Arizona State Retirement System Boosts Position in Medtronic PLC (NYSE:MDT)

Arizona State Retirement System boosted its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 1.6% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 376,316 shares of the medical technology company's stock after buying an additional 5,852 shares during the period. Arizona State Retirement System's holdings in Medtronic were worth $33,816,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Brighton Jones LLC grew its position in shares of Medtronic by 1,368.0% during the fourth quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock worth $3,194,000 after buying an additional 37,265 shares in the last quarter. Proficio Capital Partners LLC acquired a new stake in shares of Medtronic during the fourth quarter worth approximately $13,132,000. AGF Management Ltd. acquired a new stake in shares of Medtronic during the fourth quarter worth approximately $335,000. PFG Advisors grew its position in shares of Medtronic by 8.4% during the fourth quarter. PFG Advisors now owns 2,673 shares of the medical technology company's stock worth $214,000 after buying an additional 208 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its position in shares of Medtronic by 49.8% during the fourth quarter. EverSource Wealth Advisors LLC now owns 4,855 shares of the medical technology company's stock worth $388,000 after buying an additional 1,613 shares in the last quarter. Hedge funds and other institutional investors own 82.06% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Needham & Company LLC reissued a "hold" rating on shares of Medtronic in a research report on Friday, June 6th. Evercore ISI lifted their price objective on shares of Medtronic from $103.00 to $106.00 and gave the stock an "outperform" rating in a report on Tuesday. Leerink Partnrs raised shares of Medtronic to a "strong-buy" rating in a report on Monday, June 16th. Wall Street Zen raised shares of Medtronic from a "hold" rating to a "buy" rating in a report on Saturday, June 21st. Finally, Leerink Partners assumed coverage on shares of Medtronic in a report on Monday, June 16th. They issued an "outperform" rating and a $110.00 price objective for the company. Nine analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $97.47.

Medtronic Stock Performance

Shares of MDT opened at $90.02 on Friday. Medtronic PLC has a 1 year low of $76.68 and a 1 year high of $96.25. The company has a market cap of $115.45 billion, a price-to-earnings ratio of 24.87, a price-to-earnings-growth ratio of 2.32 and a beta of 0.80. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85. The firm has a fifty day moving average of $85.77 and a 200-day moving average of $86.82.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings results on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.04. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The company had revenue of $8.93 billion during the quarter, compared to the consensus estimate of $8.81 billion. During the same quarter in the previous year, the company posted $1.46 earnings per share. The company's revenue for the quarter was up 3.9% compared to the same quarter last year. As a group, equities analysts anticipate that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Friday, June 27th were issued a $0.71 dividend. The ex-dividend date of this dividend was Friday, June 27th. This represents a $2.84 annualized dividend and a yield of 3.15%. This is an increase from Medtronic's previous quarterly dividend of $0.70. Medtronic's dividend payout ratio is presently 78.45%.

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.

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