California Public Employees Retirement System Acquires 139,141 Shares of Medtronic plc (NYSE:MDT)

California Public Employees Retirement System boosted its stake in shares of Medtronic plc (NYSE:MDT) by 5.4% during the fourth quarter, Holdings Channel reports. The fund owned 2,698,268 shares of the medical technology company’s stock after acquiring an additional 139,141 shares during the period. California Public Employees Retirement System’s holdings in Medtronic were worth $215,538,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Guardian Wealth Management Inc. grew its stake in Medtronic by 0.9% during the third quarter. Guardian Wealth Management Inc. now owns 13,131 shares of the medical technology company’s stock worth $1,182,000 after buying an additional 115 shares in the last quarter. MONECO Advisors LLC raised its position in shares of Medtronic by 1.8% in the 4th quarter. MONECO Advisors LLC now owns 6,408 shares of the medical technology company’s stock valued at $512,000 after buying an additional 115 shares in the last quarter. OLD Second National Bank of Aurora lifted its holdings in shares of Medtronic by 0.3% during the 4th quarter. OLD Second National Bank of Aurora now owns 36,303 shares of the medical technology company’s stock worth $2,900,000 after acquiring an additional 121 shares during the period. McKinley Carter Wealth Services Inc. boosted its position in shares of Medtronic by 0.7% during the 4th quarter. McKinley Carter Wealth Services Inc. now owns 19,677 shares of the medical technology company’s stock worth $1,572,000 after acquiring an additional 129 shares in the last quarter. Finally, Vestor Capital LLC increased its stake in Medtronic by 0.3% in the fourth quarter. Vestor Capital LLC now owns 51,375 shares of the medical technology company’s stock valued at $4,104,000 after acquiring an additional 138 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Citigroup raised Medtronic from a “neutral” rating to a “buy” rating and raised their target price for the company from $92.00 to $107.00 in a report on Tuesday, March 4th. Royal Bank of Canada reiterated an “outperform” rating and issued a $105.00 target price on shares of Medtronic in a research report on Wednesday, February 19th. UBS Group increased their target price on shares of Medtronic from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Wednesday, February 19th. Truist Financial decreased their price target on shares of Medtronic from $93.00 to $89.00 and set a “hold” rating on the stock in a report on Wednesday, December 18th. Finally, Robert W. Baird increased their price objective 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 investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Medtronic presently has a consensus rating of “Hold” and an average price target of $96.07.

Medtronic Stock Down 1.5 %

Shares of MDT opened at $87.62 on Monday. The company has a market capitalization of $112.38 billion, a PE ratio of 26.63, a PEG ratio of 2.22 and a beta of 0.80. The stock’s 50-day moving average price is $90.98 and its two-hundred day moving average price is $87.99. The company has a current ratio of 1.90, a quick ratio of 1.39 and a debt-to-equity ratio of 0.48. Medtronic plc has a 12 month low of $75.96 and a 12 month high of $96.25.

Medtronic (NYSE:MDT) last posted its quarterly earnings data on Tuesday, February 18th. The medical technology company reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.36 by $0.03. The company had revenue of $8.29 billion for the quarter, compared to analyst estimates of $8.33 billion. Medtronic had a return on equity of 14.07% and a net margin of 12.83%. On average, analysts anticipate that Medtronic plc will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Friday, March 28th will be paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.20%. The ex-dividend date of this dividend is Friday, March 28th. Medtronic’s dividend payout ratio is currently 85.11%.

Insider Transactions at Medtronic

In other Medtronic news, EVP Brett A. Wall sold 12,437 shares of the company’s stock in a transaction on 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 sale, the executive vice president now owns 40,979 shares of the company’s stock, valued at approximately $3,688,110. This represents a 23.28 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.20% of the stock is currently owned by corporate insiders.

Medtronic Company 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.