Maryland State Retirement & Pension System Sells 5,080 Shares of Medtronic plc (NYSE:MDT)

Maryland State Retirement & Pension System lowered its position in Medtronic plc (NYSE:MDT - Free Report) by 6.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 68,955 shares of the medical technology company's stock after selling 5,080 shares during the period. Maryland State Retirement & Pension System's holdings in Medtronic were worth $5,508,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Mainstream Capital Management LLC acquired a new position in Medtronic during the 4th quarter valued at about $26,000. Darwin Wealth Management LLC purchased a new position in shares of Medtronic during the third quarter valued at approximately $27,000. Stephens Consulting LLC raised its position in Medtronic by 145.7% in the 4th quarter. Stephens Consulting LLC now owns 344 shares of the medical technology company's stock valued at $27,000 after buying an additional 204 shares during the last quarter. Rakuten Securities Inc. lifted its stake in Medtronic by 753.8% during the 4th quarter. Rakuten Securities Inc. now owns 333 shares of the medical technology company's stock valued at $27,000 after acquiring an additional 294 shares in the last quarter. Finally, J. Stern & Co. LLP bought a new position in Medtronic during the 3rd quarter valued at $30,000. Institutional investors and hedge funds own 82.06% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Truist Financial dropped their price target on shares of Medtronic from $93.00 to $89.00 and set a "hold" rating on the stock in a research report on Wednesday, December 18th. UBS Group lifted their target price on shares of Medtronic from $85.00 to $95.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 19th. Robert W. Baird upped their target price on Medtronic from $90.00 to $91.00 and gave the company a "neutral" rating in a report on Wednesday, February 19th. Barclays increased their price target on Medtronic from $105.00 to $109.00 and gave the company an "overweight" rating in a research report on Tuesday, November 26th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Medtronic in a research report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $96.07.

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Medtronic Stock Performance

Medtronic stock traded down $0.85 during midday trading on Friday, reaching $90.37. The stock had a trading volume of 14,027,607 shares, compared to its average volume of 6,106,756. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $115.90 billion, a PE ratio of 27.47, a P/E/G ratio of 2.22 and a beta of 0.80. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $96.25. The firm's 50-day moving average price is $90.67 and its 200 day moving average price is $88.07.

Medtronic (NYSE:MDT - Get Free Report) last posted its earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share for the quarter, topping the consensus estimate of $1.36 by $0.03. The firm had revenue of $8.29 billion during the quarter, compared to the consensus estimate of $8.33 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. As a group, research analysts predict that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.10%. The ex-dividend date is Friday, March 28th. Medtronic's payout ratio is currently 85.11%.

Insider Activity

In other news, EVP Brett A. Wall sold 9,850 shares of the firm's stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $80.41, for a total value of $792,038.50. Following the completion of the transaction, the executive vice president now directly owns 40,708 shares in the company, valued at approximately $3,273,330.28. This trade represents a 19.48 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.20% of the stock is owned by company insiders.

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.