Pinnacle West Asset Management Inc. Has $721,000 Stake in Medtronic plc (NYSE:MDT)

Pinnacle West Asset Management Inc. boosted its holdings in shares of Medtronic plc (NYSE:MDT) by 3.6% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,010 shares of the medical technology company’s stock after purchasing an additional 275 shares during the period. Pinnacle West Asset Management Inc.’s holdings in Medtronic were worth $721,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of MDT. Lynx Investment Advisory acquired a new stake in Medtronic during the 2nd quarter valued at $28,000. Tributary Capital Management LLC bought a new position in Medtronic in the 1st quarter valued at $33,000. Gleason Group Inc. bought a new position in Medtronic in the 2nd quarter valued at $42,000. Opal Wealth Advisors LLC bought a new position in Medtronic in the 2nd quarter valued at $43,000. Finally, Olistico Wealth LLC bought a new position in Medtronic in the 2nd quarter valued at $45,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research report on Tuesday, August 20th. Barclays increased their price objective on Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, August 22nd. Piper Sandler raised their price target on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Wells Fargo & Company raised their price target on Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 21st. Finally, Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and raised their price target for the stock from $98.00 to $105.00 in a research report on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Medtronic presently has a consensus rating of “Hold” and an average target price of $95.36.

Medtronic Trading Down 0.7 %

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

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The firm had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. During the same period in the previous year, the company posted $1.20 earnings per share. The company’s revenue for the quarter was up 3.4% on a year-over-year basis. Research analysts predict that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.06%. The ex-dividend date was Friday, September 27th. Medtronic’s dividend payout ratio is 101.82%.

Medtronic 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.