, topping analysts’ consensus estimates of $1.54 by $0.01. The business had revenue of $9.81 billion for the quarter, compared to analysts’ expectations of $9.62 billion. Medtronic had a return on equity of 14.51% and a net margin of 13.20%.The company’s revenue was up 9.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.62 EPS. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. As a group, equities analysts expect that Medtronic PLC will post 5.94 EPS for the current fiscal year.

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 16th. Shareholders of record on Friday, September 25th will be issued a $0.72 dividend. The ex-dividend date of this dividend is Friday, September 25th. This represents a $2.88 annualized dividend and a yield of 3.1%. Medtronic’s dividend payout ratio is 77.21%.

Medtronic Company Profile

Medtronic plc is a global medical technology company that develops and manufactures a broad range of therapeutic devices and health care solutions. Headquartered legally in Ireland with principal operational offices in the United States, the company markets products to hospitals, physicians and health systems worldwide and has grown from its founding in 1949 into one of the largest medical-device manufacturers serving global health-care markets.

Medtronic’s offerings span several clinical areas, including cardiac rhythm and heart failure (pacemakers, implantable cardioverter‑defibrillators and related cardiac therapies), minimally invasive and surgical technologies (laparoscopic and advanced energy devices, visualization systems and surgical innovations), restorative therapies (spine and orthopedics, neuromodulation and neurovascular treatments) and diabetes management (insulin-delivery systems and glucose monitoring solutions).