Medtronic PLC (MDT) Position Reduced by State of New Jersey Common Pension Fund D
State of New Jersey Common Pension Fund D trimmed its position in shares of Medtronic PLC (NYSE:MDT) by 7.7% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 723,780 shares of the medical technology company’s stock after selling 60,000 shares during the quarter. State of New Jersey Common Pension Fund D owned about 0.05% of Medtronic PLC worth $64,235,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. Parkside Financial Bank & Trust lifted its stake in Medtronic PLC by 22.4% during the 2nd quarter. Parkside Financial Bank & Trust now owns 1,146 shares of the medical technology company’s stock valued at $102,000 after acquiring an additional 210 shares during the period. Israel Discount Bank of New York bought a new position in Medtronic PLC during the 1st quarter valued at about $117,000. Birch Hill Investment Advisors LLC bought a new position in Medtronic PLC during the 1st quarter valued at about $120,000. Farmers National Bank bought a new position in Medtronic PLC during the 1st quarter valued at about $121,000. Finally, Norway Savings Bank lifted its stake in Medtronic PLC by 2.7% during the 2nd quarter. Norway Savings Bank now owns 1,427 shares of the medical technology company’s stock valued at $127,000 after acquiring an additional 38 shares during the period. 80.62% of the stock is currently owned by institutional investors.
MDT has been the topic of several research analyst reports. CIBC restated a “buy” rating on shares of Medtronic PLC in a research note on Friday, May 26th. Needham & Company LLC restated a “buy” rating and set a $95.00 target price (up previously from $91.00) on shares of Medtronic PLC in a research note on Thursday, May 25th. Oppenheimer Holdings, Inc. restated a “buy” rating and set a $93.00 target price (up previously from $87.00) on shares of Medtronic PLC in a research note on Thursday, May 25th. UBS AG restated a “buy” rating and set a $95.00 target price (up previously from $94.00) on shares of Medtronic PLC in a research note on Tuesday, May 30th. Finally, BidaskClub cut shares of Medtronic PLC from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 24th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and thirteen have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $88.78.
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Shares of Medtronic PLC (NYSE:MDT) opened at 80.16 on Thursday. The company has a market cap of $108.58 billion, a PE ratio of 26.98 and a beta of 1.03. The firm’s 50-day moving average is $82.04 and its 200-day moving average is $83.67. Medtronic PLC has a 1-year low of $69.35 and a 1-year high of $89.72.
Medtronic PLC (NYSE:MDT) last announced its quarterly earnings results on Tuesday, August 22nd. The medical technology company reported $1.12 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.08 by $0.04. Medtronic PLC had a return on equity of 12.92% and a net margin of 13.75%. The company had revenue of $7.39 billion during the quarter, compared to the consensus estimate of $7.44 billion. During the same period in the previous year, the company posted $1.03 earnings per share. Medtronic PLC’s revenue for the quarter was up 3.1% on a year-over-year basis. On average, equities analysts forecast that Medtronic PLC will post $4.77 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 20th. Shareholders of record on Friday, September 29th will be issued a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a yield of 2.30%. The ex-dividend date of this dividend is Thursday, September 28th. Medtronic PLC’s payout ratio is presently 61.95%.
In other Medtronic PLC news, CEO Omar Ishrak sold 140,407 shares of the business’s stock in a transaction that occurred on Friday, September 15th. The stock was sold at an average price of $81.63, for a total value of $11,461,423.41. Following the completion of the transaction, the chief executive officer now directly owns 668,503 shares of the company’s stock, valued at $54,569,899.89. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Bryan C. Hanson sold 12,000 shares of the business’s stock in a transaction that occurred on Monday, July 17th. The shares were sold at an average price of $88.57, for a total value of $1,062,840.00. The disclosure for this sale can be found here. Insiders own 0.31% of the company’s stock.
Medtronic PLC Company Profile
Medtronic Public Limited Company (Medtronic) is a medical technology and services company. The Company develops, manufactures and markets its medical devices and technologies to hospitals, physicians, clinicians and patients in approximately 160 countries. The Company operates in four segments: Cardiac and Vascular Group, Minimally Invasive Technologies Group, Restorative Therapies Group and Diabetes Group.
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