Pinnacle Associates Ltd. Has $7.32 Million Stake in Medtronic PLC $MDT

Key Points

• Pinnacle Associates reduced its Medtronic stake by 22.5% in the second quarter, selling 27,240 shares and retaining 93,615 shares valued at approximately $7.32 million. Institutional investors collectively own 82.06% of the company.
• Analysts maintain a generally positive outlook, with 18 Buy ratings and nine Holds producing a “Moderate Buy” consensus and an average price target of $98.83. Recent brokerages adjusted targets between $80 and $106.
• Medtronic exceeded quarterly earnings and revenue expectations, reporting $1.55 EPS and $9.81 billion in revenue, while year-over-year revenue rose 9.9%. The company also increased its quarterly dividend to $0.72 per share, equivalent to a 3.2% yield.

Pinnacle Associates Ltd. reduced its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 22.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 93,615 shares of the medical technology company's stock after selling 27,240 shares during the quarter. Pinnacle Associates Ltd.'s holdings in Medtronic were worth $7,323,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Anfield Capital Management LLC raised its stake in Medtronic by 410.7% in the 4th quarter. Anfield Capital Management LLC now owns 286 shares of the medical technology company's stock valued at $27,000 after acquiring an additional 230 shares during the period. Monetary Solutions Ltd bought a new position in Medtronic during the fourth quarter worth $27,000. Acumen Wealth Advisors LLC bought a new position in Medtronic during the fourth quarter worth $29,000. Imprint Wealth LLC acquired a new position in shares of Medtronic in the third quarter valued at $31,000. Finally, Basepoint Wealth LLC acquired a new position in shares of Medtronic in the fourth quarter valued at $32,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Medtronic news, EVP Harry Skip Kiil sold 4,189 shares of Medtronic 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 directly owned 37,227 shares of the company's stock, valued at $2,994,539.88. The trade was a 10.11% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.26% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have recently weighed in on MDT. Robert W. Baird dropped their price objective on shares of Medtronic from $93.00 to $85.00 and set a "neutral" rating on the stock in a research report on Thursday, June 4th. Rothschild & Co Redburn reduced their target price on shares of Medtronic from $111.00 to $106.00 and set a "buy" rating for the company in a report on Friday, June 5th. Stifel Nicolaus set a $80.00 price target on shares of Medtronic in a research note on Wednesday, June 3rd. Evercore set a $105.00 price target on shares of Medtronic in a report on Monday, July 6th. Finally, The Goldman Sachs Group cut their price objective on shares of Medtronic from $84.00 to $83.00 and set a "neutral" rating for the company in a research report on Thursday, June 4th. Eighteen investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $98.83.

Medtronic Stock Down 0.9%

MDT stock opened at $90.44 on Tuesday. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.13 and a quick ratio of 1.62. The stock has a market capitalization of $115.77 billion, a price-to-earnings ratio of 24.25, a PEG ratio of 2.45 and a beta of 0.55. The business's fifty day moving average price is $83.40 and its two-hundred day moving average price is $86.19. Medtronic PLC has a fifty-two week low of $73.31 and a fifty-two week high of $106.33.

Medtronic (NYSE:MDT - Get Free Report) last announced its earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.54 by $0.01. Medtronic had a net margin of 13.20% and a return on equity of 14.51%. The company had revenue of $9.81 billion during the quarter, compared to analysts' expectations of $9.62 billion. During the same quarter in the previous year, the business posted $1.62 earnings per share. Medtronic's quarterly revenue was up 9.9% on a year-over-year basis. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. On average, equities analysts anticipate that Medtronic PLC will post 5.94 earnings per share for the current year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 17th. Stockholders of record on Friday, June 26th were issued a dividend of $0.72 per share. This is a boost from Medtronic's previous quarterly dividend of $0.71. This represents a $2.88 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend was Friday, June 26th. Medtronic's 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).

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