Maryland State Retirement & Pension System Has $8.52 Million Stock Position in Medtronic plc (NYSE:MDT)

Maryland State Retirement & Pension System grew its stake in shares of Medtronic plc (NYSE:MDT) by 1.1% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 103,409 shares of the medical technology company’s stock after buying an additional 1,100 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Medtronic were worth $8,519,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Brown Advisory Inc. grew its stake in shares of Medtronic by 10.9% in the third quarter. Brown Advisory Inc. now owns 287,994 shares of the medical technology company’s stock worth $22,567,000 after purchasing an additional 28,235 shares during the last quarter. Concord Wealth Partners increased its stake in shares of Medtronic by 31.0% in the third quarter. Concord Wealth Partners now owns 7,403 shares of the medical technology company’s stock valued at $580,000 after buying an additional 1,752 shares during the period. Verdence Capital Advisors LLC raised its position in shares of Medtronic by 16.0% during the third quarter. Verdence Capital Advisors LLC now owns 17,935 shares of the medical technology company’s stock worth $1,405,000 after acquiring an additional 2,480 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Medtronic by 3.6% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 538,108 shares of the medical technology company’s stock worth $42,166,000 after acquiring an additional 18,810 shares during the period. Finally, Mackenzie Financial Corp boosted its holdings in Medtronic by 10.0% in the third quarter. Mackenzie Financial Corp now owns 428,242 shares of the medical technology company’s stock valued at $32,778,000 after acquiring an additional 38,788 shares during the last quarter. Institutional investors own 82.06% of the company’s stock.

Insider Buying and Selling

In related news, EVP Michael Marinaro sold 854 shares of the company’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 sale, 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 is available at this hyperlink. In related news, EVP Michael Marinaro sold 854 shares of the company’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 sale, 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 is available at this hyperlink. Also, EVP Sean Salmon sold 30,695 shares of the company’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $85.13, for a total transaction of $2,613,065.35. Following the completion of the sale, the executive vice president now directly owns 48,289 shares of the company’s stock, valued at $4,110,842.57. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by company insiders.

Medtronic Stock Up 0.1 %

NYSE:MDT traded up $0.08 on Monday, hitting $81.77. The stock had a trading volume of 3,676,129 shares, compared to its average volume of 6,199,255. The company has a quick ratio of 1.71, a current ratio of 2.30 and a debt-to-equity ratio of 0.46. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $91.00. The business’s fifty day moving average is $83.05 and its 200 day moving average is $81.63. The company has a market cap of $108.57 billion, a PE ratio of 26.04, a P/E/G ratio of 2.66 and a beta of 0.78.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, February 20th. The medical technology company reported $1.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.26 by $0.04. Medtronic had a return on equity of 13.71% and a net margin of 13.00%. The company had revenue of $8.09 billion for the quarter, compared to analysts’ expectations of $7.95 billion. During the same period last year, the business earned $1.30 EPS. Medtronic’s quarterly revenue was up 4.7% compared to the same quarter last year. On average, equities research analysts expect that Medtronic plc will post 5.2 EPS for the current fiscal year.

Medtronic Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 22nd were issued a $0.69 dividend. The ex-dividend date was Thursday, March 21st. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.38%. Medtronic’s dividend payout ratio is presently 87.90%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Mizuho raised their price target on shares of Medtronic from $95.00 to $98.00 and gave the stock a “buy” rating in a report on Wednesday, February 21st. Royal Bank of Canada reissued a “sector perform” rating and set a $92.00 target price on shares of Medtronic in a research note on Wednesday, February 21st. Truist Financial upped their price target on shares of Medtronic from $87.00 to $90.00 and gave the company a “hold” rating in a research report on Wednesday, February 21st. Finally, Oppenheimer lifted their price objective on Medtronic from $89.00 to $92.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 21st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, Medtronic has an average rating of “Hold” and an average target price of $94.91.

About Medtronic

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.