State of Michigan Retirement System Has $27.81 Million Stock Holdings in Medtronic plc (NYSE:MDT)

State of Michigan Retirement System decreased its position in shares of Medtronic plc (NYSE:MDT) by 0.3% during the 4th quarter, HoldingsChannel.com reports. The fund owned 348,098 shares of the medical technology company’s stock after selling 1,200 shares during the period. State of Michigan Retirement System’s holdings in Medtronic were worth $27,806,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in MDT. Darwin Wealth Management LLC acquired a new stake in Medtronic in the third quarter valued at approximately $27,000. J. Stern & Co. LLP acquired a new stake in Medtronic in the third quarter valued at approximately $30,000. Stephens Consulting LLC boosted its position in Medtronic by 145.7% in the fourth quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company’s stock valued at $27,000 after buying an additional 204 shares in the last quarter. Fiduciary Advisors Inc. acquired a new stake in Medtronic in the fourth quarter valued at approximately $36,000. Finally, Chelsea Counsel Co. acquired a new stake in Medtronic in the third quarter valued at approximately $45,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on MDT shares. Truist Financial cut their target price on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research report on Wednesday, December 18th. JPMorgan Chase & Co. dropped their price target on shares of Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research note on Friday, November 15th. Wells Fargo & Company dropped their price target on shares of Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a research note on Wednesday, November 20th. Barclays raised their price target on shares of Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research note on Tuesday, November 26th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $105.00 price target on shares of Medtronic in a research note on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $95.00.

Insider Buying and Selling at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of Medtronic stock in a transaction on 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 completion of the sale, the executive vice president now directly owns 40,979 shares of the company’s stock, valued at approximately $3,688,110. The trade was a 23.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.20% of the company’s stock.

Medtronic Price Performance

Shares of NYSE MDT opened at $94.20 on Tuesday. Medtronic plc has a twelve month low of $75.96 and a twelve month high of $95.57. 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 company has a market capitalization of $120.82 billion, a PE ratio of 28.63, a P/E/G ratio of 2.22 and a beta of 0.84. The firm has a fifty day simple moving average of $87.34 and a 200 day simple moving average of $87.57.

Medtronic (NYSE:MDT) last posted its quarterly earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.36 by $0.03. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. The firm had revenue of $8.29 billion during the quarter, compared to the consensus estimate of $8.33 billion. On average, sell-side analysts forecast that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were paid a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.97%. The ex-dividend date was Friday, December 27th. Medtronic’s dividend payout ratio (DPR) is currently 85.11%.

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.