Pallas Capital Advisors LLC Raises Stake in Medtronic plc (NYSE:MDT)

Pallas Capital Advisors LLC raised its stake in shares of Medtronic plc (NYSE:MDT) by 48.0% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 11,554 shares of the medical technology company’s stock after buying an additional 3,747 shares during the quarter. Pallas Capital Advisors LLC’s holdings in Medtronic were worth $1,051,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Orrstown Financial Services Inc. purchased a new stake in Medtronic in the 3rd quarter worth approximately $211,000. Autumn Glory Partners LLC raised its position in shares of Medtronic by 17.7% in the third quarter. Autumn Glory Partners LLC now owns 36,909 shares of the medical technology company’s stock worth $3,325,000 after buying an additional 5,552 shares in the last quarter. Nisa Investment Advisors LLC boosted its stake in Medtronic by 41.3% during the third quarter. Nisa Investment Advisors LLC now owns 470,525 shares of the medical technology company’s stock valued at $42,670,000 after buying an additional 137,429 shares during the period. Patriot Financial Group Insurance Agency LLC grew its position in Medtronic by 8.8% during the third quarter. Patriot Financial Group Insurance Agency LLC now owns 23,075 shares of the medical technology company’s stock worth $2,077,000 after buying an additional 1,876 shares in the last quarter. Finally, Smithbridge Asset Management Inc. DE increased its stake in Medtronic by 6.8% in the 3rd quarter. Smithbridge Asset Management Inc. DE now owns 59,327 shares of the medical technology company’s stock worth $5,341,000 after acquiring an additional 3,757 shares during the last quarter. 82.06% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

MDT has been the subject of several recent analyst reports. Oppenheimer boosted their price objective on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a report on Wednesday, August 21st. UBS Group raised shares of Medtronic from a “sell” rating to a “neutral” rating and increased their price target for the stock from $76.00 to $90.00 in a report on Thursday, August 15th. Evercore ISI lifted their price objective on shares of Medtronic from $100.00 to $104.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. Wells Fargo & Company increased their target price on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research note on Wednesday, August 21st. Finally, Robert W. Baird lifted their price target on Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. One investment 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 company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $95.36.

Medtronic Stock Down 0.3 %

Shares of Medtronic stock opened at $90.33 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. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $92.68. The company’s 50 day moving average price is $89.52 and its 200-day moving average price is $83.98. The stock has a market capitalization of $115.82 billion, a price-to-earnings ratio of 32.85, a P/E/G ratio of 2.60 and a beta of 0.84.

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

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were issued a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.10%. The ex-dividend date was Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is currently 101.82%.

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.