New York State Teachers Retirement System Sells 48,134 Shares of Medtronic plc (NYSE:MDT)

New York State Teachers Retirement System reduced its stake in shares of Medtronic plc (NYSE:MDT) by 4.1% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 1,116,711 shares of the medical technology company’s stock after selling 48,134 shares during the period. New York State Teachers Retirement System’s holdings in Medtronic were worth $89,203,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Copley Financial Group Inc. bought a new stake in Medtronic during the 3rd quarter worth approximately $694,000. Olstein Capital Management L.P. grew its holdings in shares of Medtronic by 19.2% in the third quarter. Olstein Capital Management L.P. now owns 87,000 shares of the medical technology company’s stock valued at $7,833,000 after acquiring an additional 14,000 shares in the last quarter. Franklin Street Advisors Inc. NC grew its holdings in shares of Medtronic by 32.6% in 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 in the last quarter. Y Intercept Hong Kong Ltd grew its holdings 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 acquiring an additional 56,178 shares in the last quarter. Finally, Czech National Bank grew its holdings in shares of Medtronic by 6.4% in the fourth quarter. Czech National Bank now owns 278,065 shares of the medical technology company’s stock valued at $22,212,000 after acquiring an additional 16,786 shares in the last quarter. 82.06% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have recently issued reports on MDT. Sanford C. Bernstein upped their target price on Medtronic from $96.00 to $97.00 and gave the company an “outperform” rating in a report on Wednesday, November 20th. Robert W. Baird reduced their target price on Medtronic from $96.00 to $93.00 and set a “neutral” rating for the company in a report on Wednesday, November 20th. Truist Financial reduced their target price on Medtronic from $93.00 to $89.00 and set a “hold” rating for the company in a report on Wednesday, December 18th. Wells Fargo & Company reduced their target price on Medtronic from $106.00 to $98.00 and set an “overweight” rating for the company in a report on Wednesday, November 20th. Finally, Barclays upped their target price on Medtronic from $105.00 to $109.00 and gave the company an “overweight” rating in a report on Tuesday, November 26th. One 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 given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $95.00.

Medtronic Trading Up 1.0 %

NYSE:MDT opened at $92.27 on Friday. The company has a market cap of $118.32 billion, a P/E ratio of 28.22, a P/E/G ratio of 2.57 and a beta of 0.84. The stock’s fifty day moving average price is $85.16 and its two-hundred day moving average price is $86.68. Medtronic plc has a 1 year low of $75.96 and a 1 year high of $93.08. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.84 and a quick ratio of 1.39.

Medtronic (NYSE:MDT) last posted its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.01. The firm had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. The business’s quarterly revenue was up 5.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.25 earnings per share. As a group, analysts expect that Medtronic plc will post 5.45 EPS for the current year.

Medtronic Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 27th were given a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, December 27th. This represents a $2.80 annualized dividend and a dividend yield of 3.03%. Medtronic’s dividend payout ratio is currently 85.63%.

Insider Transactions at Medtronic

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

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.