Retirement Systems of Alabama Reduces Position in Medtronic plc (NYSE:MDT)

Retirement Systems of Alabama trimmed its holdings in shares of Medtronic plc (NYSE:MDT - Free Report) by 68.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 279,596 shares of the medical technology company's stock after selling 599,869 shares during the quarter. Retirement Systems of Alabama's holdings in Medtronic were worth $25,172,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of MDT. Fortitude Family Office LLC acquired a new stake in Medtronic in the 3rd quarter worth about $27,000. Highline Wealth Partners LLC acquired a new position in shares of Medtronic in the 3rd quarter valued at $27,000. Darwin Wealth Management LLC acquired a new stake in shares of Medtronic during the third quarter valued at about $27,000. J. Stern & Co. LLP purchased a new stake in Medtronic in the third quarter valued at approximately $30,000. Finally, Chelsea Counsel Co. acquired a new position in Medtronic during the 3rd quarter worth about $45,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

MDT has been the topic of several research analyst reports. Stifel Nicolaus lifted their price target on Medtronic from $85.00 to $87.00 and gave the stock a "hold" rating in a research report on Wednesday, August 21st. Wells Fargo & Company dropped their price objective on Medtronic from $106.00 to $98.00 and set an "overweight" rating for the company in a research note on Wednesday, November 20th. Daiwa America upgraded Medtronic to a "strong-buy" rating in a report on Friday, August 23rd. Truist Financial upped their price objective on shares of Medtronic from $90.00 to $93.00 and gave the company a "hold" rating in a research note on Monday, October 14th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Medtronic in a research note on Monday, November 18th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $95.27.

Medtronic Stock Down 0.3 %

Shares of Medtronic stock traded down $0.25 on Friday, hitting $82.48. The company had a trading volume of 4,301,567 shares, compared to its average volume of 6,239,336. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.39 and a current ratio of 1.84. The stock has a market capitalization of $105.76 billion, a price-to-earnings ratio of 25.22, a P/E/G ratio of 2.35 and a beta of 0.82. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $92.68. The stock has a 50 day moving average of $87.66 and a 200-day moving average of $85.01.

Medtronic (NYSE:MDT - Get Free Report) last posted its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.01. The business had revenue of $8.40 billion for the quarter, compared to analysts' expectations of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The business's revenue for the quarter was up 5.2% compared to the same quarter last year. During the same period in the prior year, the company posted $1.25 EPS. As a group, sell-side analysts forecast that Medtronic plc will post 5.45 earnings per share for the current year.

Medtronic Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Friday, December 27th will be paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.39%. The ex-dividend date is Friday, December 27th. Medtronic's payout ratio is 85.63%.

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.