Allen Wealth Management LLC Grows Position in Medtronic plc (NYSE:MDT)

Allen Wealth Management LLC raised its holdings in Medtronic plc (NYSE:MDT) by 12.0% in the third quarter, according to the company in its most recent disclosure with the SEC. 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 holdings, making the stock its 21st biggest position. Allen Wealth Management LLC’s holdings in Medtronic were worth $1,764,000 as of its most recent filing with the SEC.

Several other institutional investors also recently made changes to their positions in MDT. Mission Wealth Management LP increased its holdings in Medtronic by 13.0% in the first quarter. Mission Wealth Management LP now owns 6,251 shares of the medical technology company’s stock valued at $545,000 after buying an additional 718 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in Medtronic by 12.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 290,357 shares of the medical technology company’s stock worth $23,668,000 after purchasing an additional 31,098 shares during the last quarter. PDS Planning Inc purchased a new stake in Medtronic during the first quarter worth $207,000. Choreo LLC grew its holdings in Medtronic by 2.7% in the first quarter. Choreo LLC now owns 14,834 shares of the medical technology company’s stock valued at $1,293,000 after purchasing an additional 386 shares during the last quarter. Finally, Fidelis Capital Partners LLC increased its position in shares of Medtronic by 28.9% in the first quarter. Fidelis Capital Partners LLC now owns 4,661 shares of the medical technology company’s stock valued at $406,000 after buying an additional 1,044 shares in the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on MDT shares. Piper Sandler increased their price objective on shares of Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. Royal Bank of Canada raised shares of Medtronic from a “sector perform” rating to an “outperform” rating and raised their price objective for the stock from $98.00 to $105.00 in a research note on Thursday, October 10th. Oppenheimer upped their target price on Medtronic from $92.00 to $94.00 and gave the company a “market perform” rating in a research note on Wednesday, August 21st. UBS Group raised Medtronic from a “sell” rating to a “neutral” rating and raised their price target for the stock from $76.00 to $90.00 in a research report on Thursday, August 15th. Finally, Wells Fargo & Company upped their price objective on Medtronic from $105.00 to $106.00 and gave the company an “overweight” rating in a research report on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Medtronic has a consensus rating of “Hold” and an average target price of $95.36.

Medtronic Price Performance

Medtronic stock opened at $90.07 on Friday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. The company has a market cap of $115.51 billion, a price-to-earnings ratio of 30.43, a PEG ratio of 2.55 and a beta of 0.84. Medtronic plc has a 1 year low of $69.32 and a 1 year high of $92.68. The firm has a 50 day moving average price of $89.64 and a 200 day moving average price of $84.17.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, topping 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 the consensus estimate of $7.90 billion. During the same period in the prior year, the firm posted $1.20 EPS. The business’s revenue for the quarter was up 3.4% on a year-over-year basis. Sell-side analysts predict that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.11%. The ex-dividend date was Friday, September 27th. Medtronic’s dividend payout ratio (DPR) is presently 94.59%.

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.