Pinnacle Wealth Management Advisory Group LLC Purchases New Holdings in Medtronic PLC (NYSE:MDT)

Key Points

• Pinnacle Wealth Management Advisory Group LLC acquired 2,762 shares of Medtronic PLC, valued at approximately $248,000, during the first quarter.
• Analysts have set a consensus target price of $98.19 for Medtronic, with ratings that include eleven holds, ten buys, and two strong buys.
• Medtronic recently increased its quarterly dividend to $0.71, reflecting an annual yield of 3.10%.

Pinnacle Wealth Management Advisory Group LLC purchased a new position in shares of Medtronic PLC (NYSE:MDT - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 2,762 shares of the medical technology company's stock, valued at approximately $248,000.

Several other institutional investors have also recently made changes to their positions in MDT. Capital Research Global Investors grew its position in Medtronic by 1.8% in the 4th quarter. Capital Research Global Investors now owns 33,203,685 shares of the medical technology company's stock worth $2,652,310,000 after purchasing an additional 571,700 shares in the last quarter. Geode Capital Management LLC boosted its stake in Medtronic by 2.2% in the fourth quarter. Geode Capital Management LLC now owns 27,056,217 shares of the medical technology company's stock valued at $2,155,085,000 after acquiring an additional 574,055 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in Medtronic by 7.0% in the first quarter. Massachusetts Financial Services Co. MA now owns 22,278,023 shares of the medical technology company's stock valued at $2,001,903,000 after acquiring an additional 1,461,841 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Medtronic by 3.8% in the first quarter. Bank of New York Mellon Corp now owns 20,680,301 shares of the medical technology company's stock valued at $1,858,332,000 after acquiring an additional 756,192 shares during the last quarter. Finally, Deutsche Bank AG boosted its stake in Medtronic by 2.1% in the fourth quarter. Deutsche Bank AG now owns 18,443,640 shares of the medical technology company's stock valued at $1,473,278,000 after acquiring an additional 372,168 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Evercore ISI boosted their target price on shares of Medtronic from $103.00 to $106.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. Needham & Company LLC reissued a "hold" rating on shares of Medtronic in a report on Friday, June 6th. Truist Financial dropped their price objective on Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a report on Friday, April 11th. Mizuho increased their price objective on Medtronic from $98.00 to $100.00 and gave the stock an "outperform" rating in a report on Wednesday, July 16th. Finally, Leerink Partners initiated coverage on shares of Medtronic in a research note on Monday, June 16th. They issued an "outperform" rating and a $110.00 target price on the stock. Eleven research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $98.19.

Medtronic Trading Down 1.0%

Medtronic stock traded down $0.93 during trading hours on Friday, reaching $89.31. The stock had a trading volume of 6,507,377 shares, compared to its average volume of 7,694,207. The stock has a market cap of $114.54 billion, a PE ratio of 24.67, a PEG ratio of 2.38 and a beta of 0.80. Medtronic PLC has a 52 week low of $79.29 and a 52 week high of $96.25. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 1.42. The company has a fifty day simple moving average of $87.59 and a 200-day simple moving average of $87.80.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.58 by $0.04. The business had revenue of $8.93 billion for the quarter, compared to analyst estimates of $8.81 billion. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The company's revenue was up 3.9% on a year-over-year basis. During the same quarter last year, the firm earned $1.46 EPS. Analysts forecast that Medtronic PLC will post 5.46 EPS for the current fiscal year.

Medtronic Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, June 27th were paid a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend was Friday, June 27th. This is a positive change from Medtronic's previous quarterly dividend of $0.70. Medtronic's payout ratio is presently 78.45%.

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.