Retirement Systems of Alabama Lowers Stake in Medtronic PLC (NYSE:MDT)

Retirement Systems of Alabama reduced its holdings in shares of Medtronic PLC (NYSE:MDT) by 0.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 275,551 shares of the medical technology company’s stock after selling 2,116 shares during the period. Retirement Systems of Alabama’s holdings in Medtronic were worth $24,761,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the business. Walter & Keenan Wealth Management LLC IN ADV lifted its position in Medtronic by 1.0% during the 1st quarter. Walter & Keenan Wealth Management LLC IN ADV now owns 28,047 shares of the medical technology company’s stock valued at $2,520,000 after acquiring an additional 280 shares during the period. DecisionMap Wealth Management LLC lifted its position in Medtronic by 2.9% during the 1st quarter. DecisionMap Wealth Management LLC now owns 6,107 shares of the medical technology company’s stock valued at $549,000 after acquiring an additional 174 shares during the period. Autumn Glory Partners LLC lifted its position in Medtronic by 6.2% during the 1st quarter. Autumn Glory Partners LLC now owns 33,302 shares of the medical technology company’s stock valued at $3,256,000 after acquiring an additional 1,945 shares during the period. Plimoth Trust Co. LLC lifted its position in Medtronic by 12.8% during the 1st quarter. Plimoth Trust Co. LLC now owns 9,714 shares of the medical technology company’s stock valued at $873,000 after acquiring an additional 1,101 shares during the period. Finally, Boston Trust Walden Corp lifted its position in Medtronic by 6.0% during the 1st quarter. Boston Trust Walden Corp now owns 141,389 shares of the medical technology company’s stock valued at $12,705,000 after acquiring an additional 8,047 shares during the period. 82.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Truist Financial lowered their price target on shares of Medtronic from $93.00 to $90.00 and set a “hold” rating for the company in a research report on Friday, April 11th. Wall Street Zen raised shares of Medtronic from a “hold” rating to a “buy” rating in a report on Saturday. Leerink Partners started coverage on shares of Medtronic in a report on Monday, June 16th. They issued an “outperform” rating and a $110.00 target price for the company. Needham & Company LLC reaffirmed a “hold” rating on shares of Medtronic in a report on Friday, June 6th. Finally, Leerink Partnrs raised shares of Medtronic to a “strong-buy” rating in a report on Monday, June 16th. Eight research analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $97.87.

Medtronic Stock Up 0.7%

MDT opened at $86.30 on Friday. The company has a quick ratio of 1.42, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The firm has a 50 day moving average price of $84.49 and a 200-day moving average price of $86.26. Medtronic PLC has a twelve month low of $75.96 and a twelve month high of $96.25. The stock has a market capitalization of $110.68 billion, a price-to-earnings ratio of 23.84, a PEG ratio of 2.31 and a beta of 0.79.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Wednesday, May 21st. The medical technology company reported $1.62 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.04. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The firm had revenue of $8.93 billion during the quarter, compared to analysts’ expectations of $8.81 billion. During the same period in the previous year, the company earned $1.46 earnings per share. The firm’s quarterly revenue was up 3.9% on a year-over-year basis. Equities research analysts forecast that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, June 27th will be issued a dividend of $0.71 per share. This is a boost from Medtronic’s previous quarterly dividend of $0.70. This represents a $2.84 dividend on an annualized basis and a yield of 3.29%. The ex-dividend date is Friday, June 27th. Medtronic’s dividend payout ratio is currently 77.35%.

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.