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

Allen Wealth Management LLC boosted its stake in shares of Medtronic plc (NYSE:MDT) by 6.8% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 20,915 shares of the medical technology company’s stock after acquiring an additional 1,324 shares during the period. Medtronic comprises about 1.2% of Allen Wealth Management LLC’s holdings, making the stock its 18th biggest holding. Allen Wealth Management LLC’s holdings in Medtronic were worth $1,671,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Arete Wealth Advisors LLC raised its holdings in shares of Medtronic by 15.6% during the 4th quarter. Arete Wealth Advisors LLC now owns 31,320 shares of the medical technology company’s stock worth $2,499,000 after acquiring an additional 4,228 shares during the period. World Investment Advisors increased its holdings in shares of Medtronic by 11.6% during the 4th quarter. World Investment Advisors now owns 141,005 shares of the medical technology company’s stock worth $11,264,000 after buying an additional 14,691 shares during the last quarter. OneAscent Financial Services LLC lifted its holdings in Medtronic by 17.2% in the fourth quarter. OneAscent Financial Services LLC now owns 3,597 shares of the medical technology company’s stock valued at $287,000 after acquiring an additional 527 shares during the last quarter. Bryce Point Capital LLC purchased a new position in Medtronic in the fourth quarter worth approximately $490,000. Finally, Huntington National Bank grew its position in Medtronic by 2.7% in the fourth quarter. Huntington National Bank now owns 127,597 shares of the medical technology company’s stock worth $10,192,000 after acquiring an additional 3,412 shares during the period. 82.06% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Medtronic

In related news, EVP Brett A. Wall sold 12,437 shares of Medtronic stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $90.00, for a total value of $1,119,330.00. Following the sale, the executive vice president now directly owns 40,979 shares in the company, valued at $3,688,110. The trade was a 23.28 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.20% of the company’s stock.

Medtronic Price Performance

Shares of MDT opened at $88.97 on Thursday. The company has a market capitalization of $114.11 billion, a price-to-earnings ratio of 27.04, a price-to-earnings-growth ratio of 2.22 and a beta of 0.80. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $96.25. The firm has a 50-day simple moving average of $91.04 and a 200-day simple moving average of $87.99. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.39 and a current ratio of 1.90.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.36 by $0.03. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. The company had revenue of $8.29 billion for the quarter, compared to the consensus estimate of $8.33 billion. On average, equities research analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 28th will be given a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, March 28th. This represents a $2.80 dividend on an annualized basis and a yield of 3.15%. Medtronic’s payout ratio is currently 85.11%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on MDT. Citigroup raised shares of Medtronic from a “neutral” rating to a “buy” rating and increased their price target for the stock from $92.00 to $107.00 in a research report on Tuesday, March 4th. Truist Financial cut their target price on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research note on Wednesday, December 18th. UBS Group boosted their price target on shares of Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. Royal Bank of Canada restated an “outperform” rating and issued a $105.00 price target on shares of Medtronic in a research note on Wednesday, February 19th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research note on Wednesday, February 19th. One 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 given a strong buy rating to the company. According to data from MarketBeat.com, Medtronic currently has a consensus rating of “Hold” and a consensus price target of $96.07.

Medtronic 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.