Angeles Wealth Management LLC Has $246,000 Position in Medtronic plc (NYSE:MDT)

Angeles Wealth Management LLC lifted its holdings in shares of Medtronic plc (NYSE:MDT) by 36.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,085 shares of the medical technology company’s stock after buying an additional 822 shares during the period. Angeles Wealth Management LLC’s holdings in Medtronic were worth $246,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Ritholtz Wealth Management raised its stake in shares of Medtronic by 39.8% during the 3rd quarter. Ritholtz Wealth Management now owns 14,242 shares of the medical technology company’s stock worth $1,282,000 after purchasing an additional 4,051 shares in the last quarter. Willis Investment Counsel increased its holdings in Medtronic by 0.3% during the third quarter. Willis Investment Counsel now owns 351,850 shares of the medical technology company’s stock worth $31,677,000 after buying an additional 990 shares during the last quarter. Woodstock Corp raised its position in Medtronic by 1.2% during the third quarter. Woodstock Corp now owns 132,093 shares of the medical technology company’s stock worth $11,892,000 after acquiring an additional 1,506 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. lifted its stake in Medtronic by 18.5% in the third quarter. Thurston Springer Miller Herd & Titak Inc. now owns 12,179 shares of the medical technology company’s stock valued at $1,096,000 after acquiring an additional 1,903 shares during the last quarter. Finally, Paladin Wealth LLC bought a new position in shares of Medtronic in the 3rd quarter valued at about $789,000. Institutional investors own 82.06% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. dropped their target price on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating on the stock in a report on Friday, November 15th. Wells Fargo & Company cut their price objective on Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research report on Wednesday, November 20th. Robert W. Baird decreased their target price on Medtronic from $96.00 to $93.00 and set a “neutral” rating on the stock in a report on Wednesday, November 20th. Sanford C. Bernstein raised their price target on Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a report on Wednesday, November 20th. Finally, Truist Financial decreased their price objective on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a report on Wednesday, December 18th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $95.00.

Insider Activity

In related news, EVP Brett A. Wall sold 9,850 shares of Medtronic stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total value of $792,038.50. Following the transaction, the executive vice president now directly owns 40,708 shares of the company’s stock, valued at $3,273,330.28. This trade represents a 19.48 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.20% of the company’s stock.

Medtronic Trading Up 0.9 %

Shares of MDT stock opened at $90.84 on Tuesday. The stock has a market cap of $116.48 billion, a P/E ratio of 27.78, a price-to-earnings-growth ratio of 2.57 and a beta of 0.84. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $93.08. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. The stock has a 50 day simple moving average of $84.85 and a 200 day simple moving average of $86.48.

Medtronic (NYSE:MDT) last released its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, beating analysts’ consensus estimates of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The firm had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.27 billion. During the same period in the prior year, the company posted $1.25 EPS. The company’s revenue was up 5.2% compared to the same quarter last year. On average, research analysts predict that Medtronic plc will post 5.45 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were issued a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.08%. The ex-dividend date of this dividend was Friday, December 27th. Medtronic’s dividend payout ratio is currently 85.63%.

About Medtronic

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.