New York State Teachers Retirement System Trims Stake in Medtronic plc (NYSE:MDT)

New York State Teachers Retirement System decreased its holdings in Medtronic plc (NYSE:MDT - Free Report) by 7.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,164,845 shares of the medical technology company's stock after selling 88,470 shares during the period. New York State Teachers Retirement System owned approximately 0.09% of Medtronic worth $104,871,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Fortitude Family Office LLC acquired a new position in Medtronic during the third quarter worth $27,000. Highline Wealth Partners LLC purchased a new stake in shares of Medtronic in the third quarter valued at about $27,000. Lynx Investment Advisory purchased a new stake in shares of Medtronic in the second quarter valued at about $28,000. Gleason Group Inc. purchased a new position in Medtronic during the second quarter worth about $42,000. Finally, Opal Wealth Advisors LLC acquired a new position in Medtronic in the 2nd quarter valued at about $43,000. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently commented on MDT shares. Stifel Nicolaus lifted their price target on shares of Medtronic from $85.00 to $87.00 and gave the company a "hold" rating in a research report on Wednesday, August 21st. Piper Sandler upped their price target on Medtronic from $85.00 to $90.00 and gave the company a "neutral" rating in a research note on Wednesday, August 21st. Needham & Company LLC reiterated a "hold" rating on shares of Medtronic in a report on Friday, October 25th. Daiwa America upgraded shares of Medtronic to a "strong-buy" rating in a report on Friday, August 23rd. Finally, Robert W. Baird increased their target price on shares of Medtronic from $82.00 to $90.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 21st. One analyst has rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $95.36.

Medtronic Stock Up 0.2 %

NYSE MDT traded up $0.18 during trading hours on Wednesday, hitting $90.50. 5,324,983 shares of the company were exchanged, compared to its average volume of 6,206,895. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55. The firm has a market cap of $116.05 billion, a price-to-earnings ratio of 32.85, a PEG ratio of 2.60 and a beta of 0.84. The company has a 50 day moving average of $89.52 and a two-hundred day moving average of $83.98. Medtronic plc has a 52-week low of $69.32 and a 52-week high of $92.68.

Medtronic (NYSE:MDT - Get Free Report) last released its earnings results on Tuesday, August 20th. The medical technology company reported $1.23 earnings per share for the quarter, topping analysts' consensus estimates of $1.20 by $0.03. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The firm had revenue of $7.97 billion for the quarter, compared to analyst estimates of $7.90 billion. During the same period in the prior year, the firm earned $1.20 earnings per share. The business's quarterly revenue was up 3.4% compared to the same quarter last year. Equities research analysts anticipate that Medtronic plc will post 5.44 earnings per share for the current year.

Medtronic Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were given 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 dividend yield of 3.09%. Medtronic's dividend payout ratio (DPR) is currently 101.82%.

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.