Angeles Investment Advisors LLC Reduces Stock Position in Medtronic plc (NYSE:MDT)

Angeles Investment Advisors LLC decreased its position in Medtronic plc (NYSE:MDT) by 4.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 12,786 shares of the medical technology company’s stock after selling 650 shares during the quarter. Angeles Investment Advisors LLC’s holdings in Medtronic were worth $1,013,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of MDT. Norges Bank bought a new position in Medtronic during the 4th quarter valued at approximately $1,229,726,000. M&G Plc bought a new position in shares of Medtronic during the first quarter valued at approximately $259,160,000. Capital Research Global Investors lifted its stake in Medtronic by 7.1% in the first quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock worth $2,691,577,000 after acquiring an additional 2,044,109 shares during the period. Pzena Investment Management LLC boosted its holdings in Medtronic by 30.9% in the fourth quarter. Pzena Investment Management LLC now owns 7,500,562 shares of the medical technology company’s stock valued at $617,896,000 after acquiring an additional 1,769,985 shares in the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its position in Medtronic by 145.4% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 2,372,641 shares of the medical technology company’s stock valued at $195,431,000 after purchasing an additional 1,405,978 shares during the period. 82.06% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently commented on MDT. Truist Financial raised their target price on shares of Medtronic from $85.00 to $90.00 and gave the stock a “hold” rating in a research report on Friday, August 23rd. Daiwa America raised Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Stifel Nicolaus increased their target price on Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research report on Wednesday, August 21st. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research report on Tuesday, August 20th. Finally, Barclays increased their price objective on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $92.92.

Medtronic Price Performance

NYSE:MDT opened at $90.00 on Monday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. The firm has a market cap of $115.40 billion, a P/E ratio of 32.73, a P/E/G ratio of 2.57 and a beta of 0.84. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $91.49. The firm has a 50-day simple moving average of $83.60 and a two-hundred day simple moving average of $82.79.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.03. The company had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The firm’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same quarter last year, the firm earned $1.20 earnings per share. Analysts predict that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s payout ratio is currently 101.82%.

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.