Maryland State Retirement & Pension System Has $8.27 Million Holdings in Medtronic plc (NYSE:MDT)

Maryland State Retirement & Pension System raised its position in Medtronic plc (NYSE:MDT) by 0.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 104,293 shares of the medical technology company’s stock after purchasing an additional 884 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Medtronic were worth $8,269,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Fortitude Family Office LLC bought a new stake in Medtronic in the 4th quarter valued at approximately $25,000. Leith Wheeler Investment Counsel Ltd. lifted its position in shares of Medtronic by 293.0% in the fourth quarter. Leith Wheeler Investment Counsel Ltd. now owns 316,643 shares of the medical technology company’s stock worth $26,000 after purchasing an additional 236,064 shares in the last quarter. MeadowBrook Investment Advisors LLC acquired a new position in Medtronic during the fourth quarter worth $27,000. Financial Gravity Asset Management Inc. grew its position in Medtronic by 317.0% in the third quarter. Financial Gravity Asset Management Inc. now owns 367 shares of the medical technology company’s stock valued at $29,000 after purchasing an additional 279 shares in the last quarter. Finally, Tributary Capital Management LLC acquired a new stake in Medtronic in the 1st quarter valued at $33,000. 82.06% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

MDT has been the subject of a number of recent research reports. Truist Financial reduced their price objective on shares of Medtronic from $90.00 to $88.00 and set a “hold” rating for the company in a research note on Friday, May 24th. The Goldman Sachs Group began coverage on Medtronic in a research note on Thursday, May 30th. They issued a “sell” rating and a $83.00 price target for the company. UBS Group upped their price objective on Medtronic from $75.00 to $76.00 and gave the stock a “sell” rating in a research note on Friday, May 24th. Needham & Company LLC reissued a “hold” rating on shares of Medtronic in a research note on Friday, May 24th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $92.00 target price on shares of Medtronic in a report on Wednesday, June 5th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Medtronic has a consensus rating of “Hold” and a consensus price target of $91.70.

Medtronic Stock Performance

MDT stock traded down $0.27 during midday trading on Friday, reaching $76.90. 472,630 shares of the company were exchanged, compared to its average volume of 6,272,981. The firm has a market capitalization of $98.61 billion, a price-to-earnings ratio of 28.06, a price-to-earnings-growth ratio of 2.25 and a beta of 0.82. The business has a 50-day moving average price of $81.60 and a two-hundred day moving average price of $83.36. Medtronic plc has a one year low of $68.84 and a one year high of $91.00. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.03 and a quick ratio of 1.55.

Medtronic (NYSE:MDT) last announced its quarterly earnings results on Thursday, May 23rd. The medical technology company reported $1.46 EPS for the quarter, beating analysts’ consensus estimates of $1.45 by $0.01. The business had revenue of $8.59 billion for the quarter, compared to analyst estimates of $8.44 billion. Medtronic had a net margin of 11.36% and a return on equity of 13.47%. Medtronic’s quarterly revenue was up .5% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.57 EPS. Equities research analysts forecast that Medtronic plc will post 5.44 EPS for the current year.

Medtronic Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 28th will be issued a dividend of $0.70 per share. This is a boost from Medtronic’s previous quarterly dividend of $0.69. This represents a $2.80 annualized dividend and a yield of 3.64%. The ex-dividend date of this dividend is Friday, June 28th. Medtronic’s dividend payout ratio (DPR) is presently 101.82%.

Insider Activity at Medtronic

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