Pinnacle Bank cut its position in shares of Medtronic PLC (NYSE:MDT) by 6.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,703 shares of the medical technology company’s stock after selling 175 shares during the period. Pinnacle Bank’s holdings in Medtronic were worth $248,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in the company. Valley National Advisers Inc. increased its holdings in shares of Medtronic by 0.9% during the 4th quarter. Valley National Advisers Inc. now owns 10,064 shares of the medical technology company’s stock worth $1,142,000 after acquiring an additional 86 shares during the last quarter. BSW Wealth Partners boosted its position in Medtronic by 4.5% during the fourth quarter. BSW Wealth Partners now owns 2,279 shares of the medical technology company’s stock worth $259,000 after purchasing an additional 98 shares during the period. Magnolia Capital Advisors LLC boosted its position in Medtronic by 3.6% during the first quarter. Magnolia Capital Advisors LLC now owns 3,022 shares of the medical technology company’s stock worth $273,000 after purchasing an additional 104 shares during the period. Doyle Wealth Management increased its holdings in shares of Medtronic by 0.9% in the first quarter. Doyle Wealth Management now owns 11,423 shares of the medical technology company’s stock valued at $1,030,000 after purchasing an additional 107 shares during the last quarter. Finally, Clean Yield Group raised its position in shares of Medtronic by 2.8% in the first quarter. Clean Yield Group now owns 4,028 shares of the medical technology company’s stock valued at $363,000 after purchasing an additional 110 shares during the period. Institutional investors own 81.14% of the company’s stock.
In related news, SVP Carol A. Surface sold 2,000 shares of the stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $97.72, for a total value of $195,440.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.28% of the stock is owned by corporate insiders.
Shares of MDT traded down $0.47 during midday trading on Tuesday, hitting $92.74. The company’s stock had a trading volume of 1,926,389 shares, compared to its average volume of 5,933,311. The company has a quick ratio of 1.72, a current ratio of 2.13 and a debt-to-equity ratio of 0.43. Medtronic PLC has a one year low of $72.13 and a one year high of $122.15. The stock has a market capitalization of $124.96 billion, a price-to-earnings ratio of 26.08, a price-to-earnings-growth ratio of 3.43 and a beta of 0.67. The company’s fifty day simple moving average is $95.02 and its two-hundred day simple moving average is $102.23.
Medtronic (NYSE:MDT) last released its quarterly earnings data on Thursday, May 21st. The medical technology company reported $0.58 earnings per share for the quarter, missing the consensus estimate of $1.28 by ($0.70). The business had revenue of $6 billion during the quarter, compared to analyst estimates of $6.10 billion. Medtronic had a net margin of 16.56% and a return on equity of 12.17%. The business’s quarterly revenue was down 26.4% compared to the same quarter last year. During the same period last year, the business earned $1.54 earnings per share. On average, research analysts predict that Medtronic PLC will post 3.51 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, July 17th. Stockholders of record on Friday, June 26th will be paid a $0.58 dividend. This is an increase from Medtronic’s previous quarterly dividend of $0.54. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.50%. The ex-dividend date is Thursday, June 25th. Medtronic’s dividend payout ratio (DPR) is presently 50.54%.
A number of brokerages recently commented on MDT. DZ Bank lowered shares of Medtronic from a “buy” rating to a “hold” rating and set a $92.00 price target on the stock. in a research note on Thursday, May 14th. Raymond James decreased their target price on Medtronic from $110.00 to $107.00 and set an “outperform” rating on the stock in a research report on Friday, May 22nd. Bank of America reissued a “buy” rating and set a $130.00 price target on shares of Medtronic in a report on Friday, May 22nd. UBS Group decreased their price objective on Medtronic from $130.00 to $118.00 and set a “buy” rating on the stock in a report on Friday, May 22nd. Finally, Jefferies Financial Group increased their price objective on Medtronic from $110.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, May 22nd. Two research analysts have rated the stock with a sell rating, six have given a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the company’s stock. Medtronic presently has an average rating of “Buy” and a consensus target price of $114.53.
Medtronic Company Profile
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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