Medtronic PLC $MDT Position Trimmed by California Public Employees Retirement System

California Public Employees Retirement System lowered its stake in Medtronic PLC (NYSE:MDT - Free Report) by 49.9% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,400,255 shares of the medical technology company's stock after selling 2,389,444 shares during the period. California Public Employees Retirement System owned approximately 0.19% of Medtronic worth $207,982,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of MDT. Lodestone Wealth Management LLC acquired a new stake in shares of Medtronic during the fourth quarter worth $27,000. Anfield Capital Management LLC boosted its position in shares of Medtronic by 410.7% in the 4th quarter. Anfield Capital Management LLC now owns 286 shares of the medical technology company's stock valued at $27,000 after purchasing an additional 230 shares during the period. Monetary Solutions Ltd acquired a new position in shares of Medtronic in the 4th quarter valued at $27,000. GoalVest Advisory LLC purchased a new position in Medtronic in the 4th quarter worth about $29,000. Finally, Board of the Pension Protection Fund purchased a new position in Medtronic in the 4th quarter worth about $29,000. Institutional investors and hedge funds own 82.06% of the company's stock.

Medtronic Trading Down 0.4%

Shares of NYSE:MDT opened at $83.20 on Friday. The firm has a fifty day moving average of $79.50 and a two-hundred day moving average of $87.99. The company has a quick ratio of 1.62, a current ratio of 2.13 and a debt-to-equity ratio of 0.52. Medtronic PLC has a 12-month low of $73.31 and a 12-month high of $106.33. The firm has a market capitalization of $106.50 billion, a P/E ratio of 22.30, a price-to-earnings-growth ratio of 2.24 and a beta of 0.56.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings data on Wednesday, June 3rd. The medical technology company reported $1.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.01. Medtronic had a return on equity of 14.51% and a net margin of 13.20%.The business had revenue of $9.81 billion during the quarter, compared to analyst estimates of $9.62 billion. During the same period last year, the company earned $1.62 earnings per share. Medtronic's quarterly revenue was up 9.9% compared to the same quarter last year. Medtronic has set its FY 2027 guidance at 5.900-6.000 EPS. On average, equities analysts expect that Medtronic PLC will post 5.94 EPS for the current fiscal year.

Medtronic Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 17th. Stockholders of record on Friday, June 26th were issued a dividend of $0.72 per share. The ex-dividend date was Friday, June 26th. This represents a $2.88 annualized dividend and a dividend yield of 3.5%. This is a positive change from Medtronic's previous quarterly dividend of $0.71. Medtronic's dividend payout ratio is presently 77.21%.

Wall Street Analyst Weigh In

Several analysts have issued reports on MDT shares. Barclays boosted their price objective on Medtronic from $118.00 to $120.00 and gave the stock an "overweight" rating in a report on Wednesday, April 1st. Stifel Nicolaus set a $80.00 target price on shares of Medtronic in a research report on Wednesday, June 3rd. Leerink Partners cut their price target on shares of Medtronic from $117.00 to $104.00 and set an "outperform" rating on the stock in a report on Thursday, June 4th. TD Cowen cut their price target on shares of Medtronic from $119.00 to $100.00 and set a "buy" rating on the stock in a report on Friday, July 10th. Finally, Needham & Company LLC restated a "buy" rating and issued a $101.00 price target on shares of Medtronic in a research report on Wednesday, June 17th. Seventeen equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $98.21.

Insider Activity at Medtronic

In related news, EVP Harry Skip Kiil sold 4,189 shares of the business's stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $80.44, for a total value of $336,963.16. Following the completion of the sale, the executive vice president owned 37,227 shares of the company's stock, valued at approximately $2,994,539.88. The trade was a 10.11% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.26% of the company's stock.

Medtronic Profile

Medtronic plc is a global medical technology company that develops and manufactures a broad range of therapeutic devices and health care solutions. Headquartered legally in Ireland with principal operational offices in the United States, the company markets products to hospitals, physicians and health systems worldwide and has grown from its founding in 1949 into one of the largest medical-device manufacturers serving global health-care markets.

Medtronic's offerings span several clinical areas, including cardiac rhythm and heart failure (pacemakers, implantable cardioverter‑defibrillators and related cardiac therapies), minimally invasive and surgical technologies (laparoscopic and advanced energy devices, visualization systems and surgical innovations), restorative therapies (spine and orthopedics, neuromodulation and neurovascular treatments) and diabetes management (insulin-delivery systems and glucose monitoring solutions).

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