7,955 Shares in Medtronic PLC $MDT Acquired by Pinnacle West Asset Management Inc.

Pinnacle West Asset Management Inc. bought a new stake in Medtronic PLC (NYSE:MDT) during the second quarter, HoldingsChannel reports. The institutional investor bought 7,955 shares of the medical technology company’s stock, valued at approximately $622,000.

A number of other large investors have also recently bought and sold shares of MDT. Jupiter Wealth Management LLC acquired a new stake in Medtronic during the 2nd quarter valued at $469,000. Madison Asset Management LLC acquired a new position in shares of Medtronic in the second quarter worth $18,589,000. Flossbach Von Storch SE purchased a new stake in shares of Medtronic in the second quarter valued at $85,223,000. Sound Financial Strategies Group LLC purchased a new stake in shares of Medtronic in the second quarter valued at $237,000. Finally, Strategic Wealth Advisors LLC boosted its stake in shares of Medtronic by 135.9% during the second quarter. Strategic Wealth Advisors LLC now owns 1,118 shares of the medical technology company’s stock valued at $87,000 after acquiring an additional 644 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Insider Buying and Selling at Medtronic

In related news, EVP Harry Skip Kiil sold 4,189 shares of the firm’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $80.44, for a total value of $336,963.16. Following the sale, the executive vice president directly owned 37,227 shares of the company’s stock, valued at approximately $2,994,539.88. This trade represents a 10.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.26% of the stock is currently owned by insiders.

Medtronic Price Performance

Shares of NYSE:MDT opened at $93.44 on Friday. The company has a market cap of $119.60 billion, a P/E ratio of 25.05, a P/E/G ratio of 2.47 and a beta of 0.55. The business has a fifty day simple moving average of $84.39 and a 200-day simple moving average of $86.06. Medtronic PLC has a 52 week low of $73.31 and a 52 week high of $106.33. The company has a quick ratio of 1.62, a current ratio of 2.13 and a debt-to-equity ratio of 0.52.

Medtronic (NYSE:MDT) last released its earnings results on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share for the quarter, topping the consensus estimate of $1.54 by $0.01. Medtronic had a return on equity of 14.51% and a net margin of 13.20%.The firm had revenue of $9.81 billion for the quarter, compared to the consensus estimate of $9.62 billion. During the same period in the prior year, the business posted $1.62 earnings per share. The firm’s revenue for the quarter was up 9.9% compared to the same quarter last year. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. Equities research analysts forecast that Medtronic PLC will post 5.94 EPS for the current year.

Medtronic Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 16th. Stockholders of record on Friday, September 25th will be issued a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a dividend yield of 3.1%. The ex-dividend date is Friday, September 25th. Medtronic’s dividend payout ratio is presently 77.21%.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on MDT shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Medtronic in a research report on Tuesday. TD Cowen decreased their price target on shares of Medtronic from $119.00 to $100.00 and set a “buy” rating on the stock in a research note on Friday, July 10th. Piper Sandler reiterated a “neutral” rating on shares of Medtronic in a report on Monday, August 10th. Needham & Company LLC reiterated a “buy” rating and set a $101.00 price target on shares of Medtronic in a report on Wednesday, June 17th. Finally, Wells Fargo & Company cut their price objective on shares of Medtronic from $114.00 to $102.00 and set an “overweight” rating for the company in a research report on Thursday, June 4th. Eighteen investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat.com, Medtronic currently has an average rating of “Moderate Buy” and an average price target of $98.83.

Medtronic Profile

Medtronic plc is a global medical technology company that develops and manufactures a broad range of therapeutic devices and health care solutions. Headquartered legally in Ireland with principal operational offices in the United States, the company markets products to hospitals, physicians and health systems worldwide and has grown from its founding in 1949 into one of the largest medical-device manufacturers serving global health-care markets.

Medtronic’s offerings span several clinical areas, including cardiac rhythm and heart failure (pacemakers, implantable cardioverter‑defibrillators and related cardiac therapies), minimally invasive and surgical technologies (laparoscopic and advanced energy devices, visualization systems and surgical innovations), restorative therapies (spine and orthopedics, neuromodulation and neurovascular treatments) and diabetes management (insulin-delivery systems and glucose monitoring solutions).