Telos Capital Management Inc. Purchases 2,402 Shares of Medtronic plc (NYSE:MDT)

Telos Capital Management Inc. lifted its position in shares of Medtronic plc (NYSE:MDT) by 2.0% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 123,358 shares of the medical technology company’s stock after purchasing an additional 2,402 shares during the quarter. Medtronic comprises 1.2% of Telos Capital Management Inc.’s investment portfolio, making the stock its 24th biggest holding. Telos Capital Management Inc.’s holdings in Medtronic were worth $11,106,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. M&G Plc bought a new position in shares of Medtronic in the 1st quarter worth about $259,160,000. Capital Research Global Investors grew its holdings 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 purchasing an additional 2,044,109 shares during the period. Healthcare of Ontario Pension Plan Trust Fund increased its stake in shares of Medtronic by 1,195.9% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,837,600 shares of the medical technology company’s stock valued at $144,637,000 after purchasing an additional 1,695,800 shares in the last quarter. Troy Asset Management Ltd purchased a new position in shares of Medtronic during the second quarter valued at approximately $85,440,000. Finally, 1832 Asset Management L.P. lifted its holdings in shares of Medtronic by 26.9% during the second quarter. 1832 Asset Management L.P. now owns 4,915,609 shares of the medical technology company’s stock valued at $386,908,000 after purchasing an additional 1,041,863 shares during the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently weighed in on MDT. Truist Financial raised their price objective on Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research report on Monday, October 14th. Royal Bank of Canada upgraded Medtronic from a “sector perform” rating to an “outperform” rating and raised their price target for the company from $98.00 to $105.00 in a report on Thursday, October 10th. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Tuesday, August 20th. Citigroup upped their target price on shares of Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 1st. Finally, Robert W. Baird raised their price target on shares of Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. One 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’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $95.36.

Medtronic Stock Performance

MDT stock opened at $91.05 on Tuesday. 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 plc has a 1 year low of $68.84 and a 1 year high of $92.25. The company has a market cap of $116.75 billion, a P/E ratio of 33.11, a price-to-earnings-growth ratio of 2.53 and a beta of 0.84. The stock’s fifty day moving average price is $88.65 and its 200-day moving average price is $83.63.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share (EPS) for the quarter, topping 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 business had revenue of $7.97 billion for the quarter, compared to analysts’ expectations of $7.90 billion. During the same period last year, the firm posted $1.20 earnings per share. The business’s revenue for the quarter was up 3.4% on a year-over-year basis. On average, equities analysts forecast that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were issued a dividend of $0.70 per share. The ex-dividend date was Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a yield of 3.08%. Medtronic’s dividend payout ratio is currently 101.82%.

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.