Apollon Wealth Management LLC Has $3.77 Million Position in Medtronic plc (NYSE:MDT)

Apollon Wealth Management LLC cut its stake in Medtronic plc (NYSE:MDT) by 11.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 41,830 shares of the medical technology company’s stock after selling 5,193 shares during the period. Apollon Wealth Management LLC’s holdings in Medtronic were worth $3,766,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of MDT. Fortitude Family Office LLC acquired a new stake in Medtronic during the third quarter worth about $27,000. Highline Wealth Partners LLC acquired a new stake in shares of Medtronic during the 3rd quarter worth approximately $27,000. Lynx Investment Advisory bought a new position in Medtronic in the second quarter valued at approximately $28,000. Gleason Group Inc. acquired a new position in Medtronic during the second quarter valued at approximately $42,000. Finally, Opal Wealth Advisors LLC bought a new stake in Medtronic during the second quarter worth $43,000. 82.06% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on MDT shares. Stifel Nicolaus boosted their price target on Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a report on Wednesday, August 21st. Piper Sandler boosted their target price on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Friday, October 25th. Barclays lifted their price target on shares of Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. Finally, Evercore ISI increased their price objective on shares of Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a research note on Tuesday, October 1st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $95.36.

Medtronic Price Performance

Shares of MDT opened at $88.25 on Wednesday. The business has a 50-day moving average of $89.67 and a 200-day moving average of $84.57. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61. The company has a market capitalization of $113.18 billion, a price-to-earnings ratio of 29.81, a price-to-earnings-growth ratio of 2.51 and a beta of 0.84. Medtronic plc has a 1 year low of $71.64 and a 1 year high of $92.68.

Medtronic (NYSE:MDT) last released its quarterly 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 net margin of 12.06% and a return on equity of 13.68%. The firm had revenue of $7.97 billion during the quarter, compared to analyst estimates of $7.90 billion. During the same quarter last year, the business earned $1.20 EPS. The company’s revenue was up 3.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.17%. The ex-dividend date of this dividend was Friday, September 27th. Medtronic’s dividend payout ratio is 94.59%.

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.