State of Michigan Retirement System Has $31.26 Million Stock Holdings in Medtronic PLC (NYSE:MDT)

State of Michigan Retirement System lessened its holdings in shares of Medtronic PLC (NYSE:MDT) by 0.1% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 347,898 shares of the medical technology company’s stock after selling 200 shares during the period. State of Michigan Retirement System’s holdings in Medtronic were worth $31,262,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Vanguard Group Inc. raised its holdings in Medtronic by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 124,203,387 shares of the medical technology company’s stock valued at $9,921,367,000 after acquiring an additional 754,395 shares in the last quarter. Capital Research Global Investors grew its position in Medtronic by 1.8% during the 4th quarter. Capital Research Global Investors now owns 33,203,685 shares of the medical technology company’s stock worth $2,652,310,000 after acquiring an additional 571,700 shares during the last quarter. Geode Capital Management LLC boosted its position in Medtronic by 2.2% in the 4th quarter. Geode Capital Management LLC now owns 27,056,217 shares of the medical technology company’s stock valued at $2,155,085,000 after buying an additional 574,055 shares during the last quarter. Bank of New York Mellon Corp boosted its position in Medtronic by 3.8% in the 1st quarter. Bank of New York Mellon Corp now owns 20,680,301 shares of the medical technology company’s stock valued at $1,858,332,000 after buying an additional 756,192 shares during the last quarter. Finally, Deutsche Bank AG boosted its position in Medtronic by 2.1% in the 4th quarter. Deutsche Bank AG now owns 18,443,640 shares of the medical technology company’s stock valued at $1,473,278,000 after buying an additional 372,168 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Trading Up 0.4%

NYSE:MDT opened at $89.39 on Friday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.42 and a current ratio of 1.85. The firm has a market cap of $114.65 billion, a price-to-earnings ratio of 24.69, a price-to-earnings-growth ratio of 2.40 and a beta of 0.80. Medtronic PLC has a 52 week low of $76.68 and a 52 week high of $96.25. The firm has a 50-day moving average price of $85.66 and a two-hundred day moving average price of $86.76.

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 the consensus estimate of $1.58 by $0.04. The firm had revenue of $8.93 billion during the quarter, compared to analyst estimates of $8.81 billion. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The company’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same quarter last year, the business posted $1.46 EPS. On average, equities analysts expect that Medtronic PLC will post 5.46 earnings per share for the current fiscal year.

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, June 27th will be paid a dividend of $0.71 per share. The ex-dividend date is Friday, June 27th. This represents a $2.84 annualized dividend and a dividend yield of 3.18%. This is a positive change from Medtronic’s previous quarterly dividend of $0.70. Medtronic’s dividend payout ratio (DPR) is presently 78.45%.

Analysts Set New Price Targets

Several research firms have recently issued reports on MDT. Evercore ISI raised their price target on Medtronic from $103.00 to $106.00 and gave the stock an “outperform” rating in a research report on Tuesday. Robert W. Baird dropped their price objective on Medtronic from $94.00 to $92.00 and set a “neutral” rating on the stock in a research note on Thursday, May 22nd. Citigroup lifted their price target on Medtronic from $98.00 to $99.00 and gave the company a “buy” rating in a research note on Wednesday. Leerink Partners began coverage on Medtronic in a research note on Monday, June 16th. They issued an “outperform” rating and a $110.00 price target on the stock. Finally, Truist Financial lowered their target price on Medtronic from $93.00 to $90.00 and set a “hold” rating on the stock in a research report on Friday, April 11th. Nine investment 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 company. According to MarketBeat, Medtronic presently has an average rating of “Moderate Buy” and a consensus price target of $97.47.

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.