New York State Teachers Retirement System cut its holdings in shares of Medtronic PLC (NYSE:MDT - Free Report) by 3.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,081,602 shares of the medical technology company's stock after selling 35,109 shares during the quarter. New York State Teachers Retirement System owned about 0.08% of Medtronic worth $97,193,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also modified their holdings of the company. Mainstream Capital Management LLC acquired a new stake in shares of Medtronic in the fourth quarter worth $26,000. Burkett Financial Services LLC increased its holdings in Medtronic by 185.0% in the 1st quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock valued at $26,000 after purchasing an additional 185 shares in the last quarter. Rakuten Securities Inc. raised its position in Medtronic by 753.8% in the fourth quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock valued at $27,000 after purchasing an additional 294 shares during the period. Wood Tarver Financial Group LLC acquired a new position in shares of Medtronic during the fourth quarter worth about $27,000. Finally, Optiver Holding B.V. purchased a new stake in shares of Medtronic in the fourth quarter worth about $31,000. 82.06% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several equities analysts recently commented on MDT shares. Royal Bank Of Canada reduced their price target on Medtronic from $105.00 to $101.00 and set an "outperform" rating on the stock in a research report on Thursday, May 22nd. Wolfe Research raised shares of Medtronic from an "underperform" rating to a "peer perform" rating in a research report on Monday. Leerink Partners assumed coverage on shares of Medtronic in a report on Monday, June 16th. They set an "outperform" rating and a $110.00 price target for the company. Robert W. Baird cut their price objective on shares of Medtronic from $94.00 to $92.00 and set a "neutral" rating on the stock in a report on Thursday, May 22nd. Finally, Needham & Company LLC restated a "hold" rating on shares of Medtronic in a research note on Friday, June 6th. 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 company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $97.87.
Read Our Latest Stock Report on Medtronic
Medtronic Stock Performance
MDT stock traded up $1.51 during trading on Tuesday, hitting $88.68. 10,089,347 shares of the company's stock traded hands, compared to its average volume of 6,981,361. The stock has a market capitalization of $113.74 billion, a price-to-earnings ratio of 24.50, a price-to-earnings-growth ratio of 2.35 and a beta of 0.80. Medtronic PLC has a 52 week low of $75.96 and a 52 week high of $96.25. The stock has a fifty day moving average price of $84.93 and a two-hundred day moving average price of $86.41. 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 (NYSE:MDT - Get Free Report) last announced its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share 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 net margin of 13.90% and a return on equity of 14.54%. The company's revenue for the quarter was up 3.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.46 EPS. As a group, equities analysts anticipate that Medtronic PLC will post 5.46 EPS for the current fiscal year.
Medtronic Increases Dividend
The firm also recently disclosed 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 dividend on an annualized basis and a yield of 3.20%. This is a positive change from Medtronic's previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Friday, June 27th. Medtronic's dividend payout ratio is 78.45%.
Medtronic Profile
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Free Report)
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.
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