California State Teachers Retirement System Acquires 156,085,748 Shares of Medtronic PLC $MDT

California State Teachers Retirement System increased its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 7,655.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 158,124,578 shares of the medical technology company's stock after buying an additional 156,085,748 shares during the quarter. California State Teachers Retirement System owned 12.35% of Medtronic worth $12,370,086,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Monetary Solutions Ltd bought a new stake in shares of Medtronic during the 4th quarter valued at $27,000. Acumen Wealth Advisors LLC purchased a new stake in shares of Medtronic in the 4th quarter worth $29,000. Imprint Wealth LLC bought a new position in Medtronic in the 3rd quarter worth $31,000. Basepoint Wealth LLC bought a new position in Medtronic in the 4th quarter worth $32,000. Finally, Tucker Asset Management LLC purchased a new position in Medtronic during the fourth quarter valued at $33,000. 82.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

MDT has been the subject of several recent research reports. JPMorgan Chase & Co. cut their price target on Medtronic from $100.00 to $86.00 and set a "neutral" rating for the company in a report on Thursday, June 4th. Wall Street Zen cut Medtronic from a "buy" rating to a "hold" rating in a research report on Saturday. The Goldman Sachs Group cut their price objective on Medtronic from $84.00 to $83.00 and set a "neutral" rating for the company in a research note on Thursday, June 4th. Truist Financial reissued a "hold" rating and issued a $99.00 target price (up from $86.00) on shares of Medtronic in a report on Wednesday, September 2nd. Finally, Deutsche Bank Aktiengesellschaft restated a "hold" rating and set a $92.00 target price on shares of Medtronic in a research note on Thursday, September 3rd. Nineteen equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat, Medtronic presently has a consensus rating of "Moderate Buy" and a consensus target price of $103.92.

Medtronic Stock Down 1.9%

Shares of NYSE MDT opened at $92.41 on Wednesday. The company has a current ratio of 2.07, a quick ratio of 1.54 and a debt-to-equity ratio of 0.50. Medtronic PLC has a 12-month low of $73.31 and a 12-month high of $106.33. The firm's 50-day moving average price is $87.33 and its 200-day moving average price is $85.21. The stock has a market capitalization of $118.20 billion, a price-to-earnings ratio of 22.76, a P/E/G ratio of 2.21 and a beta of 0.56.

Medtronic (NYSE:MDT - Get Free Report) last issued its quarterly earnings data on Tuesday, September 1st. The medical technology company reported $1.45 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.06. Medtronic had a return on equity of 14.78% and a net margin of 13.93%.The company had revenue of $9.76 billion for the quarter, compared to analysts' expectations of $9.55 billion. During the same period in the previous year, the firm posted $1.26 earnings per share. The firm's revenue for the quarter was up 13.7% on a year-over-year basis. Medtronic has set its Q2 2027 guidance at 1.320-1.340 EPS and its FY 2027 guidance at 5.940-6.000 EPS. On average, equities research analysts anticipate that Medtronic PLC will post 5.96 EPS for the current fiscal year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 16th. Stockholders of record on Friday, September 25th will be given a dividend of $0.72 per share. The ex-dividend date of this dividend is Friday, September 25th. This represents a $2.88 annualized dividend and a dividend yield of 3.1%. Medtronic's payout ratio is currently 70.94%.

Medtronic Profile

Medtronic plc is a global medical technology company that develops, manufactures and sells devices and therapies used to diagnose and treat a broad range of medical conditions. Its products are designed for hospitals, physicians and patients across areas including cardiac care, diabetes, neurological disorders, spinal conditions and surgical procedures.

The company's portfolio includes pacemakers, implantable cardioverter-defibrillators, cardiac ablation systems, heart valves, neurostimulation systems, implantable pumps, spinal implants and surgical technologies.

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