Teacher Retirement System of Texas Purchases 397,117 Shares of Medtronic plc (NYSE:MDT)

Teacher Retirement System of Texas increased its stake in Medtronic plc (NYSE:MDT - Free Report) by 41.7% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 1,348,741 shares of the medical technology company's stock after purchasing an additional 397,117 shares during the quarter. Teacher Retirement System of Texas owned approximately 0.11% of Medtronic worth $107,737,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. Copley Financial Group Inc. bought a new stake in shares of Medtronic during the 3rd quarter worth $694,000. Franklin Street Advisors Inc. NC boosted its holdings in Medtronic by 32.6% during the fourth quarter. Franklin Street Advisors Inc. NC now owns 73,517 shares of the medical technology company's stock valued at $5,873,000 after acquiring an additional 18,057 shares during the period. Y Intercept Hong Kong Ltd grew its position in shares of Medtronic by 322.6% in the third quarter. Y Intercept Hong Kong Ltd now owns 73,593 shares of the medical technology company's stock valued at $6,626,000 after purchasing an additional 56,178 shares during the last quarter. Olstein Capital Management L.P. increased its stake in shares of Medtronic by 8.0% in the fourth quarter. Olstein Capital Management L.P. now owns 94,000 shares of the medical technology company's stock worth $7,509,000 after purchasing an additional 7,000 shares during the period. Finally, Czech National Bank lifted its position in shares of Medtronic by 6.4% during the 4th quarter. Czech National Bank now owns 278,065 shares of the medical technology company's stock worth $22,212,000 after purchasing an additional 16,786 shares during the last quarter. Institutional investors own 82.06% of the company's stock.

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Insider Activity at Medtronic

In related news, EVP Brett A. Wall sold 12,437 shares of the company's stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $90.00, for a total transaction of $1,119,330.00. Following the transaction, the executive vice president now owns 40,979 shares in the company, valued at $3,688,110. This represents a 23.28 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.20% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on MDT. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $105.00 target price on shares of Medtronic in a report on Wednesday, February 19th. Truist Financial lowered their price objective on shares of Medtronic from $93.00 to $89.00 and set a "hold" rating on the stock in a research note on Wednesday, December 18th. UBS Group upped their target price on shares of Medtronic from $85.00 to $95.00 and gave the company a "neutral" rating in a research note on Wednesday, February 19th. Citigroup upgraded shares of Medtronic from a "neutral" rating to a "buy" rating and raised their price target for the stock from $92.00 to $107.00 in a research report on Tuesday, March 4th. Finally, Robert W. Baird increased their target price on shares of Medtronic from $90.00 to $91.00 and gave the company a "neutral" rating in a research note on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Medtronic presently has a consensus rating of "Hold" and a consensus target price of $96.07.

Medtronic Price Performance

NYSE:MDT traded down $0.85 during trading hours on Friday, reaching $90.37. The company had a trading volume of 14,027,607 shares, compared to its average volume of 6,106,756. The firm has a market capitalization of $115.90 billion, a PE ratio of 27.47, a PEG ratio of 2.22 and a beta of 0.80. The stock has a 50-day moving average of $90.67 and a two-hundred day moving average of $88.07. Medtronic plc has a one year low of $75.96 and a one year high of $96.25. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.48.

Medtronic (NYSE:MDT - Get Free Report) last announced its earnings results on Tuesday, February 18th. The medical technology company reported $1.39 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.36 by $0.03. The business had revenue of $8.29 billion during the quarter, compared to analysts' expectations of $8.33 billion. Medtronic had a net margin of 12.83% and a return on equity of 14.07%. Analysts forecast that Medtronic plc will post 5.46 earnings per share for the current year.

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Friday, March 28th will be given a dividend of $0.70 per share. The ex-dividend date of this dividend is Friday, March 28th. This represents a $2.80 dividend on an annualized basis and a yield of 3.10%. Medtronic's dividend payout ratio (DPR) is presently 85.11%.

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.