Pinnacle Financial Partners Inc Sells 98,582 Shares of Medtronic plc (NYSE:MDT)

Pinnacle Financial Partners Inc trimmed its stake in Medtronic plc (NYSE:MDT) by 38.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 157,762 shares of the medical technology company’s stock after selling 98,582 shares during the period. Pinnacle Financial Partners Inc’s holdings in Medtronic were worth $14,203,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. Clear Harbor Asset Management LLC boosted its position in shares of Medtronic by 1.2% during the 3rd quarter. Clear Harbor Asset Management LLC now owns 9,558 shares of the medical technology company’s stock worth $861,000 after purchasing an additional 111 shares in the last quarter. First PREMIER Bank lifted its position in Medtronic by 1.8% during the 3rd quarter. First PREMIER Bank now owns 6,417 shares of the medical technology company’s stock worth $577,000 after acquiring an additional 116 shares in the last quarter. Precision Wealth Strategies LLC grew its stake in Medtronic by 3.3% during the 3rd quarter. Precision Wealth Strategies LLC now owns 3,741 shares of the medical technology company’s stock valued at $337,000 after purchasing an additional 118 shares in the last quarter. Lake Street Advisors Group LLC increased its holdings in Medtronic by 2.0% in the third quarter. Lake Street Advisors Group LLC now owns 6,024 shares of the medical technology company’s stock valued at $547,000 after buying an additional 118 shares during the last quarter. Finally, Sigma Planning Corp raised its stake in Medtronic by 0.4% during the third quarter. Sigma Planning Corp now owns 28,843 shares of the medical technology company’s stock worth $2,597,000 after acquiring an additional 124 shares during the period. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Medtronic Trading Down 0.0 %

Shares of MDT stock opened at $88.25 on Wednesday. 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 firm has a market capitalization of $113.18 billion, a PE ratio of 29.81, a PEG ratio of 2.52 and a beta of 0.84. The stock has a fifty day simple moving average of $89.65 and a two-hundred day simple moving average of $84.63. Medtronic plc has a 52-week low of $71.64 and a 52-week high of $92.68.

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

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.17%. The ex-dividend date was Friday, September 27th. Medtronic’s dividend payout ratio is currently 94.59%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on MDT. Truist Financial increased their price target on Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research note on Monday, October 14th. Daiwa America upgraded Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research note on Friday, October 25th. Piper Sandler raised their target price on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Finally, Evercore ISI upped their price target on shares of Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target 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.