Pallas Capital Advisors LLC Buys 3,747 Shares of Medtronic plc (NYSE:MDT)

Pallas Capital Advisors LLC boosted its stake in Medtronic plc (NYSE:MDT) by 48.0% in the 3rd quarter, HoldingsChannel.com reports. 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 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Orrstown Financial Services Inc. purchased a new position in shares of Medtronic in the 3rd quarter valued at approximately $211,000. Autumn Glory Partners LLC lifted its position in Medtronic by 17.7% during the third quarter. Autumn Glory Partners LLC now owns 36,909 shares of the medical technology company’s stock valued at $3,325,000 after buying an additional 5,552 shares during the period. Nisa Investment Advisors LLC lifted its position 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 lifted 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 valued at $2,077,000 after buying an additional 1,876 shares during the period. Finally, Smithbridge Asset Management Inc. DE increased its stake in shares of 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 in the last quarter. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Truist Financial lifted their price target on shares of Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research report on Monday, October 14th. Citigroup lifted their target price on shares of Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a report on Tuesday, October 1st. Piper Sandler raised their price objective on Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. Barclays lifted their price objective on Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. Finally, Oppenheimer increased their target price on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $95.36.

Medtronic Price Performance

MDT opened at $90.33 on Wednesday. The stock has a market capitalization of $115.82 billion, a P/E ratio of 32.85, a P/E/G ratio of 2.60 and a beta of 0.84. The company’s 50-day simple moving average is $89.52 and its two-hundred day simple moving average is $83.98. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $92.68. 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 (NYSE:MDT) last released its quarterly earnings results 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 the consensus estimate of $7.90 billion. During the same period in the previous year, the company posted $1.20 EPS. The business’s quarterly revenue was up 3.4% compared to the same quarter last year. As a group, analysts predict that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.10%. The ex-dividend date of this dividend was Friday, September 27th. Medtronic’s payout ratio is 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.