Pinnacle Wealth Planning Services Inc. lifted its stake in shares of Medtronic PLC (NYSE:MDT) by 11.6% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 5,125 shares of the medical technology company’s stock after acquiring an additional 533 shares during the period. Pinnacle Wealth Planning Services Inc.’s holdings in Medtronic were worth $499,000 at the end of the most recent reporting period.
Several other institutional investors also recently added to or reduced their stakes in MDT. Hayden Royal LLC bought a new stake in Medtronic during the 2nd quarter valued at $275,000. Rockefeller Capital Management L.P. increased its stake in Medtronic by 0.6% during the 1st quarter. Rockefeller Capital Management L.P. now owns 1,357,738 shares of the medical technology company’s stock valued at $123,663,000 after purchasing an additional 7,939 shares in the last quarter. Cim LLC increased its stake in Medtronic by 12.9% during the 2nd quarter. Cim LLC now owns 4,189 shares of the medical technology company’s stock valued at $408,000 after purchasing an additional 480 shares in the last quarter. Concentric Wealth Management LLC increased its stake in Medtronic by 3.1% during the 2nd quarter. Concentric Wealth Management LLC now owns 19,536 shares of the medical technology company’s stock valued at $1,903,000 after purchasing an additional 595 shares in the last quarter. Finally, Belpointe Asset Management LLC increased its stake in Medtronic by 35.3% during the 1st quarter. Belpointe Asset Management LLC now owns 4,581 shares of the medical technology company’s stock valued at $417,000 after purchasing an additional 1,196 shares in the last quarter. Institutional investors own 80.62% of the company’s stock.
A number of analysts have commented on the stock. Cowen restated an “outperform” rating and set a $111.00 price target (up previously from $99.00) on shares of Medtronic in a research note on Wednesday, August 14th. BMO Capital Markets boosted their price target on shares of Medtronic from $107.00 to $118.00 and gave the company an “outperform” rating in a research note on Wednesday. Morgan Stanley upped their target price on shares of Medtronic from $105.00 to $111.00 and gave the stock an “equal weight” rating in a research note on Wednesday. UBS Group upped their target price on shares of Medtronic from $112.00 to $122.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Oppenheimer upped their target price on shares of Medtronic from $110.00 to $118.00 and gave the stock an “outperform” rating in a research note on Wednesday. Seven equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $112.18.
In related news, Director Richard H. Anderson purchased 10,900 shares of Medtronic stock in a transaction that occurred on Friday, May 24th. The stock was bought at an average price of $92.40 per share, for a total transaction of $1,007,160.00. Following the completion of the transaction, the director now owns 89,912 shares in the company, valued at $8,307,868.80. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Bradley E. Lerman sold 4,000 shares of the stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $100.31, for a total transaction of $401,240.00. Following the transaction, the senior vice president now owns 52,906 shares of the company’s stock, valued at approximately $5,307,000.86. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 95,701 shares of company stock valued at $9,318,744. 0.28% of the stock is owned by company insiders.
MDT traded up $0.21 during trading on Thursday, hitting $108.00. 193,431 shares of the company traded hands, compared to its average volume of 4,314,171. The firm has a market cap of $139.72 billion, a P/E ratio of 20.69, a price-to-earnings-growth ratio of 2.67 and a beta of 0.67. The stock’s fifty day moving average is $101.30 and its 200 day moving average is $93.87. The company has a quick ratio of 2.15, a current ratio of 2.59 and a debt-to-equity ratio of 0.49. Medtronic PLC has a one year low of $81.66 and a one year high of $109.70.
Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.26 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.18 by $0.08. The company had revenue of $7.49 billion during the quarter, compared to analyst estimates of $7.40 billion. Medtronic had a net margin of 15.15% and a return on equity of 14.16%. The firm’s revenue for the quarter was up 1.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.17 earnings per share. On average, equities research analysts forecast that Medtronic PLC will post 5.57 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, July 25th. Investors of record on Monday, July 8th were given a dividend of $0.54 per share. The ex-dividend date of this dividend was Friday, July 5th. This represents a $2.16 annualized dividend and a yield of 2.00%. This is a positive change from Medtronic’s previous quarterly dividend of $0.50. Medtronic’s dividend payout ratio is presently 41.38%.
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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