State Street Corp Has $5.51 Billion Stock Position in Medtronic plc (NYSE:MDT)

State Street Corp raised its position in Medtronic plc (NYSE:MDT - Free Report) by 0.9% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 60,731,367 shares of the medical technology company's stock after buying an additional 520,027 shares during the quarter. State Street Corp owned 4.74% of Medtronic worth $5,509,155,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Fortitude Family Office LLC bought a new stake in shares of Medtronic during the 3rd quarter valued at $27,000. Darwin Wealth Management LLC bought a new stake in shares of Medtronic during the 3rd quarter valued at $27,000. Highline Wealth Partners LLC bought a new stake in shares of Medtronic during the 3rd quarter valued at $27,000. J. Stern & Co. LLP bought a new stake in shares of Medtronic during the 3rd quarter valued at $30,000. Finally, Gleason Group Inc. bought a new stake in shares of Medtronic during the 2nd quarter valued at $42,000. 82.06% of the stock is owned by institutional investors and hedge funds.

Medtronic Price Performance

MDT traded down $1.18 on Thursday, reaching $84.14. The stock had a trading volume of 6,831,907 shares, compared to its average volume of 6,268,996. Medtronic plc has a fifty-two week low of $75.96 and a fifty-two week high of $92.68. The firm has a 50-day moving average of $88.46 and a 200-day moving average of $85.01. The company has a current ratio of 1.84, a quick ratio of 1.39 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $107.89 billion, a price-to-earnings ratio of 25.92, a price-to-earnings-growth ratio of 2.43 and a beta of 0.82.

Medtronic (NYSE:MDT - Get Free Report) last issued its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.25 by $0.01. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The business had revenue of $8.40 billion during the quarter, compared to analysts' expectations of $8.27 billion. During the same quarter in the prior year, the firm earned $1.25 EPS. The business's revenue for the quarter was up 5.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Medtronic plc will post 5.45 EPS for the current 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 dividend on an annualized basis and a yield of 3.33%. Medtronic's payout ratio is presently 85.63%.

Analyst Ratings Changes

MDT has been the subject of a number of recent analyst reports. Daiwa America upgraded Medtronic to a "strong-buy" rating in a research report on Friday, August 23rd. Royal Bank of Canada upgraded Medtronic from a "sector perform" rating to an "outperform" rating and upped their target price for the company from $98.00 to $105.00 in a research report on Thursday, October 10th. Evercore ISI upped their price objective on Medtronic from $100.00 to $104.00 and gave the stock an "outperform" rating in a research report on Tuesday, October 1st. Sanford C. Bernstein upped their price objective on Medtronic from $96.00 to $97.00 and gave the stock an "outperform" rating in a research report on Wednesday, November 20th. Finally, Piper Sandler upped their price objective on Medtronic from $85.00 to $90.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Medtronic presently has an average rating of "Hold" and an average price target of $95.27.

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.