Medtronic plc (NYSE:MDT) Shares Sold by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System lowered its stake in shares of Medtronic plc (NYSE:MDT) by 6.9% during the fourth quarter, Holdings Channel reports. The firm owned 68,955 shares of the medical technology company’s stock after selling 5,080 shares during the period. Maryland State Retirement & Pension System’s holdings in Medtronic were worth $5,508,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of MDT. Mainstream Capital Management LLC acquired a new stake in Medtronic during the 4th quarter worth $26,000. Darwin Wealth Management LLC acquired a new stake in shares of Medtronic during the third quarter worth about $27,000. Stephens Consulting LLC lifted its holdings in shares of Medtronic by 145.7% in the 4th quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock valued at $27,000 after purchasing an additional 204 shares during the last quarter. Rakuten Securities Inc. boosted its position in shares of Medtronic by 753.8% in the 4th 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. Finally, J. Stern & Co. LLP purchased a new position in Medtronic during the 3rd quarter worth approximately $30,000. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Medtronic Stock Performance

NYSE:MDT opened at $91.78 on Thursday. The firm’s fifty day simple moving average is $90.30 and its 200-day simple moving average is $88.04. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. The stock has a market cap of $117.71 billion, a PE ratio of 27.90, a price-to-earnings-growth ratio of 2.22 and a beta of 0.80. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $96.25.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.36 by $0.03. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The company had revenue of $8.29 billion during the quarter, compared to analysts’ expectations of $8.33 billion. Analysts expect that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Friday, March 28th will be given a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, March 28th. This represents a $2.80 dividend on an annualized basis and a yield of 3.05%. Medtronic’s payout ratio is 85.11%.

Analyst Upgrades and Downgrades

MDT has been the subject of several research analyst reports. Citigroup raised Medtronic from a “neutral” rating to a “buy” rating and increased their price objective for the company from $92.00 to $107.00 in a report on Tuesday, March 4th. UBS Group raised their price objective on shares of Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 19th. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Wednesday, February 19th. Truist Financial lowered their price target on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a report on Wednesday, December 18th. Finally, Sanford C. Bernstein upped their price objective on Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a research note on Wednesday, November 20th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Medtronic currently has a consensus rating of “Hold” and an average target price of $96.07.

Insider Buying and Selling at Medtronic

In related news, EVP Brett A. Wall sold 12,437 shares of the business’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $90.00, for a total value of $1,119,330.00. Following the sale, the executive vice president now directly owns 40,979 shares in the company, valued at $3,688,110. The trade was a 23.28 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.20% of the stock is owned by corporate insiders.

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.