Pallas Capital Advisors LLC Grows Stock Holdings in Medtronic PLC $MDT

Pallas Capital Advisors LLC grew its position in shares of Medtronic PLC (NYSE:MDT) by 26.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 24,775 shares of the medical technology company’s stock after purchasing an additional 5,219 shares during the period. Pallas Capital Advisors LLC’s holdings in Medtronic were worth $2,360,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Delos Wealth Advisors LLC purchased a new stake in Medtronic in the second quarter worth approximately $27,000. Corundum Trust Company INC bought a new stake in shares of Medtronic in the 3rd quarter worth approximately $27,000. Valley Wealth Managers Inc. purchased a new stake in shares of Medtronic in the 3rd quarter valued at $29,000. Steigerwald Gordon & Koch Inc. purchased a new stake in shares of Medtronic in the 3rd quarter valued at $33,000. Finally, Tripletail Wealth Management LLC bought a new position in shares of Medtronic during the 3rd quarter valued at $34,000. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Price Performance

MDT opened at $99.57 on Tuesday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.80 and a current ratio of 2.42. The stock has a market capitalization of $127.65 billion, a PE ratio of 26.84, a price-to-earnings-growth ratio of 2.62 and a beta of 0.71. The stock’s 50 day moving average price is $99.25 and its 200-day moving average price is $96.53. Medtronic PLC has a 52-week low of $79.55 and a 52-week high of $106.33.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, November 18th. The medical technology company reported $1.36 EPS for the quarter, topping analysts’ consensus estimates of $1.31 by $0.05. The company had revenue of $8.96 billion during the quarter, compared to analyst estimates of $8.86 billion. Medtronic had a return on equity of 14.86% and a net margin of 13.71%.The firm’s revenue was up 6.6% on a year-over-year basis. During the same quarter last year, the firm posted $1.26 earnings per share. On average, equities research analysts predict that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, January 16th. Stockholders of record on Friday, December 26th were given a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend was Friday, December 26th. Medtronic’s dividend payout ratio (DPR) is currently 76.55%.

Analysts Set New Price Targets

Several research firms have weighed in on MDT. Citigroup initiated coverage on shares of Medtronic in a research note on Tuesday, February 3rd. They issued a “buy” rating and a $117.00 price target for the company. UBS Group restated a “neutral” rating and set a $104.00 target price on shares of Medtronic in a report on Wednesday, February 4th. Wells Fargo & Company initiated coverage on Medtronic in a research report on Friday, January 30th. They set an “overweight” rating and a $114.00 price target on the stock. Jefferies Financial Group reiterated a “hold” rating and issued a $110.00 price objective on shares of Medtronic in a research report on Wednesday, November 19th. Finally, Piper Sandler reissued a “neutral” rating on shares of Medtronic in a research note on Monday, January 5th. Sixteen analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat.com, Medtronic currently has an average rating of “Moderate Buy” and a consensus price target of $111.21.

Medtronic Profile

Medtronic plc is a global medical technology company that develops and manufactures a broad range of therapeutic devices and health care solutions. Headquartered legally in Ireland with principal operational offices in the United States, the company markets products to hospitals, physicians and health systems worldwide and has grown from its founding in 1949 into one of the largest medical-device manufacturers serving global health-care markets.

Medtronic’s offerings span several clinical areas, including cardiac rhythm and heart failure (pacemakers, implantable cardioverter?defibrillators and related cardiac therapies), minimally invasive and surgical technologies (laparoscopic and advanced energy devices, visualization systems and surgical innovations), restorative therapies (spine and orthopedics, neuromodulation and neurovascular treatments) and diabetes management (insulin-delivery systems and glucose monitoring solutions).