New York State Common Retirement Fund Sells 228,268 Shares of Medtronic plc (NYSE:MDT)

New York State Common Retirement Fund trimmed its position in Medtronic plc (NYSE:MDT) by 11.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,758,278 shares of the medical technology company’s stock after selling 228,268 shares during the period. New York State Common Retirement Fund’s holdings in Medtronic were worth $158,298,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of MDT. M&G Plc acquired a new stake in Medtronic in the first quarter worth $259,160,000. Capital Research Global Investors increased its position in shares of Medtronic by 7.1% in the 1st quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company’s stock valued at $2,691,577,000 after buying an additional 2,044,109 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its stake in Medtronic by 1,195.9% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,837,600 shares of the medical technology company’s stock worth $144,637,000 after buying an additional 1,695,800 shares during the period. International Assets Investment Management LLC raised its stake in Medtronic by 8,908.6% during the 3rd quarter. International Assets Investment Management LLC now owns 1,298,415 shares of the medical technology company’s stock worth $116,896,000 after buying an additional 1,284,002 shares during the period. Finally, Troy Asset Management Ltd bought a new position in Medtronic during the second quarter worth about $85,440,000. Institutional investors own 82.06% of the company’s stock.

Medtronic Trading Up 1.2 %

MDT traded up $1.07 during trading on Friday, hitting $90.32. The company’s stock had a trading volume of 292,094 shares, compared to its average volume of 6,182,529. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. The stock’s fifty day moving average price is $89.61 and its 200-day moving average price is $84.06. The firm has a market capitalization of $115.83 billion, a P/E ratio of 30.15, a PEG ratio of 2.59 and a beta of 0.84. Medtronic plc has a twelve month low of $69.32 and a twelve month high of $92.68.

Medtronic (NYSE:MDT) last released its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.03. The business had revenue of $7.97 billion for the quarter, compared to analysts’ expectations of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The firm’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same period in the previous year, the company earned $1.20 earnings per share. Analysts anticipate that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were given a dividend of $0.70 per share. The ex-dividend date was Friday, September 27th. This represents a $2.80 annualized dividend and a yield of 3.10%. Medtronic’s payout ratio is currently 94.59%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Barclays increased their price target on Medtronic from $104.00 to $105.00 and gave the stock an “overweight” rating in a report on Thursday, August 22nd. Piper Sandler increased their target price on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a report on Friday, August 23rd. Stifel Nicolaus upped their target price on shares of Medtronic from $85.00 to $87.00 and gave the stock a “hold” rating in a research note on Wednesday, August 21st. Finally, Needham & Company LLC restated a “hold” rating on shares of Medtronic in a report on Friday, October 25th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $95.36.

Medtronic Company 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.