Pitti Group Wealth Management LLC Has $706,000 Holdings in Medtronic plc (NYSE:MDT)

Pitti Group Wealth Management LLC trimmed its position in Medtronic plc (NYSE:MDT) by 1.6% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 8,575 shares of the medical technology company’s stock after selling 140 shares during the period. Pitti Group Wealth Management LLC’s holdings in Medtronic were worth $706,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Capital Research Global Investors lifted its stake in Medtronic by 7.1% in the 1st quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after acquiring an additional 2,044,109 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Medtronic by 3.5% in the first quarter. Bank of New York Mellon Corp now owns 21,817,063 shares of the medical technology company’s stock worth $1,901,357,000 after purchasing an additional 727,931 shares in the last quarter. Sanders Capital LLC boosted its holdings in shares of Medtronic by 2.8% during the fourth quarter. Sanders Capital LLC now owns 12,634,161 shares of the medical technology company’s stock worth $1,040,802,000 after purchasing an additional 346,641 shares during the period. Pzena Investment Management LLC grew its position in Medtronic by 8.3% during the second quarter. Pzena Investment Management LLC now owns 8,307,123 shares of the medical technology company’s stock valued at $653,854,000 after purchasing an additional 637,931 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Medtronic by 7.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 7,120,554 shares of the medical technology company’s stock valued at $560,494,000 after buying an additional 515,751 shares during the period. 82.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have issued reports on MDT shares. Stifel Nicolaus lifted their target price on shares of Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research note on Wednesday, August 21st. Citigroup dropped their target price on Medtronic from $90.00 to $85.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 10th. Robert W. Baird lifted their price target on Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. Barclays increased their price objective on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research note on Tuesday, August 20th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Medtronic currently has an average rating of “Hold” and a consensus target price of $92.92.

Medtronic Stock Performance

Shares of NYSE:MDT opened at $90.11 on Tuesday. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61. The business’s fifty day moving average price is $83.86 and its two-hundred day moving average price is $82.84. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $91.49. The stock has a market capitalization of $115.55 billion, a price-to-earnings ratio of 32.77, a price-to-earnings-growth ratio of 2.57 and a beta of 0.84.

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 net margin of 12.06% and a return on equity of 13.68%. The business had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. During the same quarter in the prior year, the firm earned $1.20 EPS. The firm’s quarterly revenue was up 3.4% compared to the same quarter last year. As a group, analysts predict that Medtronic plc will post 5.46 EPS for the current fiscal year.

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date is Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is currently 101.82%.

About Medtronic

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.