Pallas Capital Advisors LLC Acquires 10,696 Shares of Medtronic plc (NYSE:MDT)

Pallas Capital Advisors LLC increased its position in Medtronic plc (NYSE:MDT - Free Report) by 107.4% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 20,653 shares of the medical technology company's stock after purchasing an additional 10,696 shares during the quarter. Pallas Capital Advisors LLC's holdings in Medtronic were worth $1,856,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of MDT. Mainstream Capital Management LLC bought a new stake in shares of Medtronic in the 4th quarter valued at about $26,000. Burkett Financial Services LLC grew its stake in Medtronic by 185.0% in the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock valued at $26,000 after buying an additional 185 shares during the last quarter. Rakuten Securities Inc. grew its stake in Medtronic by 753.8% in the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock valued at $27,000 after buying an additional 294 shares during the last quarter. Wood Tarver Financial Group LLC acquired a new position in Medtronic in the 4th quarter valued at about $27,000. Finally, Optiver Holding B.V. acquired a new position in Medtronic in the 4th quarter valued at about $31,000. 82.06% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

MDT has been the topic of a number of research reports. Citigroup upgraded shares of Medtronic from a "neutral" rating to a "buy" rating and upped their price target for the company from $92.00 to $107.00 in a research note on Tuesday, March 4th. UBS Group upped their price target on shares of Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a research note on Wednesday, February 19th. Mizuho decreased their price target on shares of Medtronic from $100.00 to $98.00 and set an "outperform" rating on the stock in a research note on Thursday, May 22nd. Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a research note on Friday, June 6th. Finally, Robert W. Baird decreased their target price on shares of Medtronic from $94.00 to $92.00 and set a "neutral" rating on the stock in a research report on Thursday, May 22nd. Nine equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $97.00.

Medtronic Price Performance

Shares of NYSE MDT traded down $1.30 during trading hours on Friday, hitting $87.19. 6,008,318 shares of the stock were exchanged, compared to its average volume of 6,874,071. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90. The company has a market cap of $111.83 billion, a PE ratio of 26.50, a price-to-earnings-growth ratio of 2.22 and a beta of 0.79. The company's fifty day simple moving average is $84.10 and its two-hundred day simple moving average is $86.25. Medtronic plc has a 1-year low of $75.96 and a 1-year high of $96.25.

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

Medtronic Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be paid a $0.71 dividend. 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 annualized dividend and a yield of 3.26%. Medtronic's dividend payout ratio is presently 78.45%.

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.