New York State Common Retirement Fund Reduces Stake in Medtronic plc (NYSE:MDT)

New York State Common Retirement Fund reduced its stake in shares of Medtronic plc (NYSE:MDT) by 0.9% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,742,951 shares of the medical technology company’s stock after selling 15,327 shares during the period. New York State Common Retirement Fund’s holdings in Medtronic were worth $139,227,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of MDT. OLD National Bancorp IN lifted its position in shares of Medtronic by 12.7% during the 3rd quarter. OLD National Bancorp IN now owns 10,938 shares of the medical technology company’s stock valued at $985,000 after buying an additional 1,230 shares during the last quarter. Trilogy Capital Inc. raised its stake in Medtronic by 4.9% in the 3rd quarter. Trilogy Capital Inc. now owns 4,082 shares of the medical technology company’s stock valued at $368,000 after acquiring an additional 192 shares during the period. Waterway Wealth Management LLC raised its stake in Medtronic by 62.8% in the 3rd quarter. Waterway Wealth Management LLC now owns 4,493 shares of the medical technology company’s stock valued at $404,000 after acquiring an additional 1,734 shares during the period. Precision Wealth Strategies LLC lifted its holdings in Medtronic by 3.3% during the third quarter. Precision Wealth Strategies LLC now owns 3,741 shares of the medical technology company’s stock valued at $337,000 after purchasing an additional 118 shares during the last quarter. Finally, Telos Capital Management Inc. boosted its position in Medtronic by 2.0% during the third quarter. Telos Capital Management Inc. now owns 123,358 shares of the medical technology company’s stock worth $11,106,000 after purchasing an additional 2,402 shares during the period. Hedge funds and other institutional investors own 82.06% of the company’s stock.

Insider Activity at Medtronic

In other news, EVP Brett A. Wall sold 12,437 shares of the company’s 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 owns 40,979 shares of the company’s stock, valued at approximately $3,688,110. This represents a 23.28 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.20% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

MDT has been the topic of several research reports. Barclays boosted their price target on shares of Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a research report on Tuesday, November 26th. JPMorgan Chase & Co. reduced their price objective 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. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research report on Wednesday, February 12th. Wells Fargo & Company cut their price target on Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a report on Wednesday, November 20th. Finally, Truist Financial decreased their price objective on Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a research note on Wednesday, December 18th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $95.00.

Medtronic Price Performance

MDT stock opened at $86.05 on Wednesday. The firm has a 50 day simple moving average of $85.74 and a two-hundred day simple moving average of $87.02. The stock has a market cap of $110.34 billion, a PE ratio of 26.32, a P/E/G ratio of 2.63 and a beta of 0.84. Medtronic plc has a one year low of $75.96 and a one year high of $93.08. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.36 by $0.03. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. On average, analysts predict that Medtronic plc will post 5.45 EPS for the current fiscal year.

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Friday, December 27th were given a dividend of $0.70 per share. The ex-dividend date was Friday, December 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.25%. Medtronic’s dividend payout ratio (DPR) is presently 85.63%.

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.