Angeles Wealth Management LLC Invests $204,000 in Medtronic plc (NYSE:MDT)

Angeles Wealth Management LLC acquired a new stake in Medtronic plc (NYSE:MDT) during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 2,263 shares of the medical technology company’s stock, valued at approximately $204,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of MDT. Clear Harbor Asset Management LLC boosted its holdings in Medtronic by 1.2% during the third quarter. Clear Harbor Asset Management LLC now owns 9,558 shares of the medical technology company’s stock worth $861,000 after buying an additional 111 shares during the last quarter. First PREMIER Bank raised its holdings in Medtronic by 1.8% in the third quarter. First PREMIER Bank now owns 6,417 shares of the medical technology company’s stock worth $577,000 after purchasing an additional 116 shares during the period. Precision Wealth Strategies LLC raised its holdings in Medtronic by 3.3% in the third quarter. Precision Wealth Strategies LLC now owns 3,741 shares of the medical technology company’s stock worth $337,000 after purchasing an additional 118 shares during the period. Lake Street Advisors Group LLC boosted its position in shares of Medtronic by 2.0% during the third quarter. Lake Street Advisors Group LLC now owns 6,024 shares of the medical technology company’s stock worth $547,000 after purchasing an additional 118 shares in the last quarter. Finally, Abbrea Capital LLC grew its holdings in shares of Medtronic by 2.5% in the 1st quarter. Abbrea Capital LLC now owns 5,077 shares of the medical technology company’s stock valued at $446,000 after buying an additional 125 shares during the period. 82.06% of the stock is owned by institutional investors.

Medtronic Stock Performance

Shares of MDT stock opened at $90.07 on Monday. The company has a fifty day moving average price of $89.64 and a two-hundred day moving average price of $84.20. Medtronic plc has a one year low of $69.32 and a one year high of $92.68. The stock has a market cap of $115.51 billion, a P/E ratio of 30.43, a P/E/G ratio of 2.55 and a beta of 0.84. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61.

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 the consensus estimate of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The firm had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. During the same quarter in the prior year, the company earned $1.20 earnings per share. The business’s revenue for the quarter was up 3.4% compared to the same quarter last year. As a group, equities analysts predict that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Announces Dividend

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

Analysts Set New Price Targets

MDT has been the topic of several recent analyst reports. Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and lifted their target price for the stock from $98.00 to $105.00 in a report on Thursday, October 10th. Citigroup lifted their price objective on Medtronic from $85.00 to $92.00 and gave the company a “neutral” rating in a report on Tuesday, October 1st. Evercore ISI boosted their price objective on Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research report on Tuesday, October 1st. Piper Sandler raised their target price on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a 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 equities research analyst has rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Medtronic has a consensus 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.