New York State Common Retirement Fund Lowers Stake in Medtronic PLC (NYSE:MDT)

New York State Common Retirement Fund cut its position in shares of Medtronic PLC (NYSE:MDT - Free Report) by 7.8% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,606,275 shares of the medical technology company's stock after selling 136,676 shares during the quarter. New York State Common Retirement Fund owned 0.13% of Medtronic worth $144,340,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Burkett Financial Services LLC raised its holdings in Medtronic by 185.0% during the first quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock worth $26,000 after purchasing an additional 185 shares during the last quarter. Wood Tarver Financial Group LLC acquired a new position in Medtronic during the fourth quarter worth $27,000. Columbia River Financial Group LLC acquired a new position in Medtronic during the first quarter worth $28,000. Optiver Holding B.V. acquired a new position in Medtronic during the fourth quarter worth $31,000. Finally, Chapman Financial Group LLC acquired a new position in Medtronic during the fourth quarter worth $33,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Trading Up 0.7%

Shares of NYSE:MDT traded up $0.62 during midday trading on Friday, reaching $90.02. The company's stock had a trading volume of 12,258,801 shares, compared to its average volume of 7,027,364. The firm has a market cap of $115.45 billion, a price-to-earnings ratio of 24.87, a price-to-earnings-growth ratio of 2.33 and a beta of 0.80. The company has a quick ratio of 1.42, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. Medtronic PLC has a 1 year low of $76.68 and a 1 year high of $96.25. The business has a 50 day moving average price of $85.77 and a 200 day moving average price of $86.86.

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 analysts' consensus estimates of $1.58 by $0.04. The business had revenue of $8.93 billion during the quarter, compared to the consensus estimate of $8.81 billion. Medtronic had a return on equity of 14.54% and a net margin of 13.90%. The business's revenue for the quarter was up 3.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.46 earnings per share. Research analysts forecast that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 27th were given a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 3.15%. The ex-dividend date of this dividend was Friday, June 27th. This is an increase from Medtronic's previous quarterly dividend of $0.70. Medtronic's payout ratio is 78.45%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Needham & Company LLC reissued a "hold" rating on shares of Medtronic in a report on Friday, June 6th. Royal Bank Of Canada cut their price target on Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a report on Thursday, May 22nd. Evercore ISI boosted their price target on Medtronic from $103.00 to $106.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Robert W. Baird cut their price target on Medtronic from $94.00 to $92.00 and set a "neutral" rating for the company in a report on Thursday, May 22nd. Finally, Mizuho cut their price target on Medtronic from $100.00 to $98.00 and set an "outperform" rating for the company in a report on Thursday, May 22nd. Nine analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $97.47.

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.