Kentucky Retirement Systems Sells 918 Shares of Medtronic plc (NYSE:MDT)

Kentucky Retirement Systems reduced its stake in Medtronic plc (NYSE:MDT) by 0.9% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 100,060 shares of the medical technology company’s stock after selling 918 shares during the quarter. Kentucky Retirement Systems’ holdings in Medtronic were worth $7,876,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in MDT. Chemung Canal Trust Co. grew its holdings in shares of Medtronic by 1,467.5% during the first quarter. Chemung Canal Trust Co. now owns 47,902 shares of the medical technology company’s stock worth $4,175,000 after buying an additional 44,846 shares in the last quarter. Manning & Napier Advisors LLC acquired a new stake in shares of Medtronic in the second quarter valued at approximately $25,643,000. TD Asset Management Inc lifted its position in shares of Medtronic by 4.3% in the fourth quarter. TD Asset Management Inc now owns 1,034,214 shares of the medical technology company’s stock worth $85,199,000 after purchasing an additional 42,988 shares in the last quarter. SageView Advisory Group LLC boosted its holdings in Medtronic by 130.3% during the first quarter. SageView Advisory Group LLC now owns 16,829 shares of the medical technology company’s stock worth $1,467,000 after purchasing an additional 9,523 shares during the last quarter. Finally, Camden National Bank grew its position in Medtronic by 98.7% in the fourth quarter. Camden National Bank now owns 120,054 shares of the medical technology company’s stock valued at $9,890,000 after purchasing an additional 59,625 shares in the last quarter. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Price Performance

NYSE:MDT opened at $88.13 on Thursday. The company has a market cap of $113.01 billion, a P/E ratio of 32.05, a P/E/G ratio of 2.57 and a beta of 0.84. The firm’s fifty day moving average price is $84.32 and its two-hundred day moving average price is $82.91. Medtronic plc has a one year low of $68.84 and a one year high of $91.49. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.13 and a quick ratio of 1.61.

Medtronic (NYSE:MDT) last announced its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, topping the consensus estimate of $1.20 by $0.03. The business had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. Medtronic’s revenue was up 3.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.20 EPS. Equities analysts expect that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be issued a dividend of $0.70 per share. The ex-dividend date is Friday, September 27th. This represents a $2.80 annualized dividend and a yield of 3.18%. Medtronic’s payout ratio is currently 101.82%.

Analyst Ratings Changes

Several equities research analysts have commented on MDT shares. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research report on Tuesday, August 20th. Truist Financial upped their target price on Medtronic from $85.00 to $90.00 and gave the stock a “hold” rating in a report on Friday, August 23rd. Robert W. Baird raised their price target on Medtronic from $82.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. Piper Sandler boosted their price target on Medtronic from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Finally, Barclays increased their price objective on Medtronic from $104.00 to $105.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $92.92.

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.