Teachers Retirement System of The State of Kentucky Cuts Position in Medtronic plc (NYSE:MDT)

Teachers Retirement System of The State of Kentucky trimmed its position in shares of Medtronic plc (NYSE:MDT) by 4.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 114,692 shares of the medical technology company’s stock after selling 5,227 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Medtronic were worth $9,448,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Fortitude Family Office LLC purchased a new stake in Medtronic during the fourth quarter valued at approximately $25,000. Leith Wheeler Investment Counsel Ltd. raised its holdings in shares of Medtronic by 293.0% in the fourth quarter. Leith Wheeler Investment Counsel Ltd. now owns 316,643 shares of the medical technology company’s stock worth $26,000 after buying an additional 236,064 shares during the period. MeadowBrook Investment Advisors LLC bought a new stake in shares of Medtronic during the 4th quarter worth approximately $27,000. Financial Gravity Asset Management Inc. boosted its holdings in Medtronic by 317.0% during the 3rd quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock valued at $29,000 after acquiring an additional 279 shares during the period. Finally, Hartford Financial Management Inc. boosted its holdings in Medtronic by 52.1% during the 4th quarter. Hartford Financial Management Inc. now owns 479 shares of the medical technology company’s stock valued at $39,000 after acquiring an additional 164 shares during the period. 82.06% of the stock is currently owned by institutional investors.

Medtronic Stock Performance

MDT stock opened at $81.04 on Monday. The firm has a 50-day simple moving average of $82.01 and a two-hundred day simple moving average of $83.51. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 2.03. Medtronic plc has a one year low of $68.84 and a one year high of $91.00. The firm has a market cap of $107.61 billion, a price-to-earnings ratio of 29.47, a PEG ratio of 2.36 and a beta of 0.83.

Medtronic (NYSE:MDT) last announced its earnings results on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.01. The company had revenue of $8.59 billion during the quarter, compared to the consensus estimate of $8.44 billion. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. Medtronic’s revenue was up .5% compared to the same quarter last year. During the same period last year, the firm earned $1.57 earnings per share. On average, equities analysts forecast that Medtronic plc will post 5.44 EPS for the current fiscal year.

Medtronic Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be paid a $0.70 dividend. The ex-dividend date of this dividend is Friday, June 28th. This is a boost from Medtronic’s previous quarterly dividend of $0.69. This represents a $2.80 dividend on an annualized basis and a yield of 3.46%. Medtronic’s dividend payout ratio (DPR) is 100.36%.

Analyst Ratings Changes

MDT has been the subject of several research analyst reports. UBS Group lifted their target price on Medtronic from $75.00 to $76.00 and gave the stock a “sell” rating in a research report on Friday, May 24th. The Goldman Sachs Group started coverage on shares of Medtronic in a research report on Thursday, May 30th. They issued a “sell” rating and a $83.00 price objective for the company. Oppenheimer raised their target price on shares of Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 21st. Wells Fargo & Company boosted their price target on Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a report on Friday, May 24th. Finally, Truist Financial reduced their price objective on Medtronic from $90.00 to $88.00 and set a “hold” rating on the stock in a report on Friday, May 24th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company. According to MarketBeat.com, Medtronic has a consensus rating of “Hold” and an average target price of $93.00.

Insider Activity at Medtronic

In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of the business’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $83.77, for a total transaction of $1,601,096.01. Following the sale, the chief executive officer now owns 143,348 shares in the company, valued at approximately $12,008,261.96. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Medtronic news, CEO Geoffrey Martha sold 19,113 shares of Medtronic stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $83.77, for a total transaction of $1,601,096.01. Following the completion of the transaction, the chief executive officer now owns 143,348 shares in the company, valued at approximately $12,008,261.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Michael Marinaro sold 854 shares of the company’s stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $83.14, for a total value of $71,001.56. Following the completion of the sale, the executive vice president now owns 27,925 shares in the company, valued at approximately $2,321,684.50. The disclosure for this sale can be found here. 0.30% of the stock is owned by 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.