Pallas Capital Advisors LLC Grows Stock Holdings in Medtronic plc (NYSE:MDT)

Pallas Capital Advisors LLC grew its holdings in shares of Medtronic plc (NYSE:MDT) by 107.4% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 20,653 shares of the medical technology company’s stock after purchasing an additional 10,696 shares during the period. Pallas Capital Advisors LLC’s holdings in Medtronic were worth $1,856,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Burkett Financial Services LLC lifted its holdings in shares of Medtronic by 185.0% during the first quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company’s stock valued at $26,000 after purchasing an additional 185 shares during the last quarter. Mainstream Capital Management LLC purchased a new position in shares of Medtronic during the fourth quarter valued at approximately $26,000. Rakuten Securities Inc. increased its position in shares of Medtronic by 753.8% during the fourth quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company’s stock valued at $27,000 after acquiring an additional 294 shares in the last quarter. Wood Tarver Financial Group LLC bought a new stake in shares of Medtronic during the fourth quarter valued at approximately $27,000. Finally, Optiver Holding B.V. bought a new stake in shares of Medtronic during the fourth quarter valued at approximately $31,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Trading Up 0.0%

NYSE:MDT opened at $87.46 on Tuesday. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $96.25. The company has a market cap of $112.18 billion, a PE ratio of 26.58, a price-to-earnings-growth ratio of 2.22 and a beta of 0.79. The company has a 50 day simple moving average of $83.89 and a two-hundred day simple moving average of $86.20.

Medtronic (NYSE:MDT) last posted its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, topping analysts’ consensus estimates of $1.58 by $0.04. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The business had revenue of $8.93 billion during the quarter, compared to the consensus estimate of $8.81 billion. During the same quarter in the previous year, the firm posted $1.46 EPS. The firm’s revenue was up 3.9% on a year-over-year basis. Research analysts forecast that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be given a dividend of $0.71 per share. This is an increase from Medtronic’s previous quarterly dividend of $0.70. The ex-dividend date is Friday, June 27th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.25%. Medtronic’s payout ratio is presently 78.45%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on MDT. UBS Group raised their price target on shares of Medtronic from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday, February 19th. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research report on Friday. Truist Financial reduced their price target on shares of Medtronic from $93.00 to $90.00 and set a “hold” rating for the company in a research report on Friday, April 11th. Wall Street Zen downgraded shares of Medtronic from a “buy” rating to a “hold” rating in a research report on Saturday, May 24th. Finally, Robert W. Baird reduced their price target on shares of Medtronic from $94.00 to $92.00 and set a “neutral” rating for the company in a research report on Thursday, May 22nd. Nine research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $97.00.

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.