Teachers Retirement System of The State of Kentucky Lowers Stake in Medtronic plc (NYSE:MDT)

Teachers Retirement System of The State of Kentucky cut its holdings in shares of Medtronic plc (NYSE:MDT - Free Report) by 8.4% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 96,993 shares of the medical technology company's stock after selling 8,868 shares during the quarter. Teachers Retirement System of The State of Kentucky's holdings in Medtronic were worth $8,733,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. Clear Harbor Asset Management LLC lifted its holdings in Medtronic by 1.2% in the 3rd quarter. Clear Harbor Asset Management LLC now owns 9,558 shares of the medical technology company's stock worth $861,000 after purchasing an additional 111 shares in the last quarter. Guardian Wealth Management Inc. raised its position in shares of Medtronic by 0.9% during the third quarter. Guardian Wealth Management Inc. now owns 13,131 shares of the medical technology company's stock valued at $1,182,000 after buying an additional 115 shares during the last quarter. First PREMIER Bank lifted its holdings in shares of Medtronic by 1.8% in the third quarter. First PREMIER Bank now owns 6,417 shares of the medical technology company's stock worth $577,000 after buying an additional 116 shares in the last quarter. First City Capital Management Inc. boosted its position in shares of Medtronic by 2.9% during the third quarter. First City Capital Management Inc. now owns 4,123 shares of the medical technology company's stock worth $371,000 after acquiring an additional 116 shares during the last quarter. Finally, Hardy Reed LLC grew its stake in Medtronic by 4.4% during the third quarter. Hardy Reed LLC now owns 2,743 shares of the medical technology company's stock valued at $247,000 after acquiring an additional 116 shares in the last quarter. 82.06% of the stock is currently owned by hedge funds and other institutional investors.

Medtronic Trading Down 0.3 %

MDT traded down $0.28 during trading hours on Friday, reaching $82.46. 4,301,543 shares of the company's stock traded hands, compared to its average volume of 6,239,336. The company has a quick ratio of 1.39, a current ratio of 1.84 and a debt-to-equity ratio of 0.51. The firm has a 50-day moving average price of $87.77 and a 200 day moving average price of $84.99. Medtronic plc has a 52-week low of $75.96 and a 52-week high of $92.68. The firm has a market capitalization of $105.73 billion, a PE ratio of 25.17, a PEG ratio of 2.35 and a beta of 0.82.

Medtronic (NYSE:MDT - Get Free Report) last announced its quarterly earnings data on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, beating analysts' consensus estimates of $1.25 by $0.01. The company had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.27 billion. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The firm's revenue for the quarter was up 5.2% on a year-over-year basis. During the same quarter last year, the business posted $1.25 EPS. As a group, sell-side analysts predict that Medtronic plc will post 5.45 EPS for the current fiscal year.

Medtronic Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Friday, December 27th will be issued a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.40%. The ex-dividend date is Friday, December 27th. Medtronic's dividend payout ratio is 85.63%.

Analysts Set New Price Targets

Several research analysts have commented on MDT shares. Stifel Nicolaus increased their price objective on shares of Medtronic from $85.00 to $87.00 and gave the company a "hold" rating in a report on Wednesday, August 21st. JPMorgan Chase & Co. dropped their price target on Medtronic from $99.00 to $96.00 and set a "neutral" rating for the company in a research note on Friday, November 15th. Daiwa America raised Medtronic to a "strong-buy" rating in a research note on Friday, August 23rd. Wells Fargo & Company lowered their target price on Medtronic from $106.00 to $98.00 and set an "overweight" rating for the company in a research report on Wednesday, November 20th. Finally, Piper Sandler boosted their price target on shares of Medtronic from $85.00 to $90.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $95.27.

Medtronic 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.