New Mexico Educational Retirement Board Trims Position in Medtronic PLC (NYSE:MDT)

New Mexico Educational Retirement Board trimmed its holdings in shares of Medtronic PLC (NYSE:MDT) by 2.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 59,887 shares of the medical technology company’s stock after selling 1,300 shares during the period. New Mexico Educational Retirement Board’s holdings in Medtronic were worth $5,381,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in MDT. Dunhill Financial LLC lifted its position in Medtronic by 17.2% during the 1st quarter. Dunhill Financial LLC now owns 847 shares of the medical technology company’s stock worth $76,000 after acquiring an additional 124 shares in the last quarter. Cidel Asset Management Inc. lifted its position in Medtronic by 1.3% during the 1st quarter. Cidel Asset Management Inc. now owns 9,531 shares of the medical technology company’s stock worth $856,000 after acquiring an additional 126 shares in the last quarter. Petros Family Wealth LLC lifted its position in Medtronic by 4.3% during the 1st quarter. Petros Family Wealth LLC now owns 3,111 shares of the medical technology company’s stock worth $280,000 after acquiring an additional 127 shares in the last quarter. Faithward Advisors LLC lifted its position in Medtronic by 2.7% during the 4th quarter. Faithward Advisors LLC now owns 5,043 shares of the medical technology company’s stock worth $403,000 after acquiring an additional 134 shares in the last quarter. Finally, Vestor Capital LLC increased its holdings in Medtronic by 0.3% during the 4th quarter. Vestor Capital LLC now owns 51,375 shares of the medical technology company’s stock worth $4,104,000 after purchasing an additional 138 shares during the last quarter. 82.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MDT has been the subject of a number of research analyst reports. Royal Bank Of Canada lowered their price target on Medtronic from $105.00 to $101.00 and set an “outperform” rating for the company in a report on Thursday, May 22nd. Mizuho lowered their price objective on Medtronic from $100.00 to $98.00 and set an “outperform” rating for the company in a research note on Thursday, May 22nd. Needham & Company LLC restated a “hold” rating on shares of Medtronic in a research note on Friday, June 6th. Leerink Partnrs raised Medtronic to a “strong-buy” rating in a research note on Monday, June 16th. Finally, Evercore ISI upped their price objective on Medtronic from $103.00 to $106.00 and gave the company an “outperform” rating in a report on Tuesday. Nine equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $98.00.

Medtronic Stock Up 1.1%

Shares of NYSE MDT opened at $88.63 on Wednesday. The company has a 50 day simple moving average of $85.45 and a 200 day simple moving average of $86.69. The firm has a market cap of $113.67 billion, a PE ratio of 24.48, a price-to-earnings-growth ratio of 2.37 and a beta of 0.80. Medtronic PLC has a 1 year low of $75.96 and a 1 year high of $96.25. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.85 and a quick ratio of 1.42.

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

Medtronic Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be paid a $0.71 dividend. 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 3.20%. The ex-dividend date of this dividend is Friday, June 27th. Medtronic’s payout ratio is currently 78.45%.

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.