Medtronic PLC (NYSE:MDT) Shares Acquired by State of Alaska Department of Revenue

State of Alaska Department of Revenue grew its holdings in Medtronic PLC (NYSE:MDT - Free Report) by 2.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 190,206 shares of the medical technology company's stock after purchasing an additional 3,995 shares during the quarter. State of Alaska Department of Revenue's holdings in Medtronic were worth $17,091,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in MDT. Norges Bank acquired a new position in Medtronic during the fourth quarter worth $1,163,580,000. Raymond James Financial Inc. purchased a new position in shares of Medtronic during the 4th quarter worth $852,732,000. Beutel Goodman & Co Ltd. acquired a new position in shares of Medtronic during the 4th quarter valued at about $377,169,000. Invesco Ltd. boosted its position in shares of Medtronic by 17.8% during the 4th quarter. Invesco Ltd. now owns 15,445,284 shares of the medical technology company's stock valued at $1,233,769,000 after acquiring an additional 2,333,600 shares during the last quarter. Finally, Burgundy Asset Management Ltd. purchased a new stake in shares of Medtronic in the fourth quarter valued at about $174,329,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on MDT shares. Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a report on Friday, June 6th. Mizuho decreased their price objective on Medtronic from $100.00 to $98.00 and set an "outperform" rating on the stock in a report on Thursday, May 22nd. Leerink Partners assumed coverage on Medtronic in a research report on Monday. They issued an "outperform" rating and a $110.00 price objective for the company. Wall Street Zen downgraded Medtronic from a "buy" rating to a "hold" rating in a research report on Saturday, May 24th. Finally, Leerink Partnrs upgraded Medtronic to a "strong-buy" rating in a report on Monday. Nine analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, Medtronic presently has an average rating of "Moderate Buy" and a consensus price target of $97.87.

Medtronic Trading Down 0.6%

NYSE MDT traded down $0.49 during trading on Thursday, hitting $85.68. The stock had a trading volume of 8,514,360 shares, compared to its average volume of 6,904,198. The company has a quick ratio of 1.42, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $109.88 billion, a PE ratio of 23.67, a PEG ratio of 2.31 and a beta of 0.79. The firm has a 50 day moving average price of $84.42 and a 200 day moving average price of $86.26. Medtronic PLC has a twelve month low of $75.96 and a twelve month high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last posted 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 analyst estimates of $8.81 billion. During the same quarter last year, the firm posted $1.46 earnings per share. The business's revenue for the quarter was up 3.9% compared to the same quarter last year. As a group, equities research analysts forecast that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be paid a $0.71 dividend. This is a boost from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 annualized dividend and a dividend yield of 3.31%. The ex-dividend date of this dividend is Friday, June 27th. Medtronic's dividend payout ratio (DPR) is presently 77.35%.

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.