State of Alaska Department of Revenue Has $16.64 Million Position in Medtronic plc (NYSE:MDT)

State of Alaska Department of Revenue decreased its holdings in shares of Medtronic plc (NYSE:MDT) by 7.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 190,960 shares of the medical technology company’s stock after selling 14,270 shares during the quarter. State of Alaska Department of Revenue’s holdings in Medtronic were worth $16,641,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MDT. Fortitude Family Office LLC bought a new position in Medtronic in the 4th quarter valued at about $25,000. MeadowBrook Investment Advisors LLC acquired a new position in shares of Medtronic in the fourth quarter valued at approximately $27,000. Financial Gravity Asset Management Inc. increased its stake in shares of Medtronic by 317.0% during the third quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock worth $29,000 after purchasing an additional 279 shares during the period. Tributary Capital Management LLC acquired a new stake in Medtronic during the 1st quarter worth approximately $33,000. Finally, Riverview Trust Co acquired a new position in Medtronic in the 1st quarter valued at $39,000. 82.06% of the stock is owned by institutional investors.

Insider Activity

In related news, CEO Geoffrey Martha sold 19,113 shares of the firm’s stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $83.77, for a total value of $1,601,096.01. Following the completion of the transaction, the chief executive officer now owns 143,348 shares in the company, valued at approximately $12,008,261.96. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, EVP Michael Marinaro sold 854 shares of Medtronic stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $83.14, for a total value of $71,001.56. Following the transaction, the executive vice president now directly owns 27,925 shares of the company’s stock, valued at $2,321,684.50. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Geoffrey Martha sold 19,113 shares of the stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $83.77, for a total transaction of $1,601,096.01. Following the sale, the chief executive officer now directly owns 143,348 shares of the company’s stock, valued at approximately $12,008,261.96. The disclosure for this sale can be found here. Insiders own 0.30% of the company’s stock.

Medtronic Price Performance

NYSE MDT traded down $0.18 during trading on Wednesday, hitting $77.19. 2,838,400 shares of the company’s stock were exchanged, compared to its average volume of 6,318,653. The company has a market cap of $98.98 billion, a PE ratio of 28.06, a P/E/G ratio of 2.29 and a beta of 0.82. The company has a current ratio of 2.03, a quick ratio of 1.55 and a debt-to-equity ratio of 0.47. Medtronic plc has a fifty-two week low of $68.84 and a fifty-two week high of $91.00. The stock’s 50 day moving average price is $81.71 and its two-hundred day moving average price is $83.45.

Medtronic (NYSE:MDT) last released its quarterly earnings data on Thursday, May 23rd. The medical technology company reported $1.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.45 by $0.01. The business had revenue of $8.59 billion during the quarter, compared to analysts’ expectations of $8.44 billion. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. The firm’s quarterly revenue was up .5% compared to the same quarter last year. During the same period in the prior year, the company earned $1.57 EPS. Research analysts expect that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.63%. The ex-dividend date is Friday, June 28th. This is a boost from Medtronic’s previous quarterly dividend of $0.69. Medtronic’s dividend payout ratio is presently 101.82%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Wells Fargo & Company upped their price target on shares of Medtronic from $102.00 to $105.00 and gave the company an “overweight” rating in a research note on Friday, May 24th. Truist Financial lowered their target price on shares of Medtronic from $90.00 to $88.00 and set a “hold” rating on the stock in a report on Friday, May 24th. UBS Group boosted their price target on Medtronic from $75.00 to $76.00 and gave the company a “sell” rating in a research note on Friday, May 24th. The Goldman Sachs Group initiated coverage on Medtronic in a research note on Thursday, May 30th. They set a “sell” rating and a $83.00 price objective on the stock. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Medtronic in a research report on Friday, May 24th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $91.70.

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.