Medtronic plc (NYSE:MDT) Shares Sold by State of Alaska Department of Revenue

State of Alaska Department of Revenue lowered its stake in shares of Medtronic plc (NYSE:MDT - Free Report) by 4.1% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 159,175 shares of the medical technology company's stock after selling 6,760 shares during the period. State of Alaska Department of Revenue's holdings in Medtronic were worth $14,329,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in MDT. M&G Plc acquired a new stake in Medtronic in the 1st quarter worth about $259,160,000. Capital Research Global Investors boosted its stake in Medtronic by 7.1% in the 1st quarter. Capital Research Global Investors now owns 30,884,412 shares of the medical technology company's stock worth $2,691,577,000 after buying an additional 2,044,109 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in Medtronic by 1,195.9% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,837,600 shares of the medical technology company's stock worth $144,637,000 after buying an additional 1,695,800 shares during the last quarter. International Assets Investment Management LLC boosted its stake in Medtronic by 8,908.6% in the 3rd quarter. International Assets Investment Management LLC now owns 1,298,415 shares of the medical technology company's stock worth $116,896,000 after buying an additional 1,284,002 shares during the last quarter. Finally, Troy Asset Management Ltd acquired a new stake in Medtronic in the 2nd quarter worth about $85,440,000. Institutional investors and hedge funds own 82.06% of the company's stock.

Medtronic Stock Down 0.4 %

Shares of NYSE:MDT traded down $0.40 during mid-day trading on Friday, hitting $90.59. 3,446,977 shares of the company traded hands, compared to its average volume of 6,215,464. The firm has a market cap of $116.16 billion, a P/E ratio of 32.94, a PEG ratio of 2.60 and a beta of 0.84. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.61 and a current ratio of 2.13. Medtronic plc has a 52-week low of $68.84 and a 52-week high of $92.68. The firm's 50 day simple moving average is $89.30 and its 200 day simple moving average is $83.85.

Medtronic (NYSE:MDT - Get Free Report) last announced its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, beating the consensus estimate of $1.20 by $0.03. Medtronic had a return on equity of 13.68% and a net margin of 12.06%. The business had revenue of $7.97 billion for the quarter, compared to the consensus estimate of $7.90 billion. During the same period last year, the business posted $1.20 EPS. The company's revenue was up 3.4% on a year-over-year basis. On average, equities analysts anticipate that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were issued a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, September 27th. This represents a $2.80 annualized dividend and a yield of 3.09%. Medtronic's dividend payout ratio is presently 101.82%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Needham & Company LLC reissued a "hold" rating on shares of Medtronic in a research note on Friday. Citigroup raised their price target on Medtronic from $85.00 to $92.00 and gave the stock a "neutral" rating in a research note on Tuesday, October 1st. Wells Fargo & Company raised their price objective on Medtronic from $105.00 to $106.00 and gave the stock an "overweight" rating in a report on Wednesday, August 21st. Royal Bank of Canada upgraded Medtronic from a "sector perform" rating to an "outperform" rating and raised their price objective for the stock from $98.00 to $105.00 in a report on Thursday, October 10th. Finally, UBS Group upgraded Medtronic from a "sell" rating to a "neutral" rating and raised their price objective for the stock from $76.00 to $90.00 in a report on Thursday, August 15th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $95.36.

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.