Medtronic plc (NYSE:MDT) Shares Bought by Pinnacle Wealth Planning Services Inc.

Pinnacle Wealth Planning Services Inc. grew its stake in shares of Medtronic plc (NYSE:MDT) by 3.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,118 shares of the medical technology company’s stock after purchasing an additional 137 shares during the quarter. Pinnacle Wealth Planning Services Inc.’s holdings in Medtronic were worth $359,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the business. Equity Investment Corp grew its holdings in shares of Medtronic by 27.9% during the fourth quarter. Equity Investment Corp now owns 1,341,079 shares of the medical technology company’s stock valued at $110,478,000 after purchasing an additional 292,459 shares during the last quarter. Loudon Investment Management LLC grew its holdings in Medtronic by 9.5% in the 4th quarter. Loudon Investment Management LLC now owns 10,026 shares of the medical technology company’s stock worth $786,000 after buying an additional 874 shares in the last quarter. BKM Wealth Management LLC bought a new position in Medtronic in the 4th quarter worth approximately $941,000. Chemung Canal Trust Co. lifted its position in Medtronic by 1,467.5% in the first quarter. Chemung Canal Trust Co. now owns 47,902 shares of the medical technology company’s stock worth $4,175,000 after purchasing an additional 44,846 shares during the period. Finally, International Assets Investment Management LLC lifted its position in Medtronic by 8,340.3% in the fourth quarter. International Assets Investment Management LLC now owns 1,038,579 shares of the medical technology company’s stock worth $85,558,000 after purchasing an additional 1,026,274 shares during the period. Institutional investors and hedge funds own 82.06% of the company’s stock.

Insider Buying and Selling at Medtronic

In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of the stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $83.77, for a total value of $1,601,096.01. Following the transaction, the chief executive officer now directly owns 143,348 shares of the company’s stock, valued at approximately $12,008,261.96. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.30% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on MDT shares. The Goldman Sachs Group initiated coverage on Medtronic in a research report on Thursday, May 30th. They issued a “sell” rating and a $83.00 target price for the company. UBS Group upped their price target on shares of Medtronic from $75.00 to $76.00 and gave the company a “sell” rating in a report on Friday, May 24th. Wells Fargo & Company upped their price target on shares of Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a report on Friday, May 24th. Truist Financial reduced their target price on shares of Medtronic from $88.00 to $85.00 and set a “hold” rating for the company in a research note on Tuesday, July 16th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Friday, May 24th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $90.90.

Medtronic Stock Performance

Shares of MDT stock traded down $1.73 on Friday, reaching $79.48. The stock had a trading volume of 9,292,752 shares, compared to its average volume of 6,365,736. The company has a quick ratio of 1.55, a current ratio of 2.03 and a debt-to-equity ratio of 0.47. The firm’s 50-day moving average is $80.93 and its two-hundred day moving average is $83.07. The firm has a market capitalization of $101.91 billion, a price-to-earnings ratio of 28.90, a P/E/G ratio of 2.32 and a beta of 0.82. Medtronic plc has a 12 month low of $68.84 and a 12 month high of $91.00.

Medtronic (NYSE:MDT) last issued its earnings results on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.45 by $0.01. The company had revenue of $8.59 billion for the quarter, compared to analysts’ expectations of $8.44 billion. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. Medtronic’s quarterly revenue was up .5% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.57 EPS. On average, research analysts expect that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Friday, June 28th were issued a $0.70 dividend. This is a boost from Medtronic’s previous quarterly dividend of $0.69. This represents a $2.80 annualized dividend and a yield of 3.52%. The ex-dividend date was Friday, June 28th. Medtronic’s dividend payout ratio is currently 101.82%.

Medtronic Company Profile

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.