Pallas Capital Advisors LLC Purchases 5,219 Shares of Medtronic PLC $MDT

Pallas Capital Advisors LLC boosted its position in Medtronic PLC (NYSE:MDT) by 26.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 24,775 shares of the medical technology company’s stock after purchasing an additional 5,219 shares during the quarter. Pallas Capital Advisors LLC’s holdings in Medtronic were worth $2,360,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Riverbend Wealth Management LLC grew its position in shares of Medtronic by 3.2% in the 3rd quarter. Riverbend Wealth Management LLC now owns 3,487 shares of the medical technology company’s stock worth $332,000 after buying an additional 107 shares during the period. Wynn Capital LLC boosted its stake in Medtronic by 2.4% during the third quarter. Wynn Capital LLC now owns 4,639 shares of the medical technology company’s stock worth $442,000 after acquiring an additional 110 shares in the last quarter. Meridian Investment Counsel Inc. grew its holdings in Medtronic by 0.4% in the third quarter. Meridian Investment Counsel Inc. now owns 28,268 shares of the medical technology company’s stock worth $2,692,000 after purchasing an additional 110 shares during the period. Saxony Capital Management LLC increased its stake in shares of Medtronic by 3.8% during the third quarter. Saxony Capital Management LLC now owns 3,046 shares of the medical technology company’s stock valued at $290,000 after purchasing an additional 112 shares in the last quarter. Finally, Cape Investment Advisory Inc. lifted its holdings in shares of Medtronic by 3.2% during the second quarter. Cape Investment Advisory Inc. now owns 3,605 shares of the medical technology company’s stock valued at $314,000 after purchasing an additional 113 shares during the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on MDT. UBS Group restated a “neutral” rating and issued a $104.00 price target on shares of Medtronic in a research note on Wednesday, February 4th. TD Cowen reissued a “buy” rating on shares of Medtronic in a report on Friday, November 14th. JPMorgan Chase & Co. increased their target price on Medtronic from $90.00 to $100.00 and gave the stock a “neutral” rating in a research note on Thursday, November 13th. Royal Bank Of Canada lifted their price target on Medtronic from $111.00 to $118.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 19th. Finally, Leerink Partners set a $120.00 price target on shares of Medtronic and gave the stock an “outperform” rating in a research note on Wednesday, November 19th. Sixteen research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat.com, Medtronic has a consensus rating of “Moderate Buy” and a consensus price target of $111.21.

Medtronic Trading Down 1.3%

Medtronic stock opened at $99.57 on Tuesday. Medtronic PLC has a one year low of $79.55 and a one year high of $106.33. The business’s fifty day moving average is $99.25 and its 200 day moving average is $96.53. The stock has a market capitalization of $127.65 billion, a PE ratio of 26.84, a price-to-earnings-growth ratio of 2.62 and a beta of 0.71. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.42 and a quick ratio of 1.80.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, November 18th. The medical technology company reported $1.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.31 by $0.05. Medtronic had a net margin of 13.71% and a return on equity of 14.86%. The business had revenue of $8.96 billion for the quarter, compared to analysts’ expectations of $8.86 billion. During the same quarter in the prior year, the business earned $1.26 EPS. The business’s revenue for the quarter was up 6.6% compared to the same quarter last year. On average, sell-side analysts predict that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 16th. Investors of record on Friday, December 26th were given a dividend of $0.71 per share. The ex-dividend date was Friday, December 26th. This represents a $2.84 dividend on an annualized basis and a yield of 2.9%. Medtronic’s dividend payout ratio is 76.55%.

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).