Illinois Municipal Retirement Fund Has $22.88 Million Position in Medtronic plc (NYSE:MDT)

Illinois Municipal Retirement Fund boosted its stake in shares of Medtronic plc (NYSE:MDT - Free Report) by 24.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 277,768 shares of the medical technology company's stock after acquiring an additional 54,544 shares during the period. Illinois Municipal Retirement Fund's holdings in Medtronic were worth $22,883,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Hartford Financial Management Inc. increased its stake in Medtronic by 425.0% during the 3rd quarter. Hartford Financial Management Inc. now owns 315 shares of the medical technology company's stock worth $25,000 after acquiring an additional 255 shares during the period. Fortitude Family Office LLC bought a new position in Medtronic during the 4th quarter worth $25,000. Leith Wheeler Investment Counsel Ltd. increased its stake in Medtronic by 293.0% during the 4th quarter. Leith Wheeler Investment Counsel Ltd. now owns 316,643 shares of the medical technology company's stock worth $26,000 after acquiring an additional 236,064 shares during the period. Financial Gravity Asset Management Inc. increased its stake in Medtronic by 317.0% during the 3rd quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company's stock worth $29,000 after acquiring an additional 279 shares during the period. Finally, Princeton Global Asset Management LLC bought a new position in Medtronic during the 3rd quarter worth $31,000. Institutional investors own 82.06% of the company's stock.

Insiders Place Their Bets

In other news, EVP Michael Marinaro sold 854 shares of the business's stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $83.14, for a total value of $71,001.56. Following the transaction, the executive vice president now directly owns 27,925 shares of the company's stock, valued at approximately $2,321,684.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Michael Marinaro sold 854 shares of the business's stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $83.14, for a total value of $71,001.56. Following the transaction, the executive vice president now directly owns 27,925 shares of the company's stock, valued at approximately $2,321,684.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Sean Salmon sold 30,695 shares of the business's stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $85.13, for a total value of $2,613,065.35. Following the completion of the transaction, the executive vice president now directly owns 48,289 shares in the company, valued at $4,110,842.57. The disclosure for this sale can be found here. Company insiders own 0.30% of the company's stock.

Wall Street Analyst Weigh In

MDT has been the topic of several recent analyst reports. Truist Financial lifted their price target on Medtronic from $87.00 to $90.00 and gave the company a "hold" rating in a research note on Wednesday, February 21st. Mizuho lifted their price target on Medtronic from $95.00 to $98.00 and gave the company a "buy" rating in a research note on Wednesday, February 21st. Oppenheimer lifted their price target on Medtronic from $89.00 to $92.00 and gave the company a "market perform" rating in a research note on Wednesday, February 21st. Finally, Royal Bank of Canada reiterated a "sector perform" rating and issued a $92.00 price target on shares of Medtronic in a research note on Wednesday, February 21st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat, Medtronic currently has a consensus rating of "Moderate Buy" and a consensus price target of $94.91.

Medtronic Trading Up 1.4 %

MDT traded up $1.08 during midday trading on Monday, hitting $80.56. 4,961,457 shares of the company were exchanged, compared to its average volume of 6,303,255. The firm has a market capitalization of $106.97 billion, a P/E ratio of 25.66, a P/E/G ratio of 2.72 and a beta of 0.76. Medtronic plc has a 1-year low of $68.84 and a 1-year high of $92.02. The firm's 50 day moving average price is $83.84 and its 200-day moving average price is $81.11. The company has a quick ratio of 1.71, a current ratio of 2.30 and a debt-to-equity ratio of 0.46.

Medtronic (NYSE:MDT - Get Free Report) last announced its earnings results on Tuesday, February 20th. The medical technology company reported $1.30 EPS for the quarter, topping the consensus estimate of $1.26 by $0.04. The firm had revenue of $8.09 billion for the quarter, compared to the consensus estimate of $7.95 billion. Medtronic had a return on equity of 13.71% and a net margin of 13.00%. The business's quarterly revenue was up 4.7% compared to the same quarter last year. During the same period in the previous year, the business earned $1.30 EPS. As a group, equities analysts forecast that Medtronic plc will post 5.2 EPS for the current fiscal year.

Medtronic Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 22nd were issued a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a yield of 3.43%. The ex-dividend date of this dividend was Thursday, March 21st. Medtronic's payout ratio is presently 87.90%.

Medtronic 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.

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