Medtronic plc (NYSE:MDT) Shares Purchased by Allen Wealth Management LLC

Allen Wealth Management LLC raised its stake in Medtronic plc (NYSE:MDT) by 12.0% during the 3rd quarter, HoldingsChannel reports. The firm owned 19,591 shares of the medical technology company’s stock after acquiring an additional 2,097 shares during the quarter. Medtronic accounts for about 1.2% of Allen Wealth Management LLC’s portfolio, making the stock its 21st largest position. Allen Wealth Management LLC’s holdings in Medtronic were worth $1,764,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Fortitude Family Office LLC purchased a new position in Medtronic in the 3rd quarter worth approximately $27,000. Highline Wealth Partners LLC purchased a new position in shares of Medtronic in the third quarter valued at $27,000. Lynx Investment Advisory acquired a new stake in Medtronic during the 2nd quarter valued at $28,000. Gleason Group Inc. purchased a new stake in Medtronic during the 2nd quarter worth $42,000. Finally, Opal Wealth Advisors LLC acquired a new position in Medtronic in the 2nd quarter worth $43,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Stock Performance

Shares of MDT stock opened at $90.07 on Friday. The company has a market cap of $115.51 billion, a P/E ratio of 30.43, a PEG ratio of 2.55 and a beta of 0.84. The business has a 50 day moving average of $89.64 and a two-hundred day moving average of $84.17. Medtronic plc has a 52 week low of $69.32 and a 52 week high of $92.68. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The business had revenue of $7.97 billion during the quarter, compared to analyst estimates of $7.90 billion. During the same quarter in the previous year, the firm posted $1.20 EPS. The business’s revenue for the quarter was up 3.4% compared to the same quarter last year. As a group, analysts anticipate that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were given a $0.70 dividend. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.80 annualized dividend and a yield of 3.11%. Medtronic’s dividend payout ratio is presently 94.59%.

Analyst Ratings Changes

MDT has been the subject of several recent analyst reports. Stifel Nicolaus raised their target price on Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research note on Wednesday, August 21st. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a report on Friday, October 25th. Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and upped their target price for the company from $98.00 to $105.00 in a research report on Thursday, October 10th. Robert W. Baird raised their price target on shares of Medtronic from $82.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Finally, Oppenheimer upped their price target on shares of Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a report on Wednesday, August 21st. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Medtronic has an average rating of “Hold” and a consensus 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.