Illinois Municipal Retirement Fund Cuts Stock Holdings in Medtronic PLC (NYSE:MDT)

Illinois Municipal Retirement Fund reduced its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 9.2% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 144,718 shares of the medical technology company's stock after selling 14,654 shares during the quarter. Illinois Municipal Retirement Fund's holdings in Medtronic were worth $13,004,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. TCTC Holdings LLC grew its holdings in Medtronic by 3.4% during the 4th quarter. TCTC Holdings LLC now owns 39,718 shares of the medical technology company's stock worth $3,173,000 after acquiring an additional 1,301 shares in the last quarter. Brighton Jones LLC grew its holdings in Medtronic by 1,368.0% during the 4th quarter. Brighton Jones LLC now owns 39,989 shares of the medical technology company's stock worth $3,194,000 after acquiring an additional 37,265 shares in the last quarter. Oxford Asset Management LLP grew its holdings in Medtronic by 70.1% during the 4th quarter. Oxford Asset Management LLP now owns 7,442 shares of the medical technology company's stock worth $594,000 after acquiring an additional 3,068 shares in the last quarter. New Vernon Investment Management LLC grew its holdings in Medtronic by 304.9% during the 4th quarter. New Vernon Investment Management LLC now owns 29,613 shares of the medical technology company's stock worth $2,425,000 after acquiring an additional 22,300 shares in the last quarter. Finally, Argent Trust Co grew its holdings in Medtronic by 13.6% during the 4th quarter. Argent Trust Co now owns 56,020 shares of the medical technology company's stock worth $4,475,000 after acquiring an additional 6,721 shares in the last quarter. 82.06% of the stock is owned by institutional investors.

Medtronic Stock Performance

MDT stock traded up $0.01 during trading on Friday, reaching $86.19. The company had a trading volume of 10,133,590 shares, compared to its average volume of 6,964,487. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85. Medtronic PLC has a twelve month low of $75.96 and a twelve month high of $96.25. The firm has a 50-day simple moving average of $84.82 and a 200-day simple moving average of $86.35. The company has a market cap of $110.54 billion, a price-to-earnings ratio of 23.81, a price-to-earnings-growth ratio of 2.32 and a beta of 0.79.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 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 business had revenue of $8.93 billion during the quarter, compared to analysts' expectations of $8.81 billion. During the same period in the previous year, the business posted $1.46 EPS. The business's quarterly revenue was up 3.9% compared to the same quarter last year. As a group, sell-side analysts expect that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be paid a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 3.29%. This is a boost from Medtronic's previous quarterly dividend of $0.70. The ex-dividend date is Friday, June 27th. Medtronic's payout ratio is presently 77.35%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on MDT. Royal Bank Of Canada dropped their target price on shares of Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a report on Thursday, May 22nd. Truist Financial lowered their price target on shares of Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a report on Friday, April 11th. Leerink Partnrs upgraded shares of Medtronic to a "strong-buy" rating in a report on Monday, June 16th. Needham & Company LLC restated a "hold" rating on shares of Medtronic in a report on Friday, June 6th. Finally, Mizuho lowered their price target on shares of Medtronic from $100.00 to $98.00 and set an "outperform" rating on the stock in a report on Thursday, May 22nd. Eight investment analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, Medtronic currently has a consensus rating of "Moderate Buy" and a consensus target price of $97.87.

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.