Louisiana State Employees Retirement System Buys New Stake in Medtronic plc (NYSE:MDT)

Louisiana State Employees Retirement System acquired a new stake in shares of Medtronic plc (NYSE:MDT) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 80,400 shares of the medical technology company’s stock, valued at approximately $6,623,000.

Several other institutional investors have also bought and sold shares of the business. Morgan Stanley lifted its position in Medtronic by 9.2% during the third quarter. Morgan Stanley now owns 23,777,808 shares of the medical technology company’s stock valued at $1,863,229,000 after purchasing an additional 1,994,123 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Medtronic by 2.6% during the third quarter. Bank of New York Mellon Corp now owns 20,392,467 shares of the medical technology company’s stock valued at $1,597,954,000 after purchasing an additional 508,205 shares during the last quarter. Moneta Group Investment Advisors LLC lifted its position in Medtronic by 127,655.1% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 14,160,371 shares of the medical technology company’s stock valued at $1,100,544,000 after purchasing an additional 14,149,287 shares during the last quarter. Norges Bank bought a new position in Medtronic during the fourth quarter valued at $1,062,316,000. Finally, Northern Trust Corp lifted its position in Medtronic by 2.1% during the third quarter. Northern Trust Corp now owns 13,622,933 shares of the medical technology company’s stock valued at $1,067,493,000 after purchasing an additional 285,819 shares during the last quarter. Institutional investors own 82.06% of the company’s stock.

Medtronic Stock Down 2.5 %

NYSE MDT traded down $2.04 during trading on Friday, reaching $80.13. 6,562,831 shares of the company’s stock traded hands, compared to its average volume of 6,148,804. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.30 and a quick ratio of 1.71. The firm has a market cap of $106.40 billion, a price-to-earnings ratio of 25.52, a price-to-earnings-growth ratio of 2.74 and a beta of 0.76. The company’s 50 day simple moving average is $84.65 and its two-hundred day simple moving average is $80.99. Medtronic plc has a 12-month low of $68.84 and a 12-month high of $92.02.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.26 by $0.04. Medtronic had a net margin of 13.00% and a return on equity of 13.71%. The firm had revenue of $8.09 billion for the quarter, compared to the consensus estimate of $7.95 billion. During the same quarter in the previous year, the firm earned $1.30 EPS. The company’s quarterly revenue was up 4.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Medtronic plc will post 5.2 EPS for the current fiscal year.

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 22nd were issued a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 3.44%. The ex-dividend date was Thursday, March 21st. Medtronic’s payout ratio is presently 87.90%.

Insider Buying and Selling

In related news, EVP Michael Marinaro sold 854 shares of the business’s stock in a transaction on Monday, April 8th. The shares were 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 of the company’s stock, valued at approximately $2,321,684.50. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, EVP Sean Salmon sold 30,695 shares of the company’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $85.13, for a total transaction of $2,613,065.35. Following the completion of the sale, the executive vice president now owns 48,289 shares of the company’s stock, valued at $4,110,842.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Michael Marinaro sold 854 shares of the company’s stock in a transaction on Monday, April 8th. The stock was sold at an average price of $83.14, for a total transaction of $71,001.56. Following the sale, the executive vice president now directly owns 27,925 shares of the company’s stock, 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.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Royal Bank of Canada restated a “sector perform” rating and issued a $92.00 target price on shares of Medtronic in a report on Wednesday, February 21st. 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 report on Wednesday, February 21st. Mizuho raised their target price on shares of Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a report on Wednesday, February 21st. Finally, Truist Financial raised their target price on shares of Medtronic from $87.00 to $90.00 and gave the stock a “hold” rating in a report on Wednesday, February 21st. One research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $94.91.

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.