New York State Teachers Retirement System trimmed its holdings in Medtronic plc (NYSE:MDT – Free Report) by 7.1% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 1,164,845 shares of the medical technology company’s stock after selling 88,470 shares during the quarter. New York State Teachers Retirement System owned 0.09% of Medtronic worth $104,871,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently made changes to their positions in the business. Fortitude Family Office LLC bought a new position in shares of Medtronic during the third quarter valued at about $27,000. Highline Wealth Partners LLC purchased a new stake in shares of Medtronic during the third quarter valued at approximately $27,000. Lynx Investment Advisory purchased a new position in shares of Medtronic in the second quarter worth $28,000. Gleason Group Inc. bought a new position in Medtronic during the 2nd quarter valued at approximately $42,000. Finally, Opal Wealth Advisors LLC bought a new position in Medtronic in the 2nd quarter worth $43,000. Institutional investors own 82.06% of the company’s stock.
Medtronic Stock Performance
MDT stock traded down $0.07 during trading on Wednesday, reaching $90.25. The stock had a trading volume of 332,220 shares, compared to its average volume of 6,183,120. The stock’s 50 day moving average is $89.52 and its two-hundred day moving average is $83.98. The firm has a market cap of $115.72 billion, a PE ratio of 32.85, a PEG ratio of 2.60 and a beta of 0.84. Medtronic plc has a 52 week low of $69.32 and a 52 week high of $92.68. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55.
Medtronic Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.10%. The ex-dividend date was Friday, September 27th. Medtronic’s dividend payout ratio is presently 101.82%.
Wall Street Analysts Forecast Growth
A number of equities analysts recently issued reports on MDT shares. Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research note on Friday, October 25th. Piper Sandler upped their target price on shares of Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Robert W. Baird raised their price target on shares of Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. Royal Bank of Canada raised Medtronic from a “sector perform” rating to an “outperform” rating and upped their price objective for the company from $98.00 to $105.00 in a research report on Thursday, October 10th. Finally, Stifel Nicolaus increased their target price on Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research note on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $95.36.
Get Our Latest Stock Report on Medtronic
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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