State of New Jersey Common Pension Fund D Cuts Stake in Medtronic plc (NYSE:MDT)

State of New Jersey Common Pension Fund D lessened its stake in Medtronic plc (NYSE:MDT) by 1.0% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 472,433 shares of the medical technology company’s stock after selling 4,886 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Medtronic were worth $42,533,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Stockman Wealth Management Inc. lifted its stake in Medtronic by 8.0% in the 3rd quarter. Stockman Wealth Management Inc. now owns 101,463 shares of the medical technology company’s stock worth $9,135,000 after purchasing an additional 7,540 shares in the last quarter. Crossmark Global Holdings Inc. increased its holdings in shares of Medtronic by 2.3% in the third quarter. Crossmark Global Holdings Inc. now owns 337,098 shares of the medical technology company’s stock worth $30,349,000 after purchasing an additional 7,683 shares during the last quarter. Baker Avenue Asset Management LP lifted its position in shares of Medtronic by 12.4% in the third quarter. Baker Avenue Asset Management LP now owns 4,084 shares of the medical technology company’s stock worth $368,000 after buying an additional 450 shares in the last quarter. Legacy Capital Wealth Partners LLC grew its holdings in Medtronic by 1.5% during the 3rd quarter. Legacy Capital Wealth Partners LLC now owns 12,978 shares of the medical technology company’s stock valued at $1,168,000 after buying an additional 189 shares in the last quarter. Finally, Sigma Planning Corp increased its stake in Medtronic by 0.4% in the 3rd quarter. Sigma Planning Corp now owns 28,843 shares of the medical technology company’s stock worth $2,597,000 after acquiring an additional 124 shares during the last quarter. Institutional investors own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on MDT. Daiwa America upgraded shares of Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. Royal Bank of Canada upgraded shares of 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 increased their price target on Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a report on Tuesday, October 1st. Citigroup lifted their price objective on shares of Medtronic from $85.00 to $92.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 1st. Finally, Truist Financial increased their target price on shares of Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research note on Monday, October 14th. One 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 company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $95.36.

Medtronic Stock Down 0.5 %

Shares of MDT stock traded down $0.40 on Friday, hitting $87.72. The stock had a trading volume of 8,137,674 shares, compared to its average volume of 4,969,610. Medtronic plc has a one year low of $69.32 and a one year high of $92.68. The business has a 50 day moving average price of $89.68 and a 200 day moving average price of $84.48. The company has a market cap of $112.50 billion, a PE ratio of 29.64, a P/E/G ratio of 2.58 and a beta of 0.84. The company has a quick ratio of 1.61, a current ratio of 2.13 and a debt-to-equity ratio of 0.55.

Medtronic (NYSE:MDT) last posted its quarterly 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 net margin of 12.06% and a return on equity of 13.68%. The business had revenue of $7.97 billion during the quarter, compared to analyst estimates of $7.90 billion. During the same quarter in the previous year, the business posted $1.20 EPS. The company’s quarterly revenue was up 3.4% compared to the same quarter last year. Research analysts anticipate that Medtronic plc will post 5.44 earnings per share for the current fiscal year.

Medtronic Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.19%. The ex-dividend date of this dividend was Friday, September 27th. Medtronic’s payout ratio is 94.59%.

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.