Public Employees Retirement Association of Colorado Has $14.39 Million Stake in Medtronic plc (NYSE:MDT)

Public Employees Retirement Association of Colorado cut its holdings in Medtronic plc (NYSE:MDT) by 3.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 182,827 shares of the medical technology company’s stock after selling 5,576 shares during the period. Public Employees Retirement Association of Colorado’s holdings in Medtronic were worth $14,390,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in MDT. LifeSteps Financial Inc. bought a new position in Medtronic in the 1st quarter worth approximately $27,000. Lynx Investment Advisory acquired a new stake in shares of Medtronic in the second quarter worth $28,000. Tributary Capital Management LLC bought a new position in Medtronic during the first quarter worth $33,000. Fortis Group Advisors LLC raised its stake in Medtronic by 100.0% during the 4th quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock valued at $38,000 after purchasing an additional 230 shares during the last quarter. Finally, Riverview Trust Co bought a new stake in Medtronic in the 1st quarter valued at $39,000. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Trading Down 0.1 %

Shares of Medtronic stock opened at $89.35 on Friday. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $91.49. The stock has a market capitalization of $114.57 billion, a P/E ratio of 32.49, a price-to-earnings-growth ratio of 2.57 and a beta of 0.84. The company has a 50-day simple moving average of $84.77 and a 200 day simple moving average of $82.99. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55.

Medtronic (NYSE:MDT) last posted its quarterly earnings data 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 company had revenue of $7.97 billion during the quarter, compared to analyst estimates of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The company’s revenue was up 3.4% on a year-over-year basis. During the same quarter last year, the business posted $1.20 earnings per share. Research analysts expect that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.13%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s dividend payout ratio is currently 101.82%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on MDT shares. Daiwa America raised shares of Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. The Goldman Sachs Group assumed coverage on Medtronic in a report on Thursday, May 30th. They issued a “sell” rating and a $83.00 price target for the company. Wells Fargo & Company lifted their price objective on Medtronic from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Wednesday, August 21st. Oppenheimer raised their target price on Medtronic from $92.00 to $94.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 21st. Finally, Piper Sandler boosted their price target on shares of Medtronic from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. One 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 currently has a consensus rating of “Hold” and an average target price 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.