37,342 Shares in Medtronic PLC (NYSE:MDT) Acquired by Kentucky Retirement Systems Insurance Trust Fund

Kentucky Retirement Systems Insurance Trust Fund bought a new position in shares of Medtronic PLC (NYSE:MDT - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 37,342 shares of the medical technology company's stock, valued at approximately $3,356,000.

A number of other large investors have also recently made changes to their positions in MDT. Vanguard Group Inc. increased its position in shares of Medtronic by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 124,203,387 shares of the medical technology company's stock worth $9,921,367,000 after acquiring an additional 754,395 shares during the period. Capital Research Global Investors grew its stake in Medtronic by 1.8% in the fourth quarter. Capital Research Global Investors now owns 33,203,685 shares of the medical technology company's stock worth $2,652,310,000 after purchasing an additional 571,700 shares in the last quarter. Geode Capital Management LLC increased its holdings in Medtronic by 2.2% during the 4th quarter. Geode Capital Management LLC now owns 27,056,217 shares of the medical technology company's stock worth $2,155,085,000 after purchasing an additional 574,055 shares during the period. Deutsche Bank AG raised its position in Medtronic by 2.1% during the 4th quarter. Deutsche Bank AG now owns 18,443,640 shares of the medical technology company's stock valued at $1,473,278,000 after purchasing an additional 372,168 shares in the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of Medtronic by 17.8% in the 4th quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company's stock worth $1,233,769,000 after buying an additional 2,333,600 shares during the period. 82.06% of the stock is owned by hedge funds and other institutional investors.

Medtronic Stock Performance

MDT traded down $0.90 during midday trading on Monday, hitting $85.44. 3,030,306 shares of the company were exchanged, compared to its average volume of 7,733,133. The company's 50 day simple moving average is $84.49 and its 200 day simple moving average is $86.28. The firm has a market capitalization of $109.59 billion, a price-to-earnings ratio of 23.59, a price-to-earnings-growth ratio of 2.33 and a beta of 0.79. Medtronic PLC has a 1-year low of $75.96 and a 1-year high of $96.25. The company has a current ratio of 1.85, a quick ratio of 1.42 and a debt-to-equity ratio of 0.53.

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

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be issued a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 3.32%. The ex-dividend date of this dividend is Friday, June 27th. This is a positive change from Medtronic's previous quarterly dividend of $0.70. Medtronic's payout ratio is presently 77.35%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on MDT. Truist Financial cut their price target on Medtronic from $93.00 to $90.00 and set a "hold" rating on the stock in a research note on Friday, April 11th. Wall Street Zen raised shares of Medtronic from a "hold" rating to a "buy" rating in a report on Saturday. Needham & Company LLC restated a "hold" rating on shares of Medtronic in a report on Friday, June 6th. Leerink Partnrs raised Medtronic to a "strong-buy" rating in a research report on Monday, June 16th. Finally, Leerink Partners started coverage on Medtronic in a research report on Monday, June 16th. They issued an "outperform" rating and a $110.00 price target for the company. Eight investment analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $97.87.

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.