Medtronic plc (NYSE:MDT) Position Raised by Pinnacle West Asset Management Inc.

Pinnacle West Asset Management Inc. raised its stake in Medtronic plc (NYSE:MDT) by 3.6% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 8,010 shares of the medical technology company’s stock after buying an additional 275 shares during the quarter. Pinnacle West Asset Management Inc.’s holdings in Medtronic were worth $721,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. First PREMIER Bank increased its stake in Medtronic by 1.8% during the 3rd quarter. First PREMIER Bank now owns 6,417 shares of the medical technology company’s stock valued at $577,000 after buying an additional 116 shares during the period. Precision Wealth Strategies LLC lifted its position in Medtronic by 3.3% in the third quarter. Precision Wealth Strategies LLC now owns 3,741 shares of the medical technology company’s stock worth $337,000 after purchasing an additional 118 shares during the period. Quent Capital LLC boosted its stake in Medtronic by 8.0% during the 1st quarter. Quent Capital LLC now owns 1,680 shares of the medical technology company’s stock valued at $146,000 after purchasing an additional 125 shares in the last quarter. Abbrea Capital LLC raised its stake in shares of Medtronic by 2.5% in the 1st quarter. Abbrea Capital LLC now owns 5,077 shares of the medical technology company’s stock worth $446,000 after buying an additional 125 shares in the last quarter. Finally, Waterway Wealth Management LLC raised its stake in shares of Medtronic by 4.8% in the 2nd quarter. Waterway Wealth Management LLC now owns 2,759 shares of the medical technology company’s stock worth $217,000 after buying an additional 126 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors.

Medtronic Stock Down 0.7 %

Shares of MDT traded down $0.66 during trading hours on Thursday, hitting $91.61. 1,385,604 shares of the company were exchanged, compared to its average volume of 6,217,118. The company has a market cap of $117.47 billion, a PE ratio of 33.55, a PEG ratio of 2.53 and a beta of 0.84. The firm’s 50 day moving average is $89.04 and its 200-day moving average is $83.74. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $92.68. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.03. The firm had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The firm’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.20 EPS. On average, equities research analysts forecast that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were issued a $0.70 dividend. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.06%. Medtronic’s payout ratio is presently 101.82%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Robert W. Baird upped their price target on shares of Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. Piper Sandler upped their price target on Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and boosted their target price for the stock from $98.00 to $105.00 in a research report on Thursday, October 10th. Daiwa America raised Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Finally, Citigroup boosted their target price on Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 1st. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Medtronic has a consensus rating of “Hold” and a consensus target price of $95.36.

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.